The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1905-07-05
SILVER QUESTION ARISES.
How Shall the Government be Sup
Piled With the Bullion Necessary
for Subsidiary Coins.

the enforced suspension Of silver coin
age at the United States mint from
lack of bullion. The last Of the white
metal purchased under the unfortu-
nate Sherman law Of 1890 has been
ninted. More than a year ago the
perilous practice Of coming this bull
lion into silver dollars was stopped;
since then it has been used exclusive
ly for supplying the constantly in
creasing demand for subsidiary coins,
and now there is none left for either
purpose. The question arises, there
fore. as to what shall be done to pro-
vide the mint with silver; for while,
Of course, we do not want any more
silver dollars, we cannot get along in
definitely with the number of half
and ouarter-dollars now in circula-
ton.
It is not, fortunately, a question of
small amount of bullion in the general
fund resulting from the melting down
of uncurrent coins; and the stock of
subsidiary coins now in the treasury
amounts to s13,565,SS3, compared
with 1,937,229 at the corresponding
date last year. The heaviest demand
for these small coins does not come
till the holiday season; and as the de-
partment was able to meet the de-
mand last year it will probably, with
the larger supply now on hand, be
able to get through this year also. But
this assurance serves only to give
more time for the consideration of
the inevitable. After this year there
will certainly be shortage of subsid-
iary coins, first felt at the holiday sea-
son and later all the time, unless the
treasury obtains more bullion from
some source. This silver question is
primarily one Of practical nature,
but it involves considerations Of sound
monetary theory as well.
Two ways Of supplying the necessary
bullion are open to us. The attorney
general has decided that the secretary
of the treasury has authority under
the present law to go into the mar
ket and buy bullion for subsidiary
coinage; and there is an enormous
quantity Of idle silver dollars now in
the treasury that. congress might or
der reeoined into smaller pieces. OF
course the latter method is infinitely
preferable, though tbs former is
available in the event Of the failure OF
congress to act with sufficient prompt
ness or of its refusal to agree to it at
any time. It would be foolish indeed
to buy more silver when we already
have on hand more than we can pos
sibly get into circulation in its pres
ent form. To recon into halves, quar-
tiers and dimes some OF the dollars
now stored in, the treasury vaults
would accomplish the double purpose
of supplying all the subsidiary coins
that will be needed for long time 10
come and Of reducing the quantity of
silver holdings that now constitute
an element of weakness in the none
tary system.
But when the last congress was
asked to pass a law for this easy and
proper solution of the problem the
fact was disclosed, that, though
there may be few left who cling to
the free silver delusion, there are
many who are not sufficiently recon
ciled to the single gold standard to be
willing to see the number Of silver
dollars reduced. It is hardly more
than a sentimental prejudice, how
ever. IndI IdVOiS l1iC 1SlSAAeAOAA ~
them all; for they do not circulate,
and though they are covered by sill
YER certificates these latter derive
their acceptability from the confidence
that the government, under the law OF
1900, will keep all its currency at par
with gold. That is, it is not the sill
yer dollars lying idle in the vaults
that give these certificates their value.
Their place in the currency might
much better be taken by bank notes
and gold certificates Of small denom-
nations, such as are provided for in
the Hill bill.
The incoming congress will doubt
less be called upon to deal with this
subject before it's term expires; and it
cannot so easily ignore the call as it's
predecessor did-Providence Journal.
Three Good and Just Reasons.
*Tha,e are three rea sons why moth