The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-09-26
SEATTLE, SATURDAY. SEP. 90.
A FREE SILVER sUBTERFUGE.


following resolution:
We are in favor of the free coinage of Ameri-
can silver on a parity with gold, and demand
that it be made a legal tender in payment OF all
debts, public or private, and every dollar so
coined shall be equal in intrinsic value to any
other dollar OF the circulating medium
This Is on line with Senator Eshelman 3
views, when he said:
The Democracy demands the restoration of
the white metal TO its old companionship with
gold, and insists that no difference shall exist
under the law between the value Of the gold aud
silver dollar.
The qualification ''free coinage of
American silver" is mere device to avoid
a difficulty, and of its absurdity Edward
Atkinson says:
Coming the American PRODUCT What more
absolutely absurd and unmitigated piece of
folly could be committed than for il to be
sumed that the American product of silver
could be separated and distinguished from any
other in the attempt TO carry out this insane
schcme!
The Republican act of July, 1890, pro-
vides for the purchase of silver enough
thus far to more than equal the product Of
our American mines. but it does not pro-
vide for the free coinage of American sill
yer, for this would mean practically free
coinage for the world, and free coinage of
American silver if it were practicable
would only be less pernicious than free
coinage of the worlds product, as it would
put from Is, 0OO, 900 to 1905, 600 of dollars
into the pockets Of few mine owners
which now goes to the people. The reso-
luton is absurd, because no legislation
which permits the free coinage of silver
can maintain silver and gold upon a
parity. 1t is like Jack Cade's decree:
''There shall be in England seven half
penny loaves sold for penny; the thfee-
hoped pot shall have ten hoops"
In 1873 silver was worth S1.30 per ounce
in London. In 1878, when the bill was
passed providing for the coinage of s., OOO.-
600 worth a month, silver was worth $1.15
an ounce. In thirteen years since 1873 we
have added Ali 100000 silver dollars or
silver certificates to our stock of money,
while in the eighty-one years previous to
1873 the government coined only little
over 5000, 900 silver dollars. Up to 1878,
under free coinage, we added on an aver
age less than 100000 silver dollars each
year to our money, while since 1873 We
have added each year on the average over
S3.00O,0O0 silver dollars. By 1889 silver
had steadily declined to % cents an ounce.
Then congress passed the act of July, 1890,
more than doubling the monthly pur-
chases. This sent silver up, but the in
creased importations of silver sent down
the price, checked its importation, and it is
now but 81 cents an ounce. These facts
show plainly that congress cannot by leg
isation singlehanded raise the price of
silver against the world. The worlds an
nual product of silver has risen from g.
10000 ounces in 1873 to 100, $50 600 ounces
in 1890. In coming value in our money
the increase in 1SS9 over 1883 amounted 10
$50. $4,000.
The minis of all the great nations of the
earth are closed against the free coinage
OF silver. Increased production and the
closing of foreign minis have caused this
decline. Congress cannot arrest this pro
duction, cannot open the foreign mints
and cannot stop the decline by its vastly
increased purchase of silver. Under the
circumstances unlimited coinage would
induce foreign governments 10 send silver
here and exchange it for gold; if We re
fused to pay gold in exchange gold would
go at once to a premium. If we paid out
gold We would soon have only silver left.
When gold went TO premium it would be
boarded and withdrawn from circulation
rs n commodity, so whether we paid on
gold or not we would soon be on a silver
basis like Mexico, India and South Amer
lea.
Up TO 1873 gold and silver circulated ir
Mexico. The fall in silver put gold L
flight, and Mexico, with but 1900 600 O.
people, has coined over $50, 600, 600 silve
dollars in fifteen years. Unlimited coin
age of silver would give a few mine
owners more tor their silver but it would
be a grievous tax on every farmer ant
worker and would injure enormously ou1
foreign trade, since on all our exports ant
imports there would have TO be paid tho
commission for changing our money into
European standard that Mexico and every
other silver standard country pays on al
its foreign trade.
OF course if the coinage OF silver was
free at the present ratio of sixteen of SILVER
10 one of gold no gold would he coined
because Is ounces of silver are not worth
ounce of gold. AS John sherman point:
ont:
holder of both silver and gold would tax,
his silver Ia the mint and get = dollar for ever,
81 grains He would sell his gold in the market
or export IL and get - per cent more dollars fol
gold than he could AZ the mint. As 3 matter o.
course he would not take his gold u the min;
No man would he fool enough 20 deposit Ar
ounce OF gold for coinage into sixteen dollar,
when with his ounce OF gold he could bu,
enough silver bullion and have Ii coined with
oul cost into twenty dollars.
Under the present law of limited silver
coinage the United States Is PURCHASING
more than the entire annual product o.
silver bullion in the United States, and all
this bullion is represented in our currency
by either silver coin or legal tender treas
ury notes of the United States. Under
this law we purchase silver bullion at il.
market price and hold it in the treasury a,
security for the redemption of the treasury
notes on demand, and thus maintain these