The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1896-09-03
under this act amounts

purchase Of silver under this act amounts
to over 500, 900, 900.
when congress met in December 1889,
there was strong desire in both houses
to utilize silver as legal tender money un-
der conditions that would not demonetize
gold. AS the result Of long discussions in
both houses, and after a conference be-
tween them. bill was passed July IA. $780,
by which the secretary of the treasury was
directed to purchase from time to time
silver bullion to the aggregate of 10000
ounces month at the market price, and to
issue in payment of such purchases treas
ury notes of the United States, which were
made a legal tender In payment of all
deemable by the secretary of the treasury
in gold or silver coin at his discretion.
This measure, it was thoueh would
arrest the decline in the market value of
silver and enable the secretary to main
tain the two metals on a parity with each
other at the ratio of 16 to 1. But the mar
ket value of silver continued to decline
The government purchased under the act
of July IA, 1890, 16S, 900 ounces at a cost
of $156, 000. 600. This proved to be an ex-
pensiye experiment and the act was ac-
companied by the following !. ,,aration,
made part of the repeating act:
And 1t is hereby declared to be the poll
icy Of the United States to continue the use
of both gold and silver as standard money
and to coin both gold and silver into money
such equality to be secured through inter-
national agreement or by such safeguards
and legislation as will insure the main
tenance of the parity in value of the coins
OF the two metals and the equal power of
every dollar at all times in the markets
and In the payment of debts. And it is
further declared that the efforts of the
government should be steadily directed to
the establishment of such q system of
bimetalism as will maintain at all times the
equal power of every dollar coined or is
sued by the United States in the markets
and in the payment of debts
This declaration, made by congress and
approved by the president at time when
the public mind was centered upon the sill
yer question. is a wise stateneEt of public
policy that ought to be acted upon without
regard to party divisions. This bill passed
house of representatives fresh from the
people by the vote of 239 ayes and 118
noes, and the senate by the vote of 43 ayes
against 90 noes. This act was not a party
vote. but 1t is. believe. the expression of
opinion of majority of the two great
parties of the country
"And here, fellow-cltizens. we ought to
stand. appeal to democrats and repub-
licans alike. We are all interested in hav-
ing sound and stable currency founded
upon gold and silver. We cannot by law
fix the value of either metal or coin, or of
any Of the articles that enter into the
wants of life
The great law of supply and demand af-
fects the value as it does iron, copper or
zinc. All have fallen in market value by
means of new discoveries and improved
methods OF production. I have here a
statement Of the director of the mint dated
July Il. 1885, showing the amount and cost
OF silver bullion purchased under the acts
of 1878 and 1890 and its value at the present
market price. showing shrinkage of over
"sHon John Sherman Mansaa,d n S,
l have the honor to state In reply to your
letter of the 18th inst. that the aggregate
amount and cost of silver bullion pur-
chased under the act of February %. 1878,
ana July H. 1880. was as follows:
Fine ounces. Cost
Act Feb. g. '7s.. 1921 272 O1s Sc $685. 219 26o II
Act July IA. 's0. 16s,s74. .s82 So 155.sa1. .002 Is
Total ...........45ss s4s. .7ol % s4s4. 40 2e2 ss
Worth at today's market price for sill
yer. namely. $osS2i2 per fine ounce. $S1s.-
S4S, 4l0 75. Loss in purchase $145, ,871, ,962 q.
Respectfully yours. r. E. Preston, d.
rector of the mint
We had July last in actual circulation
among the people of the United States
sress5TS as stated by the report Of the
Amount Of circulation July l, 1886
Goio coin ........................ 456, ,128 4S3
standard silver dollars. ....... 52185 S98
subsidiary silver ........ .... So 99S 806
doio scerliHcateS. ............. -. AZ, ,320 759
silver certificates. .......... 331 2595O9
Treasury notes, act July IA, 1890 95,217 .361
United States notes.. ........ 225 451 262.
Currehcy certificates. act June 8,
1892 ..:...:.:......e .:........... 81 $40, ,oCJ(
NaIionai bank notes.............. 215, ,331. .927
Total .....".............. -. 81. 500 SIS. 200
I'VE had also at that date $685., 81, ,9S1 in
the treasury. mostly gold and silver, held
for the redemption of United States notes
and silver certificates as follows:
Gold coin .....................S1 Sill 803 $40
standard silver dollars. ........... 37s, ,614 043
SUBSIDIARY silver r.................... IT, 730. .976
cold certificates ................... 497, ,43O
SILVER certificates ................ ii, 1853, ,995
Treasury notes, act July IA, 1890. "a, AGE, ,919
United States notes. l2l 229 658
Currency certificates. act June 8.
1879 ..................... .......... 10000
National bank notes ............... 10.66s, ,620
Aotal ...............s 1854, ,5l9 981
All these forms of money have been
maintained by the government on a par
with gold. and they travel the circle of the
world without diminution of their purchas-
Ing power. Though silver bullion has fallen
to nearly one-half its former value, yet
we have used it and maintained silver coin
made from it at parity with gold at the
ratio Of 16 to /.
But we are now brought face to face
with proposition which If agreed to will
make silver the sole standard of value for
all debts and credits for the wages of la
Dor and the purchase and sale of property
The democratic party at its recent conyen-