The Butler weekly times. (Butler, Mo.) 1881-1918, 1891-09-23


that will come into the treasury If
this policy is adopted! All Of this
will be represented by our treasury
notes-an increase Of the national
debt. 1t IS public bid of % cents
an ounce more than the market price
for all the silver ahoat all that can
be hereafter produced, made at q
time when silver is declining in value
and when many of the commercial
nations are seeking to convert their
silver into gold. The Latin nations
including France, have been trying
to maintain the value of silver, but
the Latin union is now dissolved.
and each of these nations are now
seeking for gold to replace their sill
yer.
We have been trying by negotia
tions to induce the chief powers of
Europe to join US in an effort to
maintain silver at parity with gold
at the old ratio. United States is
maintaining the value of silver
France aud the Latin nations are
willing to join us. In England pub
lie opinion tends to favor that poll
cy. Even Germany, which sold
large part of Its silver in the market
and adopted the gold standard, is
willing to make concessions. This
free coinage scheme is the very thing
that standsi in the way of negotiation.
As a matter of course these nations
would gladly gee US take this load
on our shoulders. They will gladly
give of their silver at the rate Of 16
to l and take our gold. And yet
the democratic party that boasted
in its prime of it's devotion to honest
money, its opposition to paper
money, a party that in Jackson's and
Benton's times restored gold to our
currency, proposes that the United
States alone, without co operation
with any power, shall take all the
silver of the world at 20 cents an
ounce more than its market value,
and stranger still, that they will is-
sue for the silver an unlimited
amount of treasury notes, of the
United States and make them q
legal tender for all debts, public and
private. This is the doctrine which
it is expected the conservative dem
ocrats of Ohio will adopt in order
to gain the support and alliance OF
the silver barons of the west and the
interested self-seekers who hope to
gain an advantage over their credi-
tors by cheapening the standard OF
value, and the wild and dreamy Ell.
thusiasts who believe in an unlimit
ed supply of irredeemable paper
money.
| But it is said that free coinage
will not have the effect / have stated
that the silver in sight is SO occupied
where it is that it will not come tc
US They said the same when the
present law was passed that foreign
silver would not come to US. Yet
our purchase of 1850, 900 ounces o
troy weight, or 1877 tons Of silver,
month at market prices brough
!, into the United States larg
amounts Of silver from all parts Q
the world. If that is the effect Q
limited purchases at 81 an ounce
3 the market price, what will be th
q probable effect of unlimited pur
q chases at 20 cents an ounce NOR
!, than market price! It would inu1
date US with the vast boards of silve
in countries where silver alone j
current money, and draw to us a
y the rapidly increasing productio
+ of silver mines in the world.
. Senator Vest: "But the argumer
. most persistently urged against fire
coinage is that all the silver of TO
i eign countries, pots, pans, spoon
and all, will be dumped into OF
y mint.
t The absurdity of this is manifes
d when we reflect that the stock {
= silver held by European countries
d not bullion, but primary coin. whic
r does not huctuate with the price ,
silver. The Bank of France uses il
It silver as legal tender primary mone
It for the redemption of its paper ci
II culation just as it holds it's gold.
q has $245, ,S38, 900 of silver and $26
$4,000 in gold and it needs bot
'e The same thing is true of German
\ with S1O7, 100000 worth of full leg
Is tender thalers, of which the Impsl
5 al Bank holds $4,000, O,OOO-thi
e with $1S0,000,000 in gold constitu
D. ing it's cash reserves.
d This legal tender silver coin
e atioat in Europe of the valuation (
II which it was issued, viz, at l5,5
e in gold, and if we take our gol
. dollar as the unit of comparisc
this silver would yield 359 81 grain
is of pure silver. as against our mil
re requirement of 371-25 grains. An
IT one Bringing this European silv
N money to exchange at our mints
,r we adopt free coinage must ac