The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1891-10-01
What is Meant by Free Coinage of Silver.

To the Editor of The Herald and
News: You ask me to define just what
is meant by the Gree coinage of silver.'
briefly as I can.
It means that tie owners OF silver
bullion shall ne allowed to take it in
any quantity they may possess to the
mints and have it coined into money
at the rate Of Bill grains of silver to the
dollar. The advocates Of free coinage
say this is what was done from 1892,
when the coinage act was passed, to
1873, when the coinage OF the silver
dollar was suspended--not silver de-
monetiZed as is so often asserted. Why
should this not continue? They also
saw this is what is still done as to gold.
Why not as to silver alsoo / would re-
ply to these questions briefly as fol-
lows:
A very important change has taken
place as to silver since 1873 but none
as to gold. A full 100 cents worth Of
gold is still put into the gold dollar, as
prior to 1873, so that the minting it
ADDS nothing whatever to its value.
The coinage of gold is therefore only a
certificate so to speak of the intrinsic
value Of gold in the coin, and that is rs
it should be. Prior to 1873 it was the
same with silver. Up to that time
37l} grains of silver was worth fully
100 cents; sometimes slightly more.
But now the case is quite different.
The present bullion value Of the 37li
grains of silver contained in silver
dollar is only about IS cents. Why
this change in silver: Here are few
| of the chief reasons:
|. The annual product of silver has
more than doubled since lS73-SSl $780,
coo in 1873 and S16S, 100000 in 1890.
,. AS consequence silver has de-
preciated IN value over 25 per cent.
3. European nations have discon-
tinued its coinage as full legal-tender
money. ---~-
!. Tie exchanges of the world are
settled everywhere in gold, or, if eN-
changes with silver using countries, in
silver att gold value.
The fact then that silver has 50 de-
prcciated in value, and has consequent
ly been abandoned as hestandard and
of value by the leading commercial na-
tions, would seem to be an all sutfi-
limited coinage in the United States.
If we must have free coinage, at least
let enough silver be put IL a dollar to
make a full dollar as is the case with
gold. Then there would at least be no
fraud or dishonesty in the transaction.
I may mention that under free coin
age from 1892 to 1873, period Of over
so years, only little over 100000
silver dollars were coined. This GER
tainly did not look as if our ''daddles"
were so eager for the "buzzrad' dollar.
But under the sD-called "Bland-act"
of 1875, requiring the coinage OF not
less than 100000 silver dollars per
month, the government purchased Sill
yer at its market value for The
enormous sum of $685.: ,:l9,261, and
coined it into 377.246,SSO silver
dollars; thus realizing a net profit
of about S67,0O0,000. Here then
we discover the secret of all this
outcry for free coinage. 1t is on ac-
count of this net profit of SCI, ,0O0,0 in
twelve years. Under free coinage all
this profit 0uld have gone, not to the
govern. that is to the people-but
into the pockets of the comparatively
few ':silver barons" Of the Rocky
Mountains; the Senators Stewart and
Jones, of that Mining Camp, Nevada,
Teller and Wolcott, Of Colorado, etc.
No wonder they cry loud and long !
for 'free coinage" They are already !
rnillionaires from the enormous profits
in their business. But still not content,
they would have the Government
that is the people-pay them 25 per
cent. over the market value for their
silver. Let Congress grant "free coin
age" but require full dollars worth |
of silver shall he put in dollar, as was
done prior to 1873, and We will see how
quickly these same men will lose all |
interest in it. 1t is not free coinage"
they want, but the 25 per cent. pre-
MUM on the market value of their |
merchandise. In July, 1890, the BLAND |
Act" was substituted by another, which |
provides that the Government shall |
purchase 100000 ounces silver per
month, or 54,000,C00 ounces in year,
on which it will issue about S60,0GO 600
Treasury Notes. Thus is provided for
the consumption of more than the en-
tire products Of the American Silver
mines. But still the "silVer barons'
are not content because the profit from
the difference between the market |
value and the coming value Of the sill
yer goes to the Government and not to
them.
hope with the above to have made
clear not only what free coinage"
means, but also u few of the objectiops
to it. CINlS.