Southern standard. (McMinnville, Tenn.) 1879-current, 1891-02-14
FREE COINAGE OF SILVER.
A Democratic Congressman Elect Ex-
presss Some Emphatic Views.
Says it is a Ruinous Policy.


member,elect for Congress from the
Fifteenth Ohio District, was inter-
viewed the other day by the Canton
News-Democrat on the silver ques-
ton. In reply 20 the reporters ques-
tion as to what he thought Of the free
coinage bill passed by the Senate, Mr..
Harter said: II think it would be a
very unfortunate thing for the coun>
try should the bill become a law"
When asked if such a law would
not increase the circulation and make
money plentier and cheaper Mr..
Harter said: son the contrary, it
would cause immediate and violent
contraction. The effect of free coin~
age would be to drive out of circula>
ton six hundred million dollars of
gold, and it would mean a general
bankruptcy, compared with which
1857 and 1873 were years of prosperi~
ty."
Reporter How would this cOntrac>
ton be brought about.
Mr.. Harter-The actual value of
gold in every legal tender gold dollar
being at least 25 per cent more than
the silver in the legal tender silver
dollar, each man, woman and child
in America would save every dollar
they could of it and gold would
cease to be money and become mer-
chandise; and there is something like
600 millions of gold now in circulat>
ton the withdrawal of it would con-
tract the current money of the United
States over One-third. You remem-
Der that resumption of coin pays
ments ten or eleven years ago pro-
duced prosperous times, and blessed
every class of people, this was due to
the enormous additions to the circus
lating money of the country caused
by the return of every dollar of gold
and silver, which for years had been
only an article of merchandise, so far
as the United States was concerned.
Free coinage of silver would only re-
verse the work of resumption and
bring in its train scarcity of money,
financial distress, high rates of inter-
est, want of employment, in fact a
large share of the evils Pandora's
box was said to contain.
Reporter-Will free silver coinage
do nobody good?
Mr.. Harter- Certainly it will. Ev-
cry owner of silver bullion, worth say
IS cents, will wake up and find he
can pay 100 cents of debt with it; but
as there are at least 900 men, perhaps
9,999 men, in the United States who
neither mine or own an ounce Of silver
bullion, where there is one man who
does, it looks like the worst form of
class legislation to burden them in
order to give great profits and UNI
reasonable advantage to the very few.
If the Government intends to go into
the business of giving 100 cents of the
peoples earnings and savings for 70
cents, it seems to nae that it had bet
ter pay the farmers 100 cents for each
bushel of 9O.cent wheat they haul to
market. The money lost by the
whole people would then be distribu-
ted among a multitude of our fellow
citizens instead of going to a mere
handful Of lucky silver mining ma
hobs and fortunate spectators
in bullion. Understand me, l have
no criticisms to make or fault
to find with silver mine owners. l
wish owned a silver mine or two
myself, and consider it very respect
able calling, very enjoyable occu-
patton indeed, but l see no reason
why the already fortunate should ask
to have calamity brought upon 9TH
ers for their benefit. Besides this
you must remember that the Senate
bill proposes to pay out 100 cents Of
the peoples money to any inhabi-
tant of Europe, Asia or Africa who is
willing to give us rs cents in return,
a marvellous financial policy, is il
not?
Reporter-What do you think
would be the party result if the Dem
ocratic party were to adopt the ides
of free coinage?
Mr.. Harter-Ifwe were unfortunate
and unwise enough to make it a par
ty question and favor the coinage o
seventy~five cents worth ofsilver int
legal tender silver dollar (the prof
going to the owner of the silver as i
does under free coinage) l believe W,
would lose New York, Connection
and New Jersey, and that it would
prevent us carving Massachusetts