The times. [volume] (Richmond, Va.) 1890-1903, 1891-10-25
FREE COINAGE.
What a MonometalIic siIverite Thinks oil
the Question.
For The Times.l

For The Iimes.I
think an argument in favor of free coin
age of silver may be made in q form so simple
that any one may understand 1t, one that /
have not yet seen in print. l will give some
round figures from the director Of the United
States Mint that can be easily carried in the
mind and are necessary TO the argument;
Gold coin in tho United States.....s 7OO,0O0,Ol0
6oid coin in other countries......... 30o0.0y0o00
Silver com in the United States..... 5oO,OOJ,COO
Silver coin in other countrles-..-... 3'30OOOO,OOO
If the United States shall establish free
coinage OF silver our gold will be sent abroad,
and silver will be returned 10 us IN payment
for it. We may only conjecture how rapidly
the exchange would be made, but 10 viii not
be disputed that five hundred millions of gold
would 90 in exchange for a like value of silver
in five years Silver would no longer have
Auctuating commercial value in the United
States: it would haye!a fixed mint value. How
would its commercial value measured by
gold be Affected in other countries by the
increase of their stock of gold and decrease
of their silver TO the extent OF one thousand
millions OF dollars in five years, assuming no
disturbance OF their relations by excess Of
production Of either metal? The figures would
then be as follows
Gold coin in foreign - ..
counties ........... 33c000000D 3,J00O00.C00
Silver coin in foreign
counties. s.3OO,0cOOOO 2.so0OOO,OOO
The commercial value Of silver in foreign
countries measured by gold would necessa-
rily increase. The ed, ance would be gradual,
but inevitable. 1t would soon become evident
that the ratio Of is for ! would DO restored.
The exchange by the United States Of their
gold for foreign silver would thereupOn be
checked OF stopped. Perhaps this would re-
suit before we had lost three hundred millions
OF gold; Assuming the foregoing TO be true.
it will be seen that this country IS to-day
strong enough to restore the value OF silver
10 the ratio of 10 for /. 1t would be a daring
attempt for single one OF he great nations
TO undertake IN defiance Of hostile world
TO restore the lost equilibrium of the two
metals It's advocates could scarcely
hope to accomplish it without more or less
national financial disaster and humiliation,
but IL can hardly be disputed that we would
succeed. Success might be dearly bought.
but who is he that can look so far into the
future as 10 measure tho cost of the vie )ry
or its yalueY We have accomplished far
greater financial triumph than this within
twenty years. We were paying from SIX 10
seven and three-tenths per cent. per annum
interest on over two thousand millions of debt.
besides giving life 20 one thousand millions
additional irredeemable. non-interest bearing
paper currency. We have paid off more than
hall the principal of the interest bearing
debt and forced the creditor TO beg for two
per cent. per annum on more or IL by threat
ening 10 pay it oil. We have redeemed. or
given notice 10 the holder of our readiness TO
redeem. all the non-interest bearing currency,
and have supplied our peopl q with currency
the equivalent OF gold coin in any part Of the
land, greater per capita than we ever had
since we were nation notwithstanding the
enormous increase Of our population.
What American would have dared 10 tell
European fnancier or statesman that we
could do this lie would have been told that
our wide national domain wac vastly exceeded
by our incredible national vanity did we be-
lieye ourselves that we could do 1t. None so
sanguine az T. think it could be done within
the century; many hoped that we would grow
up to our burden of debt and that another
generation might undertake 70 discharge
part OF il. and We did this IN q time OF terrible
dissension. injustice and civil strife called re-
construction. What may we not now attempt,
when we are a united nation, the wrongs OF
reconstruction effsced altogether. the people
everywhere recognizing the principle of local
government az the true foundation of national
strength. nothing really TO dispute about but
the iuiauites Of the tariff. which Is not 70 be
compared with the evils Wa have endured
and outliyed? We can stand a financial expert
ment, however heroic. Therefore, If the ma
iority give us FREQ coinage let each, as best lie
may, prepare himself for 1t. and perhaps both
sides will be astonished at the result.
"tINANCIER.'