Year: 1877

The silver Question.


The discussions that have followed in the
press and on the forum since the introduction
of . measure in Congress for the remonetiza-
ton Of silver and its introduction as fac
Tor in our coin circulation has brought to
tbe surface o distinct and energetic division
Of sentiment among business and financial
operators throughout the country. This
division presents two distinct classes, and
perhaps three, who reason from their re-
sYcaas 90 -standpoints The rich money
changers and holdsrs of Government securi-
ties are hostile to the remonetizing Of silver,
for the reason that its introduction rs par
circulating medium will tend to bring the
speculative value Of gold down to its real
.u,alue, increase the volume Of our coin circu-
htion, give fresh hope and encouragement to
enterprise, relieve the necessities for money
now existing in business circles, and tear
away from the business interests of the
country the grasp that a scanty circulation
and tho gold power has upon them. This
sonsummation the gold speculator and
bondholder dread and resist with all the
power they can bring to the work through
the agencies of prejudice and subsidized
press. ..


On the other hand, the business people
want silver and resumption, and especially
they desire that silver shall he remonetized,
for the reason that they confidently believe
that this alone affords guarantee of early
and permanent resumption. Everywhere,
outside the money centres, the business men
Who reflect candidly upon the present finan-
sial condition of th\ country, and desire a
semedy, see no other door of escape from
the ills that beset them except through a
law that will remonetize silver and make
its coin legal tender in the payment of
debts due to the Government and indi-
viduals. To this may be added, also, the
greenback policy, which will place the Gov
ernment's promises to pay on par with
silver and gold.


. limited par circulating medium are ex-
eeedingly intolerant, censorious, and de-
mandatory of those who disagree with
them in opinion on the money question.
There is no advocate of remonetizing silver
who, If he believed that wrong isto be done
10 any public or private creditor, or that the
public credit is to be ih aired by it, would
not abandon the measp :e at once and thus
avert such consequences. They are us jeal-
Gus of the public faith and welfare as any
gold operator or bond-holder or banker in
the land. They know that the public well
fare and the busines interests of the country
will be promoted by the consum-
nation of the silver. measure. They
arc confident that resumption will
be aided, hastened and made perma-
nent by it. And, acting upon this conviction
which is rs honest as that of any opponent Of
the measure, the silver remonetizers beseech
Congress and the President to extend this
helping hand to the general business inter,
ests of the nation.


Very much has been said by the oppo
nents Of early resumption and silver remon
etization about the injustice that would re-
suit from the latter, and the dishonesty Of
paying the public credit in silver dollar
containing 4l2l grains of standard silver
The assertions have been persistent that
such coin is worth at present but ninety
cents, and that, too, in the flce of the fact
that such coin cannot be procured at any
price; and, further, that our subsidiary coin
age is worth more money, leads us to pre-
pare the following statement, which We
trust will show to any intelligent mind, not
entirely becloudcd with prejudice, the
utter falsity of their assertions, as
well as the folly or bad faith
Of those who, while they admit that silver
should not have been demonetized, and
profess to be in favor of its reconciliation
are fearful that there Is not enough silver in
the country to make dollar large enough
10 contain fair equivalent for gold dollar
at least one large enough to satisfy the
demands of our foreign creditors.


Let us look at this question in the light
of candor and truth. On the 26th instant
at noon, the selling price Of gold in Wal
street, New York, was 1921. The selling
price In gold of fine silver bullion wa
Si.17i per ounce. The selling price of thu
trade dollar In gold was 96.7l9 cents,
and that Of our subsidiary silver coin, sucl
as half and quarter dollars of present
coinage, was 06.507 cents. The bullior
value Of trade dollars, the old standard dol
Iss, and of the subsidiary coinage In golt