New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-12
a SOLUTION OF THE SILVER PROBLEM
OUINNVE WI EIT.NN Nv rI1''' DC
4 QUANTITY OF SILVER MONEY.

PRE- COINAGE NAY MEAN ANYTHING BUT A
QUANTITY OF SILVER MONEY.
To the Editor Of The Tribune
Sir: l trust you will permit me to present TO your
readers few points OF vital importance in regard 10
the silvc, question:
First-rhe eight Republican. senators who recently
united with the Democrats to hasty vote for
the free coinage OF silver wcrc with exception
residents Of state, in which silver forms chief
product, and Informed that they are themselves
owners or stockholders in silver mines, and hence
personally interested in free coinage
SecondThe reports OF the Direct tor of the Mint show
that since the Compulsory Coinage act passed, the
United States Government has derived a profit Of over
COO in twelve ears from the purchase and CON
of silver, and the profits amount to more than
S0,00O,0O0 annually Are not the advocates of free
coinage working to put these large profits into their
pockets. rather than, claimed to give the peo
pie more money
Third-The statistics under both the Free and Com
pu-ory silver Coinage acts OF the past to show that
a much larger volume Of silver money has been put
in circulation under compulsory than under free coin
age. From the establishment Of the Mint in 1893 I'LL
lo73. when silver was demonezed. silver was as free
in coinage gold and vet, during all this period less
than 800 600 silver dollars coined while during
the twelve years since We have had compulsory coin
age. about 37OOO00OO silver dollars have been coined
Under the Compulsory Coinage act the Secretary Of
the Urea Is compelled 10 convert certain amount
~ silver into money each month, while under free
coinage nobody is compelled Ia coin dollar, and the
amount OF silver money j. dependent upon the freaks
OF the owners of silver bullion. IL is old saying
that what is evcpbodyS business is nobody'S.'
Cndcr free coinage we would have 10 assurance Of any
largo amount of silver being coined a.d soon As the
price of silver bullion approached that Of gold. which
II Is liable u do in the hands OF spectators, the
coinage Of silver might entirely cease.
Fourth-The advocates of free coinage claim that
there j, fear Of the expectation Of gold in cN
change for silver under free coinage, because the pre-
diotou. that TIM, would take place that made
before compulsory coinage adopted have not been
fulfilled. They seem - ignore the fact that under
compulsory coinage the Government receives all the
margin Of profit between the bullion and coin values
0f silver. and has therefore been able e. maintain the
legal equality between silver and gold coin. by making
both legal tender for debts public and private. But
the moment FREE coinage is adopted the plot> Of coin
us silver, iuotcad Of going into this United states
Treasury. 20 into the pockets Of the owners Of silver
be- coined taken from the Government and put into
the hand, Of Spectators who Will manipulate 1t Tor all
Tirh-The problem Of silver coinage might readily
De solved in tn, way: Let the Government receive
tine profits on coinage IN the future a in the past
Lct tous.r-, hN the minimum amount Ia be- coined earl
month. bat let the maximum amount De unlimited
i>-u" silver certificates that are legal tender for
all debt, public and priv1t" in exchange Tor silver and
make them rcdccmablc lu silver coin. The Govern
modify value might we'll AFFORD - sell II also at
and locking In the Treasury " about all the silver
bullion offered for ale, and thc putting OF silver
certificates 10 circulation money will very
take much silver ont II the market 10 raise its
price 10 equality with gold. When this IS az
option - coin the silver offered for coinage. free.
TO- P@ra it at par or a a.d to s,Gs i!y o
the Governments T.. p. MILLER.
New York, Jan. 10. 1-ol