The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1891-06-25
The SILVER ISSUE.
Free Coinage and It's Results as
Viewed by John Jay Knox,
SENATOR STEWART ANSWERED.
Ono of New York,s Leading Tlnan.
ciers on One OF the Vital National
Questions OF the Day...somcthing
for FREQ sllvcrltes to Think About.
The Prescnt Law an Right.

New York, June 24.-The EreRing Tel
egram publishes the following: The
advocate Of the free coinage OF silver
would have tho country believe that
those in favor d tho gold standard are
opposed to tho use Of silver as money.
They say that as there Is not gold
enough for the coinage OF the world the
discussion is ended. They would have
everybody believe that the advocates OF
the gold standard are the enemies OF
silver and Of tho silver miner and ofthe
laboring man who receives silver coin
in payment of his daily wages. They
make erroneous statements, answer
their own statements and say the dis
cussion is ended.
Now, what are the facts? The Direc-
tor OF the Mint In one OF his latest
tables estimates the amount OF gold
coin in the world at 1927 millions OF
dollars, and the amount OF silver coin in
the world at 1920 millions OF dollars.
So it gems that there il one hundred
millions more Of silver coin In tho
world than gold coin, and that the free
coinage silver men arc wrong, and that
there Is no prejudice against silver coin,
and that those who believe In the gold
standard are not engaged. IN u
warfare against silver. II tho
East, which contains 1000 millions
OF people, prefers all silver and no
gold, the West certainly, which con:
tains only 800 millions OF people, phould
have a right to prefer gold STANDARD lf
certainly, when It Is the pleasure o. t9e
people Of tho West to use with thegoId
millions OF ounces Of s!lvor in subsidiary
coin. Enslsnd, Germany and the United
States to-day uso more than 700 millions
OF silver coin and yet maintain the gold
standard. Tho latin Union, also, which
has long eince closed Its mints to the
coinage OF silver, but keeps them wide
open Tor gold, uses $50 millions OF silver
coin maintained at tho value Of RoId.by
lie high credit OF the French Govern
ment md OF the Bank Of France.
Tho silver miner, under the present
law, has . sure market for sixty mil
lions worth Of silver every year, for tho
government buys 1t al at q price above
Fiat of the London MARKET. Under Q
free coinage law the gov ernment will
cease TO DO purchaser OF silver. Every
holder OF bullion Gun t0ko 1t to the
mint and have It manufactured into
stamped dollars. Tho result will DO the
silver standard Then these stamped
pieces will have purchasing power OF
the value Of tho bullion therein, and no
more. Our nelghbor, the Republic, OF
Mexico, enjoys the benefits OF free coin
age and their dollar piece Is o legal ton
der ior all amounts. Tho purchasing
power OF the Mexican dollar ut home
and abroad Is exactly equal to Its bull
lion value. II the result OF free coin
ace act Is the silver standard, tho silver
miner will lose his chief purchaser,
which Is the government. Silver will he
worth even less in coin than In fine sill
yef bars. In brief tho Silver Coinage
act, go far us the silver miner Is con-
cerncd, will "kill the goose that lays
the goldenegg." :,
Tho Batsk OF France holds $50 mil
lions OF silver coin, which was manu-.
featured yearS ago when the price OF
bullion was at least 20 per cent higher
than now. It holds Its silver at . loss OF
S50,OOO,000, and other European banks
all hold large amounts OF silver at a
great loss which was purchased many
Years ago. If the advocates OF free
coinage are correct In their theory that
We can open our minis to silver and yet
maintain good payments, then tho
banks Of Europe will have tho oppor-
tunitv as silver advances in value, grad
ually to transfer their silver boards
from theirown vaults to the vaults OF
our Trsasuryand recoup large portion
OF their loss.
1t will be evident to the foreign banks
that hold largo amounts OF silver coiu
that Il they sell their coin to our Gov
eminent at ten per cont or twenty per
cent advance, that when We are upon
the silver standard they can buy other
silver bullion ut great profit. 1t is
plain, therefore, that as silver advances
in value the foreign bullion will cross
the ocean to realize the handsome profit,
so long as tho tempting offer is held out
by such foolish statutes as an act pro-
yiding for the free coinage Of silver.
JOIN JAY KEox.