The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1896-09-16


npld. A the result of long discussions In
both houses and after conferences between
them bill was passed July Ia. 1890, by
which the secretary Of the treasury was d.
reeced to purchase from time b. time silver
bn1lion 20 the aggregate OF 4,bOO. 900 ounces
q month at the market price, and to issue
In payment Of such purchases treasury
notes Of the United States, which were
made legal tender In payment OF all
debts, public and private, and were redeem-
able by the secretary Of the treasury In
gold or silver coin at his discretion. This
measure II was thought, would arrest the
decline In the market value Of silver and
enable the secretary 60 maintain the two
metals on parity with each other at the
ratio of Is To /. But the market value of
silver continued 20 decline The govern
ment purchased under the act of July IA.
1890, 1875, 600. 900 ounces at a cost Of 81 3d. :
600. 600. This proved z, he an expensive
experiment, and the act vas repealed Nov.
/, 1898 This repeal was accompanied by
the following -'--:.,en, made part OF
the repeating act:
And IL Is hereby declared To he the
policy of the Uniced States 10 continue the
use OF both gold and silver as standard
money and To coin both gold and silver
into money Of equal intrinsic and ex-
changeable value, such equality 20 be Sc
cured through international agreement. OF
by such safeguards of legislation as will
insure the maintenance 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 IL is further declared that
the efforts of the government should he
steadily directed To the establishment of
such safe system of bmctallism as will
maintain at all times the equal power of
every dollar coined or issued 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 conferred upon the
silver question, Is "a wise statement 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 yeas to
1lS nays and the senate by the vote of 43
yeas against 32 nays This act was not a
party vote, but IL u.s. believe the express
sion of opinion Of a majority of the two
great parties of the country
And here, fellow citizens we ought TO
stand. appeal to Democrats and Repub-
hcans alike. We are all interested in hav-
ing a sound and stable currency founded
upon gold and silver. We cannot by law
fig the value Of either metal or coin or Of
any of the articles that enter into the
wants of life.
LOss In Buying Silver.
The great law of demand and supply af-
fects the value as it does iron copper or
- 49,, E.1l H..
means of new discoveries and improved
methods of production. have here state
ment of the director of the mint, dated
July 81, 1895, 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 $145, 600, 900.
Hon. John Sherman, Mansfield, o.:
SIR-I have the honor TO state in reply TO
your letter of the 18th inst that the aggregate
amount and cost of silver bullion purchased
under the acts of Feb. % 1878, and July IL
1890, was as follows:
Fine ounces Cost
Act OF Feb. %.
1873 s29l 272 0ls SO s3Os 27o, 2eO Il
Act of July a. 1880 lGs csc SO 1855 93l COZ 25
Totals. $459. 946 7Ol % $464 2lO, 2C2 96
Worth at today's
market price for
silver namely,
S0.602i2 per fine
ounce ............ elS, 338. $40 75
-----
Loss IN purchase i'Vo- IL
hespectiuIiy yours H. L. PRESTON
Director of the Mint.
We had July last in actual circulation
among the people Of the United States
,he treasrrv denartmer+ which ,,,;Il
reod.
Amopn. 4,
circulation
July /. 1896.
Gold coin. s456, l2s, 4S3
Standard silver dollars. ............ o. lows
Supsidla1y silver oS'@ ssO $40
Sn,a. ea.,,ea..os ''''''''''''''''''' oaI Sso 20
Treasury notes. act July IA. 1890 1921 1871
United States notes. ........ 2a, 4Sl.a Ss
Currency id cer'ihca'es' ACT june o. .,
49, .i';.,. oIt 9o, oSo
-N~~-
Total. 500, 72a 100
We had also az that date 1854. 5l9. 9sl in
the treasury. mostly gold and silver. held
for the REDEMPTION of United States notes
and silver certificates as follows:
o,. 49,, ooo o.o