Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-07-05
Unlimited Silver Coinage.

Unlimited Silver Coinage
The next remedy is the return to IN
limited silver coinage. 1t seems to me that
there could be no palmer proposition than
that this country at this time needs large
addition to its volume of money circulation.
Some of the opponents of silver call attention
TO the amount OF money IN circulation IN $3.50
and assuming that there was less per capita
then than now argue that there is not ne
cessary relation between agricultural pros
perity and liberal money supply. It is bynO
means sure That the money quantity now IN
circulation IS greater per capita than it was
in 1850 The apparent issue and coinage
foots up higher but from this IS TO be de-
Quoted the bank reserves, the treasury
reserves and lost and destroyed notes.
When the circulation IS reduced to its real
dimensions It is probably about
the -sume per capita rs 1t
was thirty years ago, though the
business OF the country has grown over
fourfold since that time. 1t is an accepted
rule in finance that the currency needs of a
people are to be gagged both by the popula-
ton and volume of business. AS the cir
CulatiOn has only kept up with the increase
Of population. and no provision has been
IDate for the high ratio of growth of
business, II follows that the cir
culatiug medium is much short of
! reasonable volume. 1t would be idle TO
proceed further in demonstrating this prop
0sitiou by statistics, for no man who has
engaged III business transactions during the
past few months can have failed TO observe
al unusual financial stringerCy. Some
claim that this has been due to temporary
causes only, but il seems to ME those tem-
roIarv causes only served to render acute Il
trouble which already existed, and that
there viii be no permanent re-
coveIT until we bring about 4 con-
siderable expansion OF the currency. This
should b. done rs quickly rs possible, and
there is no other way SO near and so feast
bic as unlimited silver coinage. There are Il
class of ttnarciers in this country who are
the sworn enemies Of silver II they had
been needed in lo1S gold would he the only
coined money Of the country to-day. u
they are needed now We VIII t''rn our backs
upon the farcsI opportunity ever offered Il
nation 10 strengthen its resources Al q criti-
cal moment.
IS predicted by some that under the
operation of an unlimited coinage law,
silver would come TO the United States in
vast quantities. ard this expected addition
has been estimated as nigh as 81, 900, 0O0.0GO.
There is no probability. however, that the
ShipIrcut 10 America would be anything
like so much. out if It were certain, the
prospect would present no terrorS to our
welfare. II L clear $1,000, 600, 600 was added
10 the circulating medium of the United
States, in the next four years, we would
still. be- more scautily supplied with money,
according 10 population, than France Is at
this very time II silver IS brought to our
shores, the men who bring il will obtain
either the silver coin or the silver Certit-
Gates which his bullion represents, and
then that certificate or that coin will be
used or invested il this country. The more
that comes the greater the invigorating
effects upon bUsinCSS-mineS are dug,
furnaces lit, factories started. farms
bought, cities built, ana every field of en-
terprisc Is made 10 bear harvest.
But the many times discredited prophets
of the gold idol undertake to answer this
by saying that instead of investing the sill
yer i'll our products or property, the men
who bring il here viii exchange It for our
gold and that there will begin at once
flow of gold from this country to England
and Germany, the two great gold standard
nations of the world. If 50, those countries
must give us sometime for it-cither silver.
American securities, iron rails or some
other form of wealth. We will get value
for the gold, aud II it goes out that way it
will 60 Us harm. And then again, England
and Germany are not only the two princi-
pal gold standard countries OF the world,
but they are also the TWO chief foreign mar
llets OF American cotton. Now if the gold
leaves Us and goes to them II makes money
more plentiful there and makes the cotton
of the Texas farmer bring a better price.
silver viii either expand the circulating
medium At home by pushing in silver or 1t
viii expand the circulating medium abroad
bv pushing out gold from this country, and
IN either case the effect upon agriculture IN
The United States VIII be strengthening.
Another point which is urged with much
persisteuce against free silver involves the
idea that q sort of fraud is about TO be per
petrated, or as it is said, the sllverltes want
10 make IS cents worth of silver pass for a
dollar. BY this is meant that the bullion IN
a silver dollar is not worth as much now as
the bullion in gold dollar, and they argue
that the government ought not by stamping
to give them equality But why IS this bull
lion in the gold dollar so much more val
liable than the bullion in the silver dollar'
Simply because all the gold bullion can be
coined into dollars. Suppose the mint PRIV
i!egeS of gold and silver were reversed, and
man could com all the silver he mined, |
but could not coin all the gold Silver
Would Instantly rise in price relatively 10
gold. In other words, it is largely the su-
peror coinage advantage which makes the |
gold now more valuable than the silver. |
Inc government only coins part OF the |
SILVER and the surplus is sold as commo- |
ully-, And 1t IS the price of this surplus |
"hlch men talk about as worth IS cents on |
4 dollar As the law now permits free |
coinage OF gold, there can be no surplus OF !
that meta! 10 drug the market and sell as |
MERCHANDISE. Nature has stored silver and |
gold IN the bowels of the earth in the pro-
poFlion OF ABOUT Is to l, and the American |
people recognized this standard (substan |
tally upto 1873. 1.-THE demonstration trick |
OF that year had not been slipped through |
congress the minis to-day would be kcoining |
both metals at that ratio. and in my opinion |
the MODEST suggestions of justice and the |
clearest dictates OF policy concur in urging !
return 10 unlimited silver coinage. OF |
course no thoughtful man wants TO see the |
country enter upon mad race of imitation, |
but silver coinage means no such reckless |
ness. Exactly how much it will add to the /
volume OF circulation it is impossible to fix |