The times. [volume] (Richmond, Va.) 1890-1903, 1891-08-19

the interests Of Harrison and Radicalism
would be thereby impaired.
EIeven.ReasonsAgai INST FREQ Coinage OF Silver
J l. Because free coinage by the United
states without international cooperation
(Which has not been procured) must iney
tally involve the depreciation of the silver
dollar as compared with the gold dollar.
2. When silver has become Deprecated
then, being legal tender. it alone will be
used for ordinary payments AS the money OF
least value
3: Gold coin will, in that event. be boarded
and used only for the settlement OF contracts
made payable specifically in gold
T. Following the invariable rule under such
conditions, gold will leave the country finding
its permanent resting place in the cuuencies
| of Europe.
8. That depletion of gold would involve a
corresponding large contraction OF the volume
/ Of our circulating MEDIUM.
6. The depreciation of silver coin would also
involve corresponding depreciation Of the
! paper circulation for as our paper money IL
] a. much redeemablein silver az in gold, its
value would conform 10 the value Of silver.
that beng the cheaper metal and the only
one available for the redemption Of paper
Thus the final issue would be reduction both
III tie volume and the purchasing power Of
the entire mass of our current money.
Free coinage. therefore. instead Of
meaning an expansion Of the currency, as
claimed by its advocates. would end in a
contraction Of probably some hundreds Of
millions IN the effective monetary power OF
our circulating medium.
5. The ultimatum Of free coinage. then,
is to put the United States upon an exclu-
slye silver basis. in company with tho semi
civilized nations and in isolation from the
great progressive countries, and TO enable
Europe to adhere more fxedly than ever to
the gold basis
9. One Of the results Of this state of things
would be to give us a currency Of constantly
calculating value, as compared with the staple
valuation or European moneys and with the
worlds standard of value. thereby entailing
large and perpetual uncertainties in prices
and in the result Of contracts connected with
both cur import and export commerce. and
equally deranging values in our home mar
kets. A more serious embargo upon our for
elgn commerce. both inward and outward
could not well be contriyed
10. Another effect would be to subject the
value OF our currency 10 speculative or other
arbitrary control. 1t would only be necessary !
to control the price of the small stock of silver
bullion IN the worlds markets in order TO en- |
nance or depreciate the whole mass of our |
money, paper or metallic. the value Of which |
would be regulated by the current gold price
Of silver bullion. Considering the strong
commercial and financial temptations TO such |
tamperipg that would constantly occur in
connection with foreign trade and exchange
operations, II is plain that such speculative
lnterferences with the value of silver would
become matters of ordinary occurrence.
what would be the moral status of the COM
merce OF nation exposed to such operations? |
IL. The transition TO a currency of depre-
clated and tiuctuatlng value would involve
cOntiscatlOn III the settlement of the thou
sands Of millions of bonds mortgages and
other contracts now outstanding. and such
L.. 4 IL -
quence of any unavoidable inability TO pay
IN full. 1t would constitute one of the most
dlsgraceiul dlshonesties ever perpetrated by
the Legislature Of civilized nation. and
would stand "a an everlasting stigma upon
the honor Of the American people and upon
The republican institutions Of which we
boast
As the silver heresy has still its victims. we
propose to publish tho foregoing brief plain
arguments against II for a few successive
lays IN the hope that our readers may place
hese reasons before their silver friends for
heir honest consideration Y CONNER
nal Bulletin. August 18TH
The United States is now buying for coin
ge and as a basis for this issue Of notes 800
100 ounces Of silver each month, and rs the
alue of each ounce is approximately one dol
ar we are buying S54 ,OOO. 900 worth of silver
ach year for monetary purposes. The great
st amount Of silver coined by the United
tates into dollars in any year before the act
emonetizing silver in 1878 was in 1853 when !
9,O7L57l silver dollars were coined. In the 4.
ighty-one years Of free coinage Of silver from
1913 TO lS73included the total silver dollars 7
oined amounted to Sl47. ASS, $685. or less than ]
'e are now turning ont in three years. :
Il spite Of the forced market for silver its q
rice Is thirty-two cents per ounce less than e
hen concurrently with the Latin Union and c
Germany its coinage was free and unlimited !.
the United States. We conclude therefore q
lat free coinage by the United States alone .
lnnot maintain silver on par with gold at 9
ie present legal ratio Of sixteen for one. and ..
lat free and unlimited coinage of silver b
iould only be adopted upon concurrence C
it'll other countries of sufficient financial p
over to make the value Of silver equal TO -
I'D at the ratio Of sixteen for one and this +,
would hail as an efectual and the only ef- "
ctual settlement Of the silver question IL