Daily Republican., 1886-01-13

The following article, written BY q
gentleman Of this city, we copy from
the DelawareAn, and We commend IL
70 general perusal By all Of our read
ers:
Mn. EDITOR May It not be asked
II the system OF free coinage has not
proved . failure?
I desire very briefly to call your at
tsntion 70 the fact that from 1649 10
1850 there was gathered from the mines
OF California ABOUT nine hundred mil
lions Of dollars worth Of gold, and yet
the United States, under the free coin.
age system added less than $50, 600 900
t0 the gold currency Of the country.
The frequent suspensions of specie
paymsnts oy the banks, previous TO
1850. 10 q proof of their having avoided
or neglected TO fill their vaults with
gold under the free coinage laws, while
gold was being mined In such vast
sums, notwithstanding previous I'd.
monitioos.s As they have not heretofore
svsiled themselves OF the privilege Of
buy ing gold bullion and having II
coined under our free system, IA IL like =
y they will do SO IN the future? !
think not.
Way, then, should the government t
not cease 10 coin gold free, and resort
10 the purchass OF gold bull on and cti
1, rs IL now coins silver?
Why should not Congress pass q law
req u iIing the Director OF tue Mint TO
pu rchAse ten or fifteen millions of dol
lars worth Of gold bullion per month
aud coin tt into money! Gold bullion
could be purchased Mt the same price
per ouLce which Is paid by the Bank
~ Eaa1anA nxrl lo. he l. -
land Is required TO buy all the gold
bu lion thai is offered at its counters At
a Specific price per ounce. And until
provides some such law IL need not be
expected that those who mine gold will
carry it 20 our mints 10 be coined ct the
expense of the loss OF one-tenth Of the
pure gold 10 get IL into dollars, when It
will bring the full value of the pure
gold in the bars In England.
Under present laws the banks are
not bound 10 redeem o dollar of Their
notes in gold or silver. The government
furnishes all the paper money and Ia
bound TO redeem it all. 1t would, there
fore, buy gold bullion aud coin gold as
it now coins silver. II this were done
for few years our currency would be
held rs stsblei ~ that OF Epgland or
any other nation, ano New York, ere
the close OF the 18th century, rival, hit
did not become, tho money centre of
the world.
It's yet to be proved that silver is not
the most reliable metal on which gov
ern nent can depend in times OF trouble
70 10 doubrful.if Franc CO would have
been able 10 have kept her paper money
o, par II the government had not beon
provided with large amount Of silver
when abe was compelled to pay TO
Germany. a few years ago, 81, ,O00, 900. =
600 Of gold.
France, We are told by Mr.. Secretary
Manning, has now on hand six hun
dred million 6-france pieces, about
800, 0OO, COO in silver; and last year she
added 5000, 900 to this vast sum.
Francs has about 81, ,0O0, 90 OF popu.
lAtion, and yet she deems II necessary
~ have ON hand about three times az
much legal tend silver ooin rs the
United States has now, although the
latter hasa popu alton approaching very
nearly 60,000,O0O. The American
people, too, require more money per
capita 10 conduct trade over their vast.
ly extended country.
IL should not be overlooked that our
dollars are all coined for domestic USE
Neither our gold or our silver Is coined
70 DO sent 70 such nations as England, +,
France or Russia, and that when any OF
our coin is sent to either of those coun-.
tries it 10 accepted as bullion ana treat
cd rs bullion. They recsive It and count
1t only at the value 1t has when made
into English, French or Russiau
money.
Weneed more gold and silver to keep
our paper currency up 10 the hia hest
value, that IL may be converted at all
times into gold ut the will of the holder
The present is an opportune time, and
Congress should see TO IL that the gov.
eminent officials have large additions
made to the gold and silver coin which
is now used as . basis for our paper
money. In 1871 gold and silver formed
w per cent. OF the mouey of France !;
and In K gland about 20 per cent.
What per cent. OF gold and silver con-
stitutes the currency of the United
States Look at the statements Of
our banks, as published. and see
A SITBSCRIBER