Democratic Sentinel, Volume 10, Number 1, Rensselaer, Jasper County, 5 February 1886 — THE SILVER QUESTION. [ARTICLE]

THE SILVER QUESTION.

Senator Teller, Whose State Produces Considerable Silver, Talks About Coinage. Treasurer Jordan’s System of Book-keep-ing Criticised—A Plea for Pair Dealing. Mr. Ingalls, of Kansas, offered a resolution in < the United States Senate, Jan. 18, which, with, out debate, was agreed to, directing the Secretary of the Treasury to inform the Senate what amount of silver bullion had been purchased for coinage in each year since July 1, 1878, in what market the same had been purchased in each case, and from whom, and the price paid; also, whether in any instance all’ bids had been rejected, and if so, for what reason, and in what money or ourrency the payment for such silver bullion had been made. Mr. Teller then addressed the Senate on the silver question. His remarks were supported by many figures. The following is a fair abstract: Money scarcity means dull times and low wages, the money-lenders suffering least from the scarcity. Gold and sUver combined had been found insufficient to carry on the business of the world, and all nations had resorted to paper currency based on those metals. From this it was plain that gold alone would not suffice. He showed that the bondholders and capitalists were opposed to the people in this struggle. The creditor class wanted silver demonetized because of the consequent enormous increase in the purchasing power of gold. He presented figures showing that when the silver coinage act passed there was $193,000,000 in gold in the United States, and now there is $623,000,000—an addition of gold at the rate of $20,000,000 a year in the face of the cry that we would lose all our gold, would lose our national credit, and would e unable to sell our bonds. The Bank of England was fast losing its coin and bullion. In the last six months it had lost $38,000,000 of it, and in the same time had lost $48,000,000 of its deposits. Was it not extraordinary, if our financial policy was so unwise, and that of England so wise, that we had accumulated so large an amount of gold while England was losing her gold ? The whole condition of our country, Mr. Teller continued, was an eloquent denial of the truth of the predictions and complaints of the enemies of silver. The stoppage of silver coinage would be equivalent to the addition of $300,000,000 to the national debt. It would add from 20 to 30 per cent, to every dollar of debt in the land—an amount almost too great for computation. The creditor class demanded suspension of the coinage, which was practically a stoppage of it, and, also that we pay in gold the $346,000,000 of national-bank notes and withdraw them from circulation. The next move would be to take from the silver dollars already coined their legal tender value, thus effecting a reduction amounting altogether to $562,000,000 in the circulating medium—over one-third of our whole circulation. Then, with $409,000,000 of balance locked up in the Treasury, as now, the business of the country would he lelt to he done with about one-third of our present stock of money. The laboringmen were well aware that the great Treasury Department of our Government had passed into the control of the banks, bankers, and moneyed powers. Every scheme that could disgrace silver had had the sanction of that department, if it did not directly originate in the deEartment. The Treasurer of the United States ad even gone into a convention of fifty-four banks—a convention whose object was the depreciation of silver—and his presence among the bankers was carefully telegraphed to all comers of the earth. Another attack on silver was found in the system of book-keeping newly adopted by the Treasury Department in treating as a liability and not as an asset the SIOO,000,000 of revenue held in order to redeem the greenbacks. According to this idea the more money the Government had in its vaults with which to redeem its paper money, or pay its debts, the greater its liabilities. This change of book-keeping came of long experience in Wall street. It was for the purpose of deceiving the people as to the amount of available funds in tho Treasury, as it would always show $100,000,000 less than was actually in the Treasury. No doubt the Treasury officials believed that tho continued accumulation and retention of monoy in. the Treasury was beneficial to the country, and that the suspension of the silver coinage would also be beneficial to the Treasury; but the trouble with the Treasury officials was that they had consulted the national banks and money loaners, and not tho real business-men of the country. Had our Government officers executed the laws of the land as they found them there would have been no trouble with the silver question. Mr. Teller did not demand a forced circulation of silver; he merely demanded for it an equal chance with gold. When that was done he would abide the decision of the commercial world. Let the gold advocates give to silver free coinage, as they gave it to gold, and let the judgment of mankind be taken tn its value as money. Do not allow Government officials to discredit it. Do not allow Government agent i (the national hanks; to refuse to receive it on deposit. Let all men understand that payment in it was a just and fair payment of a debt within the letter and the spirit of the law, and when that was done silver would resume its place as the favorite money metal of commerce. If it were said that the special interests of Colorado warped Mr. Teller’s judgment, he would reply that,although Colorado produced one-quarter of all the annual silver yield of tho world, yet the question of silver coina.ge was one of but little more importance to Colorado than to the ether States of the Union. The real question was whether the wor d's commerce should be conducted with all the world s stock of <oin cr with only one-half of it. That question affected nine men in every ten in the United States. He spoke, therefore, for all who toiled in mill and field—that great host, as mighty iu numbers as modest in aspiration, who constituted thestrength and power of the nation; who, though forbearing and long-enduring, yit, when aroused, in defense of their rights, knew how to compel their agents to resDeet their will.