The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1891-02-03
THE TRUE SOLUTION OF THE COIN
AGE QUESTION.

To the Editor Of the Eagle
The report of the director Of the mint
for 1890, on page 10, contains the follow
ing statements:
The net profits on the coinage of sill
yer during the twelve years ended June
80, 1890, including the balance in the
coinage mint on July /, 1878, was $685.
SOCIAL"
The seigniorage on the coinage of
silver dollars during the fiscal year 1890
aggregated 50, 3S5, 41637."
Your readers are undoubtedly aware
that the senators who are working hard
est to secure free coinage of silver are
Jones and Stewart of Nevada, Teller and
Wolcott of Colorado. Houp and Neon
nell of Idaho, and Stanford of Colorado.
all from silver producing states and per-
sonally interested in silv r mines. Their
object in advocating free coinage is ap-
parent, as it will enable the producers OF
silver bullion to put into their own peck
cts the large sums obtained from the
coinage of silver, instead of its going to
the whole people, as under the present
system of coinage.
The statistics found in the report of
the directors of the mint, show that the
eighty years during which we had free
coinage of silver, less than $780, 900 sill
yer dollars were coined, while dnrlng the
twelve years that we have had compul-
sorry coinage, over 10000, 900 silver
dollars have been coined. In twelve
years of compulsory coinage our minis
have turne out about forty times as
many silver dollars as during the eighty
years of free coinage.
Do not those figures go to show that
the people of this country will get much
more silver coined, by continuing COM
pulsory, than they will if they adopt
free coinage.
Again; SO long as the government re-
tains control of, and receives the profits
arising from the coinage silver bill, it
will have the power 10 maintain the
equality in value of gold and silver
dollars, but as soon as it adopts free
coinage that power passes out Off hands
anu goes into the hands of spectators
who by purchasing silver at its market
value can have it coined, exchange the
same for gold and ship it out of the
country, thus forcing this country to
silver basis.
How then shall the coinage question be
settled so as to be of the greatest adj
vantage to the whole people? The true
solution of the question would seem to
be the following:
First-Put gold and silver on an equal
lty in coinage.
Second-Make the coinage of both gold
and silver compulsory, but unlimited.
Third-Let the secretary of the treas
ury buy all the gold and silver bullion
offered for sale, at its market value, pay
ing for the same in United States notes;
those notes used in the purchase of gold
made redeemable in gold coin, and all
made legal tender for all debts, public
and private.
Fourth-Limit the price to be paid for
gold bullion to one dollar per each
25.S grains of gold, and the price of sill
yer bullion, to one dollar. for each 371.35 |
grains of silver bullion.
Under such an arrangement the gov
eminent would always purchase the |
most of the metal that was least in value, |
and. by locking it up in the treasury /
vaults would so diminish the supply of /.
that metal in the market as to cause the |
price to advance to an equality with the |
other.
The legal tender quality of each would .
also keep their value the same.
DIR. f. Z. MILLER.