The morning call., 1891-07-01
SILVER.
The Question of the Unrestricted Free
Coinage of the White Metal

The Question OF the Unrestricted Free
Coinage of the White Metal.
Editor Morning Call: Noting with Interest
recent ditorial articles in The CALL regarding
The independent, unrestricted free coinage Of
silver. observe in your Sundays issue the fol-
lowing extract from some remarks of Senator
Stewart:
The people OF the civilized world, when silver
was repu lated, were indebted not less than nun
bred thousand millions Every contract nv ,yhIch
that vast Indebtedness was incurred provided for
payment in either gold orsilver. The debtor did
n"t re9 TO pay gold me contract gave MIN the
sociates excluded silver from the mints of the
United States and Europe, and thereby compelled
pay inent Ia gold alone.
And these editorial remarks:
There does not seem any other answer to Stewards
reply than that man has right to increase the
value of the money in which debts must be paid il
lie has the power.
l think there is a good deal more to be said
going to show that The more stable and general
the standard or measure of value upon which our
currency Is based. the better II is for the whole
people. III by adopting gold as the measure of
value, the value OF debts was raised, then the
value oil wages. Which are debts was similarly
raised.
The hue and cry Of free silver coinage advo-
Gates has been that the bond holders the conpon-
cutters, the dividend were the parties
most Interested In defeating the measure; that
Inc upper tens sttenuously opposed cheap money
Tor lie lower millions. AS moderate EXAMPLES
oil this L extract the following from political
platforms of last autumn:
We denounce as iniqutous the Silver Bill as
passed by the present House of Representatives as
an attempt 10 demoralze silver and to build up the
fortunes Of the favored few.
And ibis:
We denounce the Silver BILL 80 called RECENTLY
enacted as an ignominious surrender to the money
power.
The greatest organized industry OF the United
States is the railways. BY official reports
there were In operation, appr0xma ely and
ID round hgures (Which L Will always use
Tor convenience at the end of 1883 100.
~ dat
and curr ut debts of S5,436. 600, 900, with
stock liabillties of say S4.50O, 900. 600. The
: bon and uninnded debts of s5.436 ,00O-
cent; he capital stock OF say 81, 800. GOO. 600
$4,000, 600, or "a per cent-makIng a total OF
interest paid for account Of railways i'm the
United States $500, 100000. Let us assume
there Is Sl.50O0 100000 capital embarked in
commercial banking that earns net per cent
cOrpOrated Industries aggregate 81 800 600
600, earning an average of per cent or SIR
100000. The national debt OF The country in
round figures Is 81 200, 000.0 or this 5000
600 600 Is Understanding, and at an average Of
4 per cent viii amount 10 S240o0.OOO The
state debts are IN round figures S218,0 900;
Mt an average OF per cent will amount to Sill.
100000. For city and county debts assume
that they amount TO hall as much as the interest
bearing portion OF The national debt, or $500.
ooo,ooo, al per cent pr anuum is SIS OOO-
600. Here we have:
Total Interest earnings OF the rail-
f9aus. $500, 900 600
Nf
" ,nso, Pot aleu- INDUSTRIES 10000 900
inter ost On ohiteu states debt 2I,00OOOO
Vn STATE deots.. ..........,...-..... II 900 900
on city anu county deuts l5.0OU,0oO
A total Of S50O,000,OoO net earning on a gold
basis-our silver being, under existing condi-
lions, practically interchangeable with gold
which, let u, assume, chiefly goes to the be neat
oil capitalists, bond-holders, dividend tlerers
or to say 100000 people at home aud others
abroad.
Now, what is the reverse of this, as relating to
Tue bread winners, the people at large, the other
100000 OF our vast and growing population,
TO be paid and OF which gold is the present meas
. uie vi Vaiue III We assume tnal one In four OF
n Is nnmber Is wage-earner, there will be 49,.
Uoo.ooo Oh them. aud that the average rate of
wages Tor men, women aud children, Young and