Rensselaer Republican, Volume 22, Number 50, Rensselaer, Jasper County, 14 August 1890 — EFFECTS OF THE SILVER LAW. [ARTICLE]

EFFECTS OF THE SILVER LAW.

Senator Mitchell, of Oregon, Thinks It I the Best Legislation Passed forbears; Senator Mitchell, of Oregon, who was one of the leading free coinage pdvocates during the discussion of the' silver bill, says that with the advance of prices for silver bullion there will Le a steady increase in price, for farm products, silver bullion being one of the standards of value. “It will nat*, orally lead the way to higher prices for all kinds of American products. When we began the discussion of the bill some months ago bullion was worth 94 cents an ounce. It is over II .10 to-day, and it is stated that it will continue to rise until it reaches, at least, ft.ljjj and probably $1.20 before it stops. This is an increase already of about 25 per cent, in the price of bullion, and from what I learn throughmy ir.ails and the telegraph, farm products,taking the country over, are increasing proportionately. “I have no doubt that when the full effects of the silver coinage law are distributed over the country the farmers will find themselves receiving anywhere from 25 to 50 per cent more for their produce than they got a few months ago. The silver law turns loose more than $50,000,000 now lying idle in the treasury, and contemplateputting into circulation about $55,000,000 annually. “Of course, silver coinage is to cease after the Ist of next July, except when the -Secretary of the Treasury finds that there is demand for the silver dollars. The bullion is to be purchased and stored away, and certifis cates issued to represent it. This talk by the Democratic press all over the country of there being a cessation of silver coinage, and that this law will not have a better effect than the old one, is all buncombe and intended to mislead the public. There will be a continuance of silver coinage whenever there is a demand for the standard dollar. When there is no demand certificates representing the silver will be issued to represent the hard money, and those certificates are made a full legal tender for private debts, and. therefore, are just aa good as gold, nr legal tenders, or silver coin, as the holders can secure any of theta in exchange when they demand redemption. “I see that the effects of our now coinage law are being felt in England, where the Minister of agriculture says that a decided rise in the price of farm produce is felt, and that it is owing to the new American silver law. The new silver coinage law will prove thoroughly satisfactory to every element. It will make money plenty and times better. It will increase prosperity, and prevent the slightest possibility of a panic or stringency in the money market, Every safeguard is thrown out to stop the schemes of speculators in bullion, and at the same time the people are guaranteed that no arbitrary action of the Secretary of the Treasury or the administration in general can cut off the supply of silver dollars or the certify cates representing them which will be put out monthly, “To my mind it is by far the most important legislation we have had in many years, and will go further toward the prosperity of the country and the people than anything we have had.” These are said to be also the views of Senator Jones of Nevada, who is out of the city,