San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1891-04-16
THE DEMOCRACY AND SILVER
COINAGE
Written for the LIGHT.


standing, in letter to ex-President
Cleveland says: II believe the apparent
support of any democrats of this PROPOSE
ton for free coinage, arose from their
just desire to kill the force bill, which,
thank God, is now dead" 1t seems
amazing to ascribe such motives for the
support of this measure to an intelligent
and supposed conscientious body Of men
many oil whom have long favored the
principle involved. 1t is but fair to pre-
sumo that they were prompted TO sup
port free coinage from the belief that it
would enhance the value of farm pro-
ducts, the rate Of wages, and increase
prosperity by expanding the volume of
money in circulation. That their logic
may be the product OF immature thought
and vague reasoning, a sentimental
ignus fatuus, argues no want of integrity.
They are honest silver advocates, seeking
a solvent for an evil that perhaps no rem
edy will cure, and by their votes aligned
themselves on plane with their constit
uents with precision that required
neither apology nor explanation. To as
sumo that the democrats coalesced with
score of republicans interested in aug
menting the value Of silver, to enact a
law which they knew would demoralize
business and impair credit, to gain trans
lent party advantage, is TO intimate their
willingness to form improper alliances
whenever it will prolong party ascend
ency. No measure of ethics or
m hon9r PERMITS nesdfuI the and ac boeest
legislation by encumbering it with am
biguouS measures to attract mercenary
aid, nor iustifies cabal in RELOCATING TO
the undertaker's limbo party measure
TO exploit anothe r infinitely more damag-
ing to public welfare. Wholesome legis-
lation is impartial, rests on intrinsic
merit, and is Invested of the esoteric
methods and complex appliances which
are sometimes invented to achieve ute
rior and illicit ends not obtainable in the
sunlight of honest endeavor. Self inter-
est invites the silver states to advo-
cate free coinage with its TWEEN
Jy-tive per cent of fiat value
to stimulate its production, fact seem
ingly sufficient to discourage its espousal
elsewhere; yet we see q whole party vote
for this measureIwith dissent too feeble
10 excite ripple, inspired with the
notion that its success would he a valu-
able boon to the laboring claSSeS-while
IN fact il uncnnScOuSly cOntormed TO
dangerous popular errOr,-Lhe success OF
which would the most injure the class
who indirectly expect the largest profit
from it.
opinion of the tickle multitude to conform
to it, and speak for it, whether 1t be right
or wrong, nor to engraft upon its sound
doctrines delusive theories that may have
a mistaken faction behind them clamor-
ing for policy sure to work its own de-
struction, nor to devise a platform so
hybrid in structure, so yelled in meta
mOrphic verbiage that it may signify one
policy in the north and another at the
west and south. The fact is obvious that
when national platforms contravene the
principles the party has voted for, during
the preceding four years, they do not eX-
press real opinions, but are framed TO win
votes which the record of the party would
not give them.
strated that gold and silver are the most
convenient metals that can be used as
mediums of exchange in business tran
sactions. that gold, from its greater value
In proportion TO its bulk and weight, is
much the more desirable Of the two for
this purpose; hence silver has been rele-
gated to a subsidiary position, as COM
pared with gold, and as related to its own
use In earlier periods when cruder
methods subserved the limited operations
of trade and commerce, and before the
utmost facility in all material develop
ments had become indispensable. In the
great commercial and manufacturing
centerS silver coin must hencefOrth
play very subordinate role, It's
only apparent utility being It's funnon as
fractional pieces. Treasury notes, based
on silver at current value, will circulate
"a freely as gold, so long as there Is little
DIVERGENCE in the relative value OF the
two metals. Currency being the more
convenient agency in exchange, it is
possible the certificates may take the
place Of the coins in a great measure. AS
monetary agent In the present business
of the country silver has the same fitness
as has the Der wagon for general rail-
road traffic. The objection to the use OF
silver is limited to its being pressed into
service without adaptation.
The first coinage was authorized in APP
ril 1892 and up to 1873 but seven and
half million dollar pieces had been coined;
and at the latter date none OF them could
be found outside of the hands OF the col
lectors of coin curiOSitieS. They had rls.
en- in value until as bullion they touched
!, al and had been turned into spoons ana
forks. So far silver dollars had been OF
no material service as money, and had not
their value relegated them to the melting
pot, they were too cumbrous to be popu-
lar as such. The phrase 1.-The silver dol
lar of our daddies" is Of modern
coinage and conveys an i'm,
preston of something that had
merely mythical existence. There
was no pressure for the silver dollar until
1878 when silver had declined so that il
was remunerative to coin it into dollars.
The government then began coming it at
the rate of S24, 100000 per annum. This
was expected to appreciate silver, but 1t
slowly declined until the silver to make
dollar was sold at 7019 cents but raj lied to
about 76 cents i'm. January, 1890. AT the
session of congress in 1890 an act was
passed requiring the annual purchase OF
So 100000 ounces of silver, worth some
S54, 100000, and to be paid for in treasury
notes which would circulate as currency.
Though this exceeds our production the
present bullion value of the silver dollar
is but 76 cents and we have 40O,OOO,OOO