The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-05-28
FREE COINAGE OF SILVER.
The Rocky Mountain News, of Den
yer, Discusses the Subject
Editorially.
It Says Coinage Should Not Be
Limited to the Homo
Product.
Reasons why Others Than Mine Owners
Want More Silver-Moro Good
Money Is Needed.

Denver News: One of tho arrant hum
bugs of the day 10 that of limiting the free
coinage OF silver to the American product.
Those of the Transmississipp congress
who voted for it did 30 because thsy were
ut heart the enemies OF silver money or
through Ignorance of the fact that to in
sist upon it ia to defeat free coinage alto
gether.
The voters of the western non-mining
states advocate free coinage not alone be.
cause they wish to see the owners of silver
mines get an increased price for their bull
lion, but because they know that the coun-
try needs moro sound money to make 1t
prosperous and Tighten the burdens which
a short money market has forced upon
them. Ninety per cent of Colorado's voters
favor free coinage for the same reason, and
if they believed the adoption of it would re-
suit only in putting more money into the
pockets of bonanza mining kings they
would care very little about it.
If free coinage is limited to the American
product, it is easy to demonstrate that only
the owners of silver mines will be benefited
by it.
The government now practically buys all
Il 6lAtC DAONuSu VI IkO kfbU oAAA
converts it at once into money; 54,00O,O 600
ounces being the amount Of silver per
annum the government buys, and, to pay
for it, it issues $50. DOG, 900 in new legal ten
der treasury notes which enter at once into
the currency of the country.
Free silver coinage. limited to the Ameri-
can product. will not add a dollar to the
circulating medium beyond that thus
added by the present law. If the yearly
American product of silver amounts to but
$50, 0D, 900 worth-and such is the fact
can add to the worlds money. Under such
q law, if the American miner sends his
bullion to the mint he. can have it coined
into dollars, or the government will keep
the bullion and give him it's value in legal
tender treasury notes. Whether he gets
value of the bullion actually procured from
American mines must be the limit of in
crease to the circulating medium.
Such q law would ultimately destroy all
hope or permanent free silver coinage. 1t
will create at once two values for silver of
the same fneness. The silver bullion of
American mines will command at the
minis as many silver dollars as there are
412119 grains Of standard Isilxel in the silver
bricks delivered at them, or the same num-
Der of dollars in treasury notes. This
would occur without reference to the
market value of silver. But all other silver
in the United States, whether it comes from
Mexico or elsewhere as bullion, or is now
in the country in the form Of foreign coin,
works of use OF art and the like,
must be governed in value by the market
price of silver, the market being controlled
precisely AZ it is to-day. Thus silver of the
Same fneness and intrinsic value is separated
into castles OF classes. The higher caste
will be silver produced from the American
mines-41219 grains of which will be worth
a collar in gold; all other silver will be the
lowest or degraded caste, bringing just
whatever silver is worth in the market-or
about 80 cents for each 41211a grains of it.
The advocates Of this limited free coinage
OF all silver to a par with gold at the ratio
of fifteen and one-half or sixteen to
one. Why should this be the result
and not be the result OF the present
law? 1t will create neither an increased
demand nor a greater scarcity Of the metal.
Under the law as it ia "a, 600, 900 ounces
are annually bought BY thefgovernment
and stored away. This amount equals
the annual American product. Under the
proposed law this American product is all
that can be obtained by the government
which cannot exceed that now being pur-
chased. How, then, can a law which does
not take an ounce of silver from the market
beyond what is now being taken create n
scarcity of or increase the demand for the
metal?
IL tne mining STATES advocate SUCH a law
the whole cause is in danger. Tn voters
of the great west and south will have none
of it. 1t ia selfish and narrow in it's CON
ception. 1t will give no relief to the bust
ness of the country. The weakness of the
present law is that $50, 600 of new money
each year is not enough to supply the in
sutficiency of money created by the con
slant withdrawal of national bank potes,
the redemption ami destruction OF other
currency and tho constantly increasing
business INT population of the country; and
free silver coinage limited to the American
product will not at any time relieve any bust
ness stress created by a lack of sufficient
money.
If 1t were possible to pass such a law it
could not last over one congress. The
people everywhere would rise in rebellion
against it. As soon as the fraud was dis
covered it's doom would be sealed. Let
Colorado, Montana, Nevada and other
mining states beware. Such a law is "the
Greeks bearing gifts" Avoid it. for it is
by intelligent men advocated only to
destroy the silver cause. and such will prob
ably be the result if the silver states join in
urging it.