The midland journal. (Rising Sun, Md.) 1885-1947, 1891-04-03
Statistics Show That the Free Com
age of Silver Would Con-
tract the Currency.

tract the currency.
Under this caption the New York Finan-
cier presents the substance Of silver statistics
compiled by the Carthage (Mo.] Banner.
which says:
"According to the report ofthe Director
Of the Mint for 1890 for the eighty years
(up 10 1922 Of free coinage, only 8,032 ,3l8
silver dollars were coined, while the past
twelve years of compulsory coinage has
yielded $3.50, 900. Considerable differ
ence, ii must be admitted.
sUnder free coinage there were thirty
seven years that not silver dollar was
coined. Since compulsory coinage was
adopted (l878) not single year has pro.
duced less than $22, 495, $40. and they have
gradually increased every year for thirteen
years, until in 1890, $35, 923,81 were coin
ed, and for the present year, nearly double
that sum will be coined"
We are not little surprised TO find SO
able financial paper, and generally SO fair,
as the Fnancier, giving conntenance to SO
shallow and misleading statement as the
above. In those eighty years Of the life Of
the republic up to 1872, we had next TO no
silver to coin. The Rocky Mountain couu-
try was an uninhabised desert, ard our sill
yer money mostly consisted of Spanish
dollars, quarter-dollars, ''levies'' and
"Rps.n (121 and 81 cent pieces). The first
fifty years Of this eighty, United States
dollar was curiosity. We didn't have
silver bullion TO coin. For the lack Of
silver 10 coin, and to supply its place the
business of the country was frequently driven
10 the expeeiency of using "shin-plaster"
money, paper fractions Of a dollsr issued by
merchants and other business men payable
generally in good; and the banks, which
we're State banks, issued often without
Limitation their notes, when business was
brisk and money in demand. Ifthese extra
issues were managed with judgment, and
the loans made to reliable business men,
little risk was incurred by the bank. AT
the close of the business seas IN the loans to
customers were paid, the extra issue return.
ed to the bank, and held in reserve for
another season.
When the Rocky Mountain region was
opened up to the miner and silver men be-
gan to pour the white metal into the coun-
try, the mint became active and for three OF
four years proceeding The demonstration OF
silver, the amount coined steadily increased
the year directly precedidg 1878, when the
silver coinage was stopped by act Of Con.
gress, the amount of silver coined at the U
S. mint was the largest of any year from
the foundation of the government. The
reason we did not coin more silver under 9
free coinage law of Washington, Hamilton
Adams and Jefferson, was because we didn'
have il to coin, and that we do coin more
silver under the present restrictive law il
because we have plenty Of the white meta
and more Of it is being coined, not by virtue
of a restrictive law, as these false reasons
pretend, but IN spite Of IL.
But few months since these same people
who are now making use Of free coinage tc
support new theory for contraction, wert
making newspaperdom ring with the cry
that to open our minis to the free coinage O.
silver would bring il in from every country
on the globe, literally by the ship load, to
be coined at our minis. Verify certain
class of people should have good memories
/