Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-10-11

| culat,ng inopey greater than tho increase
| of our population. This increased pur-
chase of silver was felt by conservative
men TO have gone TO the extreme extent IN
favor OF the producers OF silver, ana II mas
given great activity to the production OF
silver. am not In favor OF allowing any
holder of silver bullion. foreign. or do
| nestle, any old teapot or melted silver
ware. any part Of the vast accumulated
| hoard OF silver in China. India. South Amer
| lea, and other countries OF the world, esfl-
mated by statisticians TO DO $3,sl0,67l SAG.
| 20 present VI to the Treasury OF the United
States and demand one dollar OF our
money. or our promises TO pay in money,
| for 37i grains Of silver or any multiple OF
| that sum. IL with free silver we receive
| only the quantity of silver we are required
| to purchase by existing law. the United
States would pay over $4,000, 600 a year
more Than II purchased at the market
value, and this vast sum would be paid an
nually as bounty to the producers OF Sill
YER bullion.
But THIS NOT THE WORST.
But this is rot the worst Of it. Free
| coinage means that we shall purchase not
| merely 4, 500, 900 ounces q month. but all
| the silver that is offered, come from where
| IL NAV. IL presented in quantities OF 100
| ounces at a time. We are to give the
| holder either coin or Treasury notes at his
| option. at the rate of 81 for every 31l
| grains-now worth in the market SAY ~
| cents. Who can estimate the untold boards
| of silver that will come into the Treasury
| # this policy is adoptedy All Of this Will
| be represented by our Treasury notes-an
| increase of the national debt. 1t IS puo-
| lie BID OF % cents an ounce more than the
market price for all the silver ahoai and all
| that can hereafter be produced. made at
time when silver Is declining IN
l l. ~ kn
| mercial nations are seeking to convert
| thor 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 is seeking for gold TO replace Their
| silver. We have been irving By ne.otia-
| tions to induce the chief Powers OF Europe
| to JON US IN an effort 10 MAINTAIN silver NJ
| a parity with gold at the old ratio. These
Powers ore interested like tie United
States in maintaining the value of SILVER
| France and tho Latin nations are willingto
| ION us. In England public opinion tends
| to favor that policy. Even Germany,
which sold Il large part Of its silver IN the
market and adopted the gold standard, Is
willing TO make concessions. ms iree-
| coinage scheme of ours Is the very thing
| that stands III the way of negotiation. As
| q matter Of course these nations would
| gladly see us take this load on our shOu-
dors. They Will gladly give us their silver
at the rate Of IL to l and take
our gold. What think you. Mr.. Editor,
would old-timc Democrats like Jackson and
Benton, who boosted Of Their devotion to
honest money, think of this new scheme
called Free and unlimited coinsge OF
silver? Tho advocates of free coinage
propose that the United States alone,
without cooperation with any Power, shall
take all the silver of the world al % cents
an ounce more than Its market value, ana
stranger still tina. they will issue for tins
silver an unlimited amount OF Treasury
notes of the United States and make them
q legal tender for all debts, public and
private.
But 1t is said that FREQ coinage will not
have the effect stated; that silver IS SO
occupied where it is that it will not come
10 US. The same was said when the pres
ont law was passed-that foreign silver
would not come TO Ia. Yet our purchase
| of 4 500 200 ounces (trOy weight or lss
tons of silver per month at market price
brought into tho United states LARGE
amounts Of silver from oil parts OF tho
world II that IS the effect OF Limited pur-
| chase at 81 an ounce the market price,,
what will be the effect of unlimited pur-
chase at 23 cents an ounce more than the
market price? II would inundate us with
vast boards of silver from countries where
| US all the rapidly-increasing production
of silver mines in the world.
TxrERIENCE PELIEs IT.
But these silver gentlemen say with free
coinage the price of silver will rise to Its
old ratio with gold. The experience of all
the world bellies this statement. In no
country in the world where free coinage
exists is sixteen ounces Of silver equal TO one
ounce of gold. France and the United states
maintain the parity between tho two hy
carefully limiting the coinage ana recelV-
ING and rcdeemln9 silver CONS As TIE
equivalent for gold.
But where Tree coinage exists that is i'm
possible. With free coinage the market
value Of the bullion fixes the value OF the
dollar. The Mexican dollar contains more
silver than the American dollar. and yet
the Mexican dollar is worth about seventy
eight cents. because in Mexico coinage Is
free ana the American dollar is worth one
hundred cents, because III the nlted
States coinage is limited. SO in ali free
coinage countries. where silver alone
| 10 coined, 1t is worth its market value rs
! bullion. In all countries where gold clrcu-
| lates the coinage CT silver Is limited,
| but is used as money IN even
| greater amounts than IN countries where
and the United States. The free coinage
Of silver in either would stop the coinage
of gold. The immediate effect would be
| TO give to the producers OF silver bullion
81 " for each ounce of silver, now w0rl Il
| one hundred cents, but the certain result,
aud that right speedily, will be to demone-
tize gold and substitute the single
silver standard, and gold VIII be
boarded or exported and held at q
premium. This is denied by the adj
yoca,es OF free coinage. One OF the
most intelligent advocates of free coinage
! has SAID that if such would be the effect OF
free coinage he would oppose 1t. The only
wonder is that 80 intelligent man can
doubt il. Silver has been declining III
relative value to gold. though more than
two third. Of mankind use silver AS Their
only money. France and the Latin nations
have maintained their chief silver CONS nj
par with gold by coming none and re-
| ceiy,ug their old coins at par with Eold.
| but If we will receive their silver for
| gold at the ratio of 10 10 ! they VIII
eagerly present all Of 1t To US except
such rs is needed for minor coinage.
AVID DELUsioS.
To assume that the United States alone
can maintain silver at the Old ratio OF 10
I TO OF gold is a wilder deluslon than ever
filled the brain OF believer IN nat money.
| The fear that we would attempt II carried
81. 00O. 900 of gold from the United States
| within four months What gold DO We
have 10 draw upon: We had on the Zlth
Of July IN the Treasury $3.50, s59,l6l. OF
this we hold IN trust Sll6.99i, 9s9 for the
payment Of gold certificates. This Is not
the money OF the United States, but Is the
money Of the depositors. and can only be
used in redemption of their certificates.
leaving in the Treasury only Sll9.s64,l I2
as tho property of the United States.
One hundred millions OF this gold
IS. under existing law. held for the
redemption Of S346. goo, 900 of United States
notes. As long as tho United States main.
tains the gold standard no one Will present
these notes for redemption; but the free
coinage of silver or the purchase OF all the
silver offered will create the doubt-yea,
the certainty that the gold standard can
not be maintained. and the United States
notes will be presented for redemption. II
only silver is offered, the immediate effect
will be that gold will be at a premium to
be measured by the difference III market
value Of gold and silver. All the labor and
productions OF our people will be mea::
sured by the silver standard. The United
States will be detached from all the money
standards Of the great commercial nations
and will take its place with China. India,
and tho undeveloped South American
| States.
L. Il