The Helena independent., 1891-09-17
gold hs could buy enough silver bullion ana
haya 10 coined without cpAt into N2O,V

coin, Wnlcn - the same COLO WIN tne sthmp
Of tho mint added, and be can either ship
this coin.as gold Of purchase silver bullion
and have that coined into silver dollars:
Why then should he not coin gold buIlion2
The coinage costs him nothing, and gold In
like quantity and ianeneas ID returned for
his bullion.
drive gold ont OF circulation and that II
would bs exported to foreign countries.
This Was the argument used by Mr.. Shcr-
man against the Bland act Of 1873. but the
quantity Of gold speedily increased In this
country after the enactment OF that law, and
all the predictions of ita disappeaEance
Even MI. Cleveland admits that he was
mistak on when he made a similar prediction
in his letter to Nessrs. Warner. Reagan and
others in 1884.
gold is but the representative Of value, and
that 10 long as this country can supply the
neccssaties OF life to countries that are
compelled to have them we will procure all
the gold We need. England takes cur
wheat, corn and cattle because she is forced
10 do 10, and If we demand gold in return
the snme necessity compels its payment.
But the argument most persistently urged
against free coinage ia that all the silver OF
foreign countries--pots, pans, spoons ana
all-will be dumped into our mints. Tho
absurdity Of this Ia manifest when We reflect
that the stock Of silver held BY European
which does not fuctunts with the price OF
silver. The Bank Of France uses its silver
as legal tender primary money for tha re-
demption Of its paper circulation Just as it
holds its gold. lthas $245, S38, 600 OF silver
and $267. .s55, 600 Of gold, and il needs both.
its SlO7. COO, 600 worth Of full legal tender
sill yer thalers, of which tho imperial bank
holds $48 600, ,OO0-this, with $3.50, ,O0O, GOO in
gold, constituting its cash reserves.
This legal tender silver coin is aaoat in
Europe Of the valuation at which it was
take our gold dollar AZ tho unit Of compari-
son this silver money would yield 359.1
grains of pure silver, as against our mint
requirement of 371.25 grains. Any one
bringing this European silver money to ex-
change st our mints, If we adopt free COIN
sge, must add 11.35 grains to every 100.
Therefore at 81 for 81 rs grains Of silver in
the United States and 81 for 359.91 grains in
Europe, or $1.29 per ounce Of 48O grains
here as against $1.33 per ounce of 46O grains
abroad, there would be = loss to tho specu-
lator bringing European silver to this coun.
try of three per cent, together with cost OF
transportation.
Upon the estimate of the director of the
mint that there is 81, ,1Oo, 100000 of this Eu-
ropean legal tender silver money, there
would be loss of more than $33, ,OOO, 600
with carriage added. Besides this. the
gold obtained by the transaction would be
worth no more in the banks of Europe a.
cash reserves than the silver legal tender
money which had been disposed of In the
United States.
The optimates are constantly boasting
Of an American system and OF commercial
independence.
We own a continent. and produce more of
4 49, ~1,.kn ,E fA hor nv
other nation, but Notwithstanding our enor-
nous resources ws are now tied on to the
tail Of the European gold kite and are
dragged from one point OF the financial
compass to another by the manipulationso of
European speculators. If there is fall in
South American or Italian or r. spanish e.
curities. or the failure of an English bank
ing firm, the money market Of the United
States is Immediately affected. How long
is this serfdom to continue?
Senator Sherman is mistaken in suppos-
ing that the silver miners are responsible
for the demand all over the west and south
for freq coinage. 1t comes from the popu-
lar instinct that there is manifest injustice
in closing the mints to silver which is
placed by the constitution side by side with
gold.
Above all it comes from the settled belief
that silver has been degraded to increase the
profits of the money lending classes. 1t
comes from the conviction that the debtor
should have the privilege of paying In either
gold or silver, the money of the constitu-
tion, and that congress should not legislate
against either metal. The single gold stand
ard, which is the ultimate object, will add
to the indebtedness of every debtor twenty
nine cents for each dollar he owes, but if
the single gold standard is not established
it follows logically that all discrimination
against silver increases the value Of gold
and adds to the debtors burthen.
Senator Vest said in conclusion that be
did not arrogate the right to declare any
man not democrat, but he declared that
his ideas of what were the true doctrines of
the democratio party constrained him to
support the absolute equality of gold and
silver at the mints.
The democratic party is opposedto all
class privilege either in commerce or
finance. II opposes the legislation which
gives to any citizen partnership with the
government so that its functions can be
used for his especial advantage. 1t opposes
all schemes which make the government a
broker to lend money on bonds or farm
produce or land. II opposes all laws which
peculiarly favor any citizen because he
owns any particular kind of property, or is
engaged in any particular kind of business.
II may not be lolitcal question, but to
deny citizen the right to coin silver bull
lion at the nints which belong to all the
people, and to give the right to the owner of
gold bullion when the constitution places
the two metals upon the same basis rs to
legal tender, looks very much like ignoring
the fundamental doctrine of the democratic
party, equal rights to all and exclusive
privileges to none"