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Paper Currency. 



ment, of all the silver produced in the United States which is not used 

 in the arts. The Senate bill provides for the investment by the gov- 

 ernment of $4,500,000, each month in silver, which, at the present 

 price, would purchase fifty-seven millions four hundred and forty-six 

 thousand eight hundred ounces each year. From the best information 

 obtainable, it is estimated that the production last year, in the United 

 States, was the largest on record, and amounted to fifty-four million, 

 seven hundred and fifty thousand ounces. After deducting eight 

 million five hundred thousand ounces, the amount estimated for use 

 in the arts, there will remain forty-six million, two hundred and fifty 

 thousand ounces. Consequently, at the present price for silver, the 

 bill would oblige the government to purchase eleven million, one hun- 

 dred and ninety-six thousand eight hundred ounces more than was 

 produced in the United States last year — which was the largest on 



The Windom bill only provides for the purchase of silver bullion 

 produced in the United States, and is offered to the government at 

 the current value in the world's markets. The Senate bill requires the 

 investment of $4,500,000 per month in silver. This would make the 

 United States a sure purchaser of a fixed amount. Operators would 

 raise and lower the price at their pleasure. Another feature of the 

 Windom bill is the provision authorizing the Secretary of the Treasury 

 to suspend, temporarily, the purchase of silver bullion, at any time 

 when he is satisfied that, through combination or speculative manipu- 

 lation of the market, the price of silver is arbitrary, nominal or 

 fictitious. As I understand the matter, the House committee on 

 coinage, weights and measures has voted to strike out this most im- 

 portant clause. It is true that such a clause would be giving the 

 Secretary of the Treasury enormous power, and would give him a 

 chance to make a colossal fortune. But a public officer can be con- 

 trolled more easily than a mob of speculators. From what has already 

 been said and done at Washington, it is very clear that some of the 

 people's representatives are more anxious to prepare the way for their 

 future gain, than they are to do what is best for the country. 



This silver question has been having a great deal of attention from 

 European nations; and they are perfectly willing that the United 

 States should lead in the effort to solve the problem. If we must go 

 on building vaults and piling up silver, the Windom bill, while it has 

 serious faults, is by far the best measure now before the public 



It makes but little difference what we use as money, if the leading 

 commercial nations of the world would agree on a standard; and it 



