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

.sctaa4Is deh4OLttlZed Oy lie act Oh
1853, passed by a democratic con-
gress.' Why, then, the necessity for
the act of 1873. which was prepared
by John X. Knox, then comptroller
OF the currency, and pressed by Mr..
Sherman through congress?
Mr.. Sherman asserts that the free
coinage of silver would Immediately
stop tn coinage of gold. He says:
NO nan would be fool enough to
deposit an onDce of gold for coinage
into ZIG when with his ounce Of
gold he could buy enough silver
bullion and have it coined without
cost into 500
II the owner of gold bullion
should be forced to take silver dol
lars from the mint, this argument
would be good; but, in fact, the own.
er of such bullion receives gold coin,
which is the same gold with the
name of the mint added. and he can
either ship this gold as coin or pur-
chase silver bullion aud have that
coined into silver dollars. Why,
then, should he not coin gold bull,
lion? The coinage costs him moth
ing, and gold in like quantity and
tineness is returned for his bullion"
Senator Sherman: The immediate
effect would be to give the producer
Of silver bullion $l.29 for each ounce
Of silver, now worth 100 cents, but
the certain result, and that right
speedily, will be to demonetize gold
and substitute the single silver stand
ard, and gold will be boarded or ex
ported and held at premium. This
IS denied by the advocates Of free
coinage. General Warner, one of
ths most intelligent advocates of
free coinage, told me that if such
would be the effect of free coinage
he would oppose it. The only Won
der is that 80 intelligent man can
doubt if. Silver has been declining
in relative value to gold, though
more than two-thirds of mankind
use silver as their only money.
France and the Latin nations have
maintained their chief silver coins
at par with gold by coming more
and receiving their old coins ct par
with gold, but if we will receive
their silver for gold at the ratio of
sixteen to one, they will eagerly pre-.
sent all of it to us except such as is
needed for minor coinage. The
United States maintain silver at par
with gold by carefully limiting the
amount to be purchased, but oul
large purchases brought foreign sill
yer to US at market price. How
much more will it bring if we offer
20 cents an ounce more than the
market price: To assume that tn,
United States alone can maintain
silver at the ratio of sixteen to en-
of gold is a wilder delusion thai
ever filled the brain of believer il
fat money"
Senator Vest: 1T is vehementl
contended by Senator Sherman tha
free coinage of silver would driv
gold out of circulation, and that i
would be exported to foreign coun
tries.
This was the argument used b.
: Mr.. Sherman against the Bland &C
Q of 1878. but the quantity of gol
!, speedily increased in the countr
after the enactment of that law, ant
L all the predictions of it's disappear
: ance proved false.
l. Even Mr.. Cleveland admits tha
he was mistaken when he made q
j., similar prediction in his letter o
Messrs. Warner, Reagan and other
- in 1854
8 These soothsayers overlook th
Il fact that gold is but the represent.
= tive of value, and that SO long q
! this country can supply the nece'
saries of life to countries that ar
'e compelled to have them we will prl
IS cure all the gold we need Englan
Is takes our wheat, corn and cattle b,
+ cause she is forced to do so, and
,r we demand gold in return the sam
It necessity viii compel its payment
it WHAT FREE COINAGE MEANS.
II Senator Sherman: But this
II not the worst of it. Free coinas
II means that we shall purchase, nt
a merely four and half millio
' ounces month. but all the silye