The times. [volume] (Richmond, Va.) 1890-1903, 1891-08-26

A
The latest device Of President Harrison to
etradde the silver question is TO propose
| free and unlimited coinage of the product OF
| American mines into dollars of the present
standard OF weight and fpeness. II should
| be remern bered that the whole difficulty OF
tho silver question arises from the disparity
in intrinsic value between q silver dollar ana
a gold dollar that the amount of silver ID
so called dollar is not worth dollar, 9nd
has not been for the past sixteen years. that
instead of sixteen ounces Of silver being the
equivalent in value 10 one ounce OF gold IL
has always since 1873 required more than
sixteen ounces Of silver. and in 1883 as much
as twenty-five ounces OF silver 10
purchase one Of gold. All OF tue
coinage Of silver bv The United
States since the passage Of the Bland bill has
been for account Of the United Statos. and
upon the coinage of silver dollars from
February %. 1878. until July II. 1880. the
United States made n net profit or seignioTage
of about &C.. O0O. 900. that amount representing
the difference between what tho silver cost
the Government and what tho established
legal valao Of il became afterthe Government
stamp was impressed dpon 1t. This s67,0OO.-
900 and whatever additional sums are being
obtained by the Government in the same
way is the property Of all Of the peo-
pie Of tho United States. u was
derived by the exercise Of a govern
mental power which was granted by the peo-
pie for the benoft Of all alike No justifiaDie
reason has been presented why this govern
mental function and power should be used
for the benefit alone of owners Of silver mines
or purchasers Of silver bullion. 1t would he
equivalent to giving 10 these few citizens
gratuitously an enormous increase Of value 20
their property without consideration at the
expense OF the general public
If the coinage Of silver into dollars Of full
value is honestly sought 10y these mine and
bullion owners without Snv purpose 10 obtain
from the Government q special grant. why
should they object to such an increase OF
metal in the dollar as would put their silver
dollar at a par with the gold dollar?
Tho ratio which has from time TO time,
been fixed between gold and silver has been
based upon the intrinsic value Of the respec-
tive metals; and now that there has been
change in the relative values there is DO in
consistency with the established precedent Of
ages to reform this ratio at different figures.
It would not be unreasonable 10 take an aver
age of values since 1878 at least basis for
an effort 20 establish ratio upon which
the free and unlimited coinage Of silver
might be permitted, not merely TO American
bullion, but to the bullion of the whole world.
Instead of sixteen for one let the ratio be
say nineteen for one In this way those WHO
have silver and desire to receive silver dol
lars for bullion can DO So and the Govern
ment and the citizens would stand less chance
of loss than now. when free coinage Of silver
on the present ratio would make present
to the owners of silver bullion Of millions Of
dollars without value received.
1t seems 10 be forgotten that the production
of silver, whether coined into dollars or used
in the arts OF sold abroad, adds that much to
the wealth of our country and 1t Is now i'm
material TO the bullion owner whether he
sells his silver to the United States for spot
cash or sends il abroad and receives in ex
change gold. The United States only pay
the market value SO is our silver IS not con-
verified into dollars at our own minis OF used
in the arts at home, it is sold abroad. and 50
much foreign gold or its equivalent comes
back to this countryin exchange for it.
The chief merit that our deprecated silver
dollars now have is that there is no danger of
their going out Of the country Nobody else
will have them at anything like the same
value at which we give and take them. Even
at the proposed increased ratio Of nineteen for
one, or some other figure considerably higher
than sixteen for one. there would 10 little
danger of our not having enough silver to
come 10 the Iunts, and still less danger Of the
silver dollars being exported for their intrin-
sic value. The Government cannot, in justice
TO its citizens who are not owners Of silver
bullion, pay more to the owners Of that bull
lion, elthor in gold or in the exercise Of its
governmental power Of coming than the bu.-
lion IS fairly worth.