Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1906-09-27
PURCHASE OF SILVER
and What is SECRETARY SHAW
AFRAID OF?
The Strange Attitude is Presented of
Government Exhibiting Dire ad
Lest the Value of One of It's
Great Productions Should be In.
creased Instead of Decreased.

In announcing that the vernment
would purchase a considera amount
OF silver for coinage purposes, an Asso-
| ciated Press dispatch says: "It is un-
derstood that, anticipating that its reap
pearance as a purchaser might tempor-
arily disturb the market unduly, the
treasury has obtained control of consid-
erabe amounts for future delivery so
that it is in position to drop out OF the
market for several months if desirable"
Why is Secretary Shaw afraid Of dis
turbng the silver market?
Is he afraid that the price OF this great
American commodity will undergo an
increase when the government enters
the market?
Members OF the republican adminis.ra-
ton are not 50 disturbed when the price
OF American wheat, American corn or
other commodities goes upward. They
are not so disturbed when the price of
American manufactured goods goes up
ward because of new demand, or even
because OF the fact that representatives
OF the republican administration are
willing TO pay eXtortionate prices for
American made goods-steam vessels for
instance-for use in the Panama canal.
1t will be we'll for every reader to note
the great pains taken by Secretary Shaw
to avoid any material rise in the price OF
silver. We are told that he has "ob-
| tained control of considerable amounts
for future delivery, so that the govern
ment is in position to drop out OF the
| market for several months ii Desirable"
The government does not seek to put
other American products to this Iisad-
vantage, but it would never do for the
American people to obtain a common,
everyday demonstration of the correct
ness of the supply and demand law. such
as it has obtained with respect to the
quantitative theory OF money.
In 1896 one OF the arguments used by
the republicass against bimetalism was
based upon the existing price OF silver,
and we We're told that the free coinage
OF silver meant that the United States
would become dumping ground" for
all the silver Of the world. No con sdela-
ton whatever was given by republican
speakers to the suggestion that should
the mints be opened for silver as they
are for gold, the price of silver would in
crease, although we were told that the
market provided by open United States
mlnts would not operate to materially
increase the price. But when it is neces-
sary for the United States government
to use comparatively small amount of
silver for small coins, great precautions
are taken lest the entrance of the gov
ernment into the silver market send the
price OF the metal upward. Are these
gentlemen afraid that even with Il small
portion of the demand for silver for
monetary purposes restored, the price
would 90 so high as to remove the "de-
based metal" argument?
In discussing the extraordinary efforts
made by the treasury department to de-
prive the silver metal OF its common
advantages, let us look at it entirely
apart from the question of bmetalsm,
or the money question in any particular.
Here is an American commodity, the
production OF which at fair price helped
the commerce of this country for nearly
a century. For many years this country
has received comparatively little benefit
from silver production, and all this has
been due to the fact that men interested
in contracting the volume OF money,
have habitually legislated to the disad- |
vantage of the silver metal. Whenever
political parties have found it necessary, |
in response to popular demand, to make |
even the smallest concession to silver,
the effect has been felt, instantly and !
advantageously, in the price of the metal. (!
But now when it is found necessary for
the government to enter the market for
the purpose of purchasing quantity OF
this metal, the representatives of the
political party claiming to be deeply in
terested in the protection of American
industries" adopt unprecedented meth
DDS in an effort to prevent silver from
obtaining the common benefits in ac-
cordance with the law of supply and de-
mand.
In 1896 the republican orator denied
that the opening OF the American mints
to the free and unlimited coinage of sill
yer would make a material increase in
the price OF that metal yet, by his recent
action, the republican secretary OF the
treasury gives the lie to that claim and
copfesses that even the purchase Of sill