The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1891-10-01
What is Meant by Free Coinage of Silver.


To the Editor OF The Herald and
News Iou ask me to define just what
is. meant by the Gree coinage Of silver. .
I will eHdeayor to do so As clearly and
briefly as l can.
It meaus that the owners OF silver
bullion shall be allowed to take it in
any quantity they may possess to the
at the rate of37li grains of silver to the
dollar. The advocates of free coinage
say this is what was done from 1872,
when the coinage act was passed, TO
1873, when the coinage Of the silver
dollar was suspended-not silver de-
monetized as is so often asserted. Why
should this not continue? They also
say this is what is still done as to gold.
Why not as to silver also? | would re-
ply to these questions briefly as fol-
lows:
A very important change has taken
place as to silver since 1873 but none
as to gold. \ full 100 cents worth of
gold is still put into the gold dollar, as
prior to 1873, so that the minting it
aGds nothing whatever to its value.
The coinage Of gold is therefore only a
certificate so to speak Of the intrinsic
value Of gold in the coir, and that is as
it should be. Prior to 1878 it was the
same with silver. Up to that time
Bill grains of silver was worth fully
100 cents; sometimes slightly more.
But now the case is quite different.
The present bullion value Of the 3114
grains of silver contained in silver
dollar is only about IS cents. Why
this change in silver Here are a few
of the chief reasons:
l. The annual product Of silver has
more than doubled since lS12-SS1, ,SOO,-
600 in 1878 and Sl8S,000,000 in 1890.
>. AS consequence silver has de-
preciated in value over 25 per cent.
8. European nations have discon-
tinued its coinage as full legal-tender
money.
t. The exchanges Of the world are
settled everywhere in gold, or, if eX-
changes with silver using countries, in
sill er at its gold value.
The fact then that silver has SO de-
prcciated in value, and bas consequent
ly been abandoned as the standard and
of value by the leading commercial ma
tions, would seem TO be an all sui!i-
cient reason against its free and un-
limited coinage in the United States.
If we must have free coinage, at least
let enough silver be put in dollar to
make a full dollar as is the case with
gold. Then there would at least be no
fraud or dishonesty in the transaction.
l may mention that under free coin
age from 1892 to 1873, period of over
so years, only little over 100000
silver dollars were coined. ibis GER
tainlv did not look as if our ''daddies"
were SO eager for the "buZZrad" dollar.
But under the so-called "Bland-act"
of 1878, requiring the coinage OF not
less than 100000 silver dollars per
month, the government purchased sill
yer at its market value for the
enormous sum Of S90S, 49, PSI, and
coined it into 37777.246,SSO silver
dollars; thus realizing a net profit
of about S67,OO0,0O0. Here then
we discover the secret Of all this
outcry for free coinage. 1t is on ac-
count of this net profit of SGT, 900, 900 in
twelve wears. Under free coinage all
this profit would have gone, not to the
government-that is to the people-but
into the pockets of the comparatively
few "silver barons" Of the Rocky
Mountains; the Senators Stewart and
Jones, of that Mining Camp, Nevada,
Teller and Wolcott, of Colorado, etc.
No wonder they cry loud and long
for "free coinage" They are already
millionaires from the enormous profits
in their business. But still not content,
they would have the Government
that is the people-pay them 5 per
cent. over the market value for their
silver. Let Congress grant "free coin
age" but require full dollars worth
of silver shall be put in dollar, as was
done prior to 1873, and we will see how
quickly these same men will lose all
interest in it. 1t is not free coinage"
they want, but the 25 per cent. pre-
MUM on the market value of their
merchandise. In July, 1880, the "Biand
Actn was substituted by another, which
provides that the Government shall
purchase 4,5O0,000 ounces silver per
month, or 81, 100000 ounces in year,
on which it will issue about SG0, 1000, 900
Treasury Notes. Thus is provided for
the consumption of more than the en-
tire products of the American Silver
mines. But still the "silver barons"
are not content because the profit from
the difference between the market
value and the coming value Of the sill
yer goes to the Government and not to
them.
hope with the above to have made
clear not only what free coinage"
means, but also a few Of the objections
to it.. CIVIs.