New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-09-07

(Britishers) to which popular opinion in the
United States is wont to attribute everything
hostile to this country; man, however, or I'M
questionably great ability. At his first entrance
into public life in 1873 Mr.. Jones, with his pres
ent colleague Senator Stewart, was an uncom-
promising friend Of the gold standard. and de-
claimed in the Senate in favor of gold. as the
custodian Of commerce" "the most potent agent
of commerce" common denominator OF val
ues" He also claimed. and was probably en-
titled To the credit of having been mainly
influential in inducing President Grant to veto
in 1874 a bill for the imitation OF greenbacks;
and spoke of having made the necessity or so
doing to the President las plain as a goats
tail going up hill" In a debate in Congress IN
1874 Senator Stewart said
Il do not care how much You discuss SIS, II, 10 or or
how many resolutions you pass, they 90 not MAKE
difference; you must come TO me same o, dor
clusion that all other people haye-tnat goId IL
recognized the universal standard OF value value
measure r' by which wealth must be tested; and
whether il be pennies or millions matters NOT
II Is the measure tina must test all wealth
About the same time these gentlemen, in con-
nection with the other Pacific Coast Senator's,
passed an amendment in the Senate making
gold coinage free. Mr.. Jones was also at the
time an ultra free trader, and more than once
GENTLY progressive in this direction sub
sequently Mr. Jones experienced a change
Of heart. and became-as did Senator Stew
art-an opponent Of the gold standard ana
an ultra -protectionist How this remark
able change of sentiment to be accounted for?
Men Of brains and education, who nave adopted
creeds in religion or opinions in economic mat
ters on principle do not all at once completely re-
verse their opinions and adopt those diametri-
cay opposite without some powerful mot YES
The explanation in the case of Mr.. Jones and his
business associates does not seem to be attended
with any difficulty They had become largely
interested in the mineral resources of their
State especially silver mining. and were reported
to have accumulated great wealth from their
investments. As n shrewd business man, he natu-
rally looked sharply for his business interests
He early what others failed so promptly TO
see that the production of silver in the world
and especially in the United States-through i'm
proved methods of mining. hhning and trans
DOrtaton OF ores. was rapidly increasing. lie
doubtless foresaw what the world now knows,
that the worlds product of silver, which was
81 .OO0OW ounces in 1873, would become TO-
NiOOOO ounces in lS31: that It's market value OF
81 % per ounce in 1873 1reckoned in gold) would
dwindla to 30 40 cents in 1879. What II now
costs To- produce silver no one accurately KNOWS
The celebrated 80 Broken Hill mines or AUS
tralia yielded last year, 9o-over lO,oOo,oOO
ounces OF silver at a to,al reported cost OF
about 10 cents per ounce; and good authorl-
ties report that some of the American mines
turn out millions of ounces at the present time
at an equally low figure. With such an aspect
of the future ii did not require any great meas
IRE of business sagacity on the part or Mr. Jones
and his silver mining associates To 1oIesee' tnat
this prospective great increase in the production
of silver would impair its market or bullion
value. and diminish the profits of mining and
that something must he done TO avert such
contingency. As the world had then as IL mas now
a sufficient supply of all the silver II needed ID
the arts or as an instrumcntality OF exchange.
any attempt to make It's use more extensi'c uld
not seem feasible. An imposition Of heavy pro-
ectiye duties on the import Of silver was also not
available, because the country was an exporter
rather than importer of silver
A CLEVER SCHEME
They accordingly hit upon the following ingen-
ions plan-tbat the Treasury Of the United States
should be requir ID to buy much of the surplus
nroduced Nv the mines Of Mr.. Jones and his as
sociates as would tend TO maintain the price
of silver and consequently their enormous
profits; or at least prevent any further decline
in them. They therefore, induced Congress to
require the Government to buy at least two MILL
ion dollars (S2 00J 900 worth of silver bullion
each and every month. the total production Of
all the silver mines in the United States being
at that time about three millions per month
The Government consequently at once made
market for about two-thirds of all the product
Of this industry and under this act the Treasury
did buy S:,7S 16J. 900. This device to keep up the
pric,. of silver did not however work as its orig
inators expected it would at the time 1t was put
into operation. and for the reason that the
ment-namely. 13416.OOO ounces, with an aver
age value of l152 per ounce had reached ~
2l3OOO ounces per annum in lSSo, while It's price
had fallen to Oh per ounce. The device was ac-
cordingly reconstructed and in 1889 the United
States Treasury was required to buy 4.DoDOto
ounces per month and under TINS law when
was repealed in 1893 the Government purchased
1GS Ga ,jS2 fine ounces Of silver at cost Of SloJ
O3OUuO. In virtue of these two acts the United
States Treasury purchased 430"N4 80 me
ounces Of silver at an expenditure OF SoS."3-
ga and OF this large amount $Jl30oOooo re-
manned in the vaults Of the Treasury on the
first of September. 1896 entailing burden
Of taxation the people of the United states
Of at least SlJOOOOOO per annum, to say moth
ing of the loss on its purchase-price II the
vaults of the Treasury should be opened and
its store Of silver be allowed TO flow out for
sale at current bullion prices (Which might be
as low as - cents in gold per ounce.
The attention Of the people OF the United
States has not been sufficiently directed to the
character Of these measures. they were indis-
putably an application Of the protective princi,
pie in a most offensive. costly and impractical
form which no intelligent advocate OF pro-
lection would cOuntenaIcc II was an inter-
ference with the principle of industrial free
dom that civilized nation, not sanctioning
human slavery has ever attempted to exercise
1t was an unprecedented departure OF the Coy
eminent from the sphere OF purpose for which
il instituted, namely by buying and With
holding from the market OF the largest portion
of the product of one industry. with the object
of increasing the price Of its unsold remainder
to a multitude Of consumers and enhancing the
profits to a small number OF producers. And
vet those former dstin suished advocates OF
fret trade Messrs Vest, Jones OF Arkansas.
Blackburn and Mills. have walked into the trap
and closed deliberately forever ct is to be nopcd)
the door after them. For audience of Amer
lean citizens who are free traders from princl
pie ought ever. hereafter. to give to any one
OF them a respectful hearing.
II the principle OF the purchase and boarding
of a portion OF the industrial produce OF the
country with q view TO raising its price and So
benefiting its producers Is correct, why was 1t
only made applicable to the comparatively small
but VIGOROUSLY proia Die Industry of silver
ENJOY GOOD LIGHT.
D.k:c.,1 tSM;11o~v Yoyonc