The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1891-02-18
What is Free coinaEee


What Is meant by free coinage OF
silyer7 certain correspondents ask.
Others ask what the real difference is
between free coinage of silver and the
present process, by which substantially
all the silver taken from American
mines is purchased each month and
represented by notes issued.
Free coinage exists when any holder
of silver bullion can send or take to
any mint and get for 1t in coins S1.29lL4
for every ounce. No royalty or seig-
norage to pay, no cost OF minting, but
a benevolent Government bears all the
expense in order that every conner,
from near or from far, American,
European or Asiatic, may take away
bright new United States dollars at
the rate OF one fol. every three hundred
and seyenty-one and one-quarter
grains OF pure silver. Thus free coin
age is unlimited coinage, because the
Government has no power then to de-
termine how much 1t will take or coin;
anybody and everybody determines
that by bringing just what silver he
pleases.
Independent coinage" says Mr..
Cleveland; what did he mean? Appar-
emily this only, that the United States
would enter upon that policy without
concert with any other nation. The
idea In his mind seemed to be that the
thing might be safer IL some OF the
other great nations were to Join in
opening their mints 10 silver coinage at
the same time, but would be assurediy
reckless and dangerous for the Uniteu
States alone.
The pending 'Free. Coinage" bill is a
misnomer and falsehood, In one re-
spect. 1t does not intend nor provide
f.x. aaN. III .la ~ Gil
because 1t Is provided that anybody
shall have power to take from che
treasury, In place of silver bullion, not
coins at all, but paper notes, at the
ratio OF a1.20Z for every ounce OF
silver bullion, and these notes shall
circulate as full legal tender In pay
ment OF all debts, public and private.
The quantity OF bullion any one might
take to the treasury under free coin
age in the strict and proper sense
would be limited by the amount OF
coined silver dollars he might be will
ling to take away and could lind use
for.
But when q man can take away
legal-tender paper instead, all limita-
tion Is removed. OF coined dollars.
after many years of anxious efforts by
the treasury, 1t has been possible to
get into circulation not more than
$50, ,000, 900, because the people will
not carry around larger load OF sill
yer. Hence, free coinage, in n strict
and proper sense, would soon stop
coinage altogether. because IL would
soon como to pass that nobody could
get rid OF the silver dollar. But un-
limited paper pretending to be based
on silver dollars, can be taken away
and put into circulation without dlfii-
Guilty, ami gold can be obtained for
such paper. as yet, and the gold ean be
taken away to Europe.
What Is the existing law, them The
Treasury buys a limited issue of silver
each month, 4,500, 900 ounces, and buys
Mt the market price. When it issues
paper dollars II puts thom out for no
more than the market value OF the sill
yer purchased. Every such dollar,
therefore, represents actual market
value when issued. and IL Is not o lie,
and nobody can go to the Treasury
and get 81. .2914 in paper for a bit oi
metal worth Ia tho market only 81. II
anybody makes or loses by the opera
tion, the Treasury-that is, the people
of the United States--make the galr
or stand the loss. But whom a mar
cun take bullion worth 81 In the mar
ket and compel the Treasury to give
Si.29I for it, the Treasury stands the
loss every time, and the individual
pockets all the profits.
The existing law takes the silver OF
American mines-ail of it, and proba'
bly, n little more--for momentary use
But it does not take the silver oil
Mexico or Peru, the vast and weary
load OF silver carried by France ol
Germany or tho accumulated mass OF
silver in China or India. Limitation
In quantity makes ii certain TINT il
much foreign silver gets In here some
American silver must so abroad i'll Its
stead. No other procesJ has been ol
can be devised for excluding with Ger
tainty the enormous mass OF silver
outside, and IL that comes in it de
stroys the value OF all our currency
banishes gold from use and render
disaster inevitable,