Image provided by: University of Oregon Libraries; Eugene, OR
About Lake County examiner. (Lakeview, Lake County, Or.) 1880-1915 | View Entire Issue (Oct. 18, 1900)
faiic Cntntjj G5amlttr PublUhml Every Thursday BEACH & M'GARREY Editors and Proprietors Maaenic Building (One Year, $2.00 TERMS: 1 Six Months. 1.00 (Three Months, 50 OK. . the TJijited LAkt.VIKW, OUt.UO. OCT. 1. M National Itepiibllcan TiKt For President WILLIAM McKINLKV of Ohio. For Viee President 'i'IIIX)I)OISi; IIOOSUYKLT ;' of New York For Presidential lileetors. T1LMON FOUD of Marlon county, J. C. FL'L- l.hKTON of DoiiRlnd county, V. . I YV R NISII ot Umatillacouiity, O. K. TAX TUN of Multnomah county. FINANCIAL HISTORY LAWS ON COINAGE SINCE FOUN DATION OF GOVERNMENT. How They Wera Changed Prom Time to Time and What Came of the Chunea.-A Lemon for the Voter to Study. It lias crime to paH that the Secretary of the Treasury and other ofliuiala of that department are constantly receiv ing letters of inquiry as to thin, that or the other subject pertaining to our mon etary system, and our money, and in order to answer such inquiries, and at the same time diffuse oilier useful knowledge relating to our 11 tianeial sys tem, the Secretary of the Treasury has prepared and had published n pamphlet Bettinj; forth a wide collection of valu able information. It is his hope that this pamphlet will become widely cir culated, as, hoing a plain statement of facts 'regarding our currency, it is not only a'useful work,-but a good campaign document for tlio Republican party. The following extracts are made : , TUB BTANDAHl) OK VAI.UK. "In providing for the coinage of the precious metals Congress established, iiyiu-tof April 2, 171)2, the gtamlard of value, consisting of certain jrokl and sil ver coins, at the ratio of 15 to 1 that is to say, the ya'ue ,of an or.nre of line gold was in effect declared to be equal to the value of 15 ounces ?f line silver. Alistiof coins unlliot'ued April 2, l'ii-', .with their tineucYs, will found in another place liotll if Mild ilvfl',l'oi-u w vi'n lin;iutl to bo Standards. "Jio ratio i. f 13 to 1 vmm adopted in pursuance of investigations conducted by Alexander Hamilton,' Secretary of Tieasury, who, in his report upon 'the subject, said that 15 to 1 was a near ap proximation to the commercial value of the two meluls. it was soon discovered, however, that gold at the ratio of 13 to 1 was undervalued and silver became practically the only metallii money available for use in the United States. In lS;li the ratio was changed to lti.002 to 1 ami in 1W it wus changed lo l.VtMK to 1. That in tho present ratio and is vomuioiily called lit to 1. By this change silver was undervalued and told came i' to use in its place. 'By the act .f February 12, 1S?;1, tlte voinaneof the standard silver dollar whs discontinued, and the gold dollar of 25.8 fcA'iuna of standard gold, (HK) line, was declared to bo the unit of value. The subsequent restoration of the coinage of ilver dollars under the net of February 18, 1878, was on government account and did not restore the silver dollar to its former place as a standard of value, "Hut while Congress provided for the o-called double or bimetallic standard, such double standard has never been ef fective in thia couutry. Front ,1"U'J to 1834 silver was the metal by which all slues were measured, and since 1834 Kold ha been, and still is, the sole ac tual standard. MKANINU Or 1ft TO 1. i "The phrase '1(1 to l.'a applied to coiunge, means that the mint value of 10 ounces of silver shall be equal to the mint value of 1 ounce ot gold; that is, that 10 ounces of silver shall be coi liable Into as many vUndard silver dollars as 1 ounce of nold is coiuablu into standard gold dollars. "Standard bullion contains 000 parts of pure gold or pure silver and 100 parts ot ropij-r alloy, "The coining value of an ounce of pure gold is $-J.C7ld3, and the coining value of an ounce of standard gold is H8.etW'J3. "The coining value in standard silver dollars of an ounce ot pure silver is f "J3, and the coining value of an lAnce of standard silver is f I.KUtl. WHAT IS 8EI05JOR "This term, as used in States, means the profit arising from the coinage of bullion. The government does not purchase gold bulliln, but coins iton private account. TherO is no profit from the coinage of gold bullion, the face value of gold coins being the same as their bullion value, but at the present ratio of 16 to 1 the face value of the silver dollar is greater than in its bul lion value; therefore, when silver bul lion is purchased and coined into dol lars there is a proGt arising from such coinage, the amount of which depends upon the price paid for the bullion. For example, there are 371 grains of pure silver in a dollar and there are 480 grains of pure .silver in a fine ounce. The coinage value of a fine ounce is therefore f 1.2929. If the fine ounce can be purchased for 70 cents, the profit on its coinage (the seigniorage) is $ 0.592!) , and the profit on the 371 Ingrains of pure silver in the single dollar is f0.43So , which is the difference between the ac tual cost of the bnjlion in the dollar and the nominal value of the coin. ' Tho silver purchased by the govern ment is carried on the books of the Treasury at its actual cost, and the seigniorage is declared on the coinage of each month and paid into the Treasury. COI.NAOK OF GOLD. " In tho United States there is free and unlimited coinage of gold ; that is, standard gold bullion may be deposited at the mints in any amount, to be coined for the benefit of the depositor, without charge for coinage; but when other than standard billion is received for coinage a charge iu made for parting, or for re- lining, or for copper alloy, as the case may be. Kefiniuing is the elimination from the bullion of all base metals. Parting is the separation of any silver which may be contained in the bullion. The charges for these operations vary according to actual expenses. 'Whew copper is added for alloy, a charge of 2 cents per ounce is made for the amount actually added. The depositor receives in gold coin the full value of the gold in his bullion, less such charges as are in dicated above. "The mints may lawfully refuse to receive gold bullion of less value than $100, or when it is too base for coinage ; but in practice deposits of gold bullion are accepted without regard to amounts, and rejected only when' too base for e.oinage. ' COIXAC.K OF SILVKK. "Under existing law in the United States subsidiary silver and standard silver dollars are coined only on govern ment account. They are coined from bullion purchased by tho government, by the net of. fund the prftflts of '.such coinage belong wcitfhis audi to the government. I There is at prWeit ; . . i n . ' J no ;i NEVER FOLLOW Authority for tljo ;, purchase ojKiub 'dollars, but, if nece v(- -oWrl silver h'iry, sulhciciil bul lion may bo purchased to maintaiiY the stock of subsidiary silver. "The government is still coming standard silver dollars' from the bullion purchased under the act of July 14, 1S90. The amount of bullion on hand November 1, 189.1, wheq the purchasing clause of that act was repealed, was 140,iiiK),8o2.b7 lino ounces, costing 12(l, 758,280, the coining value of which was lHI,lU,9i;i. Between November 1, 18i:l, and July 1, 1900, there were coined from this 'bullion 79,lH5,0d5 standard silver dollars, of which $51,85:1,08:$ re resent tho cost of the bullion coined, and are held in tho Treasury for the re demption ot Treasury notes of 1S;K), while the remainder, $24,310,582, con stitute the gain or seigniorage, and, Ikj ing the proerty of the Uuitedtates, have Wn paid into the Treasury, to be used like other available funds. "The seigniorage is an a Jditioa to the volume of money in the country, while the silver dollars representing the cost ot the bullion are .not, since thev are paid out only iu redemption of the Treasury notes of 1890, whereupon the latter are canceled and retired, as pre scribed by the act ot July 14, 1890. "The total expenditure by the United States for silver bullion, exclusive of subsidiary coiuage, is: V inter act of February S, 187....t:ioR,S79,2 71 Under aet of July 14,1s) nj.uut ,0u3 00 Total iHHjlQ.Xi 71 " There have been coined from the bullion thus purchased standard silver dollars of the face value of $498,493,21$, and there remain uncoined 77,434,253.87 fine ounces, w hich cost $70,079,834.30. Th rvinl bulllou value (July 1, li.) of the tamler4 ailvvr dollar cottu-t U f.V,.1w5,fJt 07 Anil the irvi ut bulllou value of the uncoluod bulllou i 4.t.,&,.V3 J Makluj total tulllou value of,..i,aj,ua7 M "The space required for the storage ot 1,000,000 standard silver dollars is 250 cubic tet. The standard silver dol lars iu the vault ot the Treasury and the several subtreasuries, June SO, 1900, amounting to about 430,000.000, require J 107 ,50 rubic leet of space. thi.k rta ckxt loan or 190S-18, " In 1SJ8 the war with Spaiu i&volvel I WE k i i i i ' 1 -i m 1 I ' T4 Zi v 1 1 In the LEAD A glance at our Store will easily convince you that we still hold first place in the merchantile line. Our stock to-day is the largest and most complete of any in this vicinity. We defy competition and challenge a,. comparison of prices and quality with all houses in Southern Oregon and Northern California. HiCi ROTHE & COn THE leading merchants of lake coum. the government in expenditures which could not be met by the revenues then being received under existing law. Con gress accordingly enacted what was known . as the var revenuo act of 1898, which was approved by the President, June 13, 1898. Hi sides providing for an increase of revenues, it authorized an issue of bonds." "The total amount of bonds issued under this act was $198,792,640.. ' The 3 per i en t bonds are payable in coin, and while it is not epecilied'in their terms tlmt they are payable in coin of the' slavdard value of July 14, 1870, they are ifi effect payable in such coin. Up to t its time the government had never issn Id any bonds payable, by their terms, either principal or interest, in gold coin oi (In silver coir.. "IHiBiitg tint recent session of Con press, LowoviJ'. there was enacted a bill, pif jil.n Ijlidovvn as the financial lull, lender lits net tho government, for the first limo in its history, has issued builds f payable specifically in United States told coin." MR. BRYAN'S PURPOSE. - ' Mr. Hryan's purpose, if elected to the presidency, is to overthrow the gold standard and establish the free coinage of silver at the ratio of 16 to 1, or, in other words, all people having bars for bullion) of sjyer, worth now in the market about 47 -.cents to the di.llar, shall have thvprivilege of taking it to the -United Stales minis and receive a silver dollar inr every 47 etits' worth of silver deposited. Wi.ut should be the result of X iH'-tMiai.cial scheme of Mr. Bryan's? Oie of two things must hap pvu, namely, cvay silver dollar (.now practically kpvt par with gold) would depreciate and diop to 47 cents on the dollar, or else Ibe government (that is, the people) omst pay the difference. Mr. Bryan says:' "Elect me to the presidency ""Tha" Senate is safely Re publican, and it would be impossible tor me to do any barm to tbe country dur ing the next four years." In God's name will the country elevate to the highest position in the gift of the Amer ican people a tnn who would makosuch a base asaertiou as that or a man who advocate the adoption of the 47-cent dollart We believe not; Mr. Bryan cannot fool the American people by bis cry ot " imperialism." G. H. DUNLAP THE GROCER Headquarters For The Best GROCERIES. To Bo Had in Lake County Prices Aro Away Down, Call and See Him S t at i o n o ry ,-piga?s and Tobacco. i . - Givt us four years more of Republi can prosperity,, then we may be able to stand four years of Democratic free trade. ' We hear of new Itepublicans all over Lake county, and there will be many silent voter for McKinley on tbe 6lh of next November. Mr. Besiman told tome plain truths at the RejvbHri !r2 last Thura dar evening thai set the people to thinking again. Walt until you hear from Brran's owu State. Th people of- Nebranka are proioii; and Mr. Bryan cannot Con vince them other use. r Ml I i v. - 1 Mi w S.F, AHLSTROM Manufacturer of the Celebrated RECOGNIZED AS THE BEST BUCCAROO SADDLE JN THE UNITED STATES WACOM g& OUCCY HARNESS, WHIPS, ROSES, ETC. We do not believe the people of Lake county will object to another four years of Republican good times, good prices and good bank accounts. ' Tbe government has proved itself in vincible in tbe recent war, and out ot it has come a nation which will remain in divisible forever more. William McKinley. Prince Taun, self-proclaimed dictator of the Chinese Empire, has been degrad ed by order of the Empress, and all hon ors and official power has been taken from him. .Wherever our dag floats ; w herever we raise that stsndard of liberty, it is always for the sake of 'humanity and the advancement of civilization. Will iam McKinley. Only seventeen days more before elec tion. Ftudy the issues carefully, gentle tutu, and there U no doubt you w ill come to the right , conclusion whether to vote for prosperity and good times or panic and bard times. Polls received from Bryan's own county in Nebraska show that be is rabidly loeiuj ground even there. The Republican gains, aa reported by forty oat of fifty-two precincts, averaged from 2 to 27 a precinct, or a total of nearly 400. The outlook in Maryland and Kentucky is most flattering for Repub lican mccees. Then ia one man in Lake view who believes that, in the event of the re election of William McKinley, the close of hit second term will be marked by the crowning of Mark A. II anna tin Ieror o! America. It is scarcely neces sary to mention the fact that the man wears a number Gix hat, a number ten shoe, and reads the San Francisco Ex aminer every day. In 1898 the San Francisco Examiner said: "Then, when it came to secur ing military base in the West Indies, the tame Democratic leader chaffed and hogfled over itema of war expendi ture. Now, again, they are Riving evi dence of opposing the popular will in th matter of the annexation of the. Philif pine. It Is high time to call a' halt. Tie Democratic party will not follow tuch leadership. The people have already repudiated it." Now it is trying to pas this repudiated thing for legal tender. Who will receive itt