The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1891-06-13
ghe aieta Daily gasIe Saturday gorno, auue 1s 1891

free, for the reason the owners can re-
alize more for it to sell it as bullion than
they can to haJe it coined. and that the
free coinage OF silver by driving gold out
of circulation will create the most
gigantic panic and period of business de-
pressions ever known in the history of
nations. The facts and figures found IN
the latest reports of the director of the
mint go to prove the truth of these state
ments.
We had practically free and unlimited
coinage of silver for eighty years before
the act of 1873 demonetizing silver was
passed. Yet the premium on silver bull
lion practically demonetized silver be-
fore the law demonetizing it was passed.
The act of 1873 was repealed in 1877 by
the act establishing compulsory coinage;
so that 1t was only in operation four
years. We had eighty years of free and
unlimited coinage, four years OF legal
demonetized silver, and fourteen years
of compulsory coinage. Now observe and
carefully consider the following facts
and figures which show what amount
of silver dollars were coined during these
periods, and which will be most likely to
give US the most money, free or compul-
sorry coinage:
First-During the eighty years of free
coinage only about 8,032, 900 silver dol
lars were coined.
Second-During the fourteen years of
compulsory coinage there has been COIN
ed, or silver certificates issued against
silver bullion deposits, amounting to
393, 800, 046 silver dollars.
Third-There was a period of thirty
years while under free coinage that not
a single silver dollar was coined.
Fourth-During the fourteen years of
compulsorary coinage not less than 3d.
900, 900 silver dollars have been coined
In any one year.
Fifth-The largest amount of silver
coined in any one year under free coin
age was S1,11S,600.
The largest amount coined in any one
year yet reported under compulsory
coinage was in 1890 when 80, 923, SIG sill
yer dollars were COINED.
Seventh-Durihg the last year that we
had free and unlimited coinage of silver
1S72) only $4,000 silver dollars were
coined.
Eighth-During the present year of
compulsory coinage of silver, about o.
900, 900 silver dollars will be coined or
certificates issued.
Ninth-During the eighty years of
free coinage of silver the annual average
of the silver dollars coined was only
about 500, 400.
Tenth-We are now coming or issuing
silver certificates for about S142, 857 day
which is about $40, 400 in single day,
under compulsory coinage more than
average per year under free coinage.
Eleventh-From the organization of
the mint in 1893, up to the closing of the
fiscal year 1890, 1904, 107, 0S6 in silver
was coined; this amount includes the
fractional coins. During the same
period there was 81, 522, 6SS, 045 of gold
coined. The total coinage of both
metals was 81, ,5S1.
Now the question arises, why
was there not more silver dollars coined
when we had free and unlimited coinage
of silver, if free coinage is such bless
ing to the country? Some of our free
coinage cranks would probably say it
was because we did not have the silver
TO coin. If that is SO where did the sup
ply come from that increased the annual
coinage from 100000 silver dollars in
1872, under free coinage, to %, 495, $50
dollars four years later under compul-
sory coinage, an increase of %, 1875, 800
in only four years, an increase which
amounted to nearly three silver dollars
coined in one year under compulsory
coinage to each one dollar coined In
eighty years under free coinage.
The free coinage advocates must find
some other reason than that. What can
it be? 1t was simply and solely for the
reason that the bullion in the silver
dollar was at a premium of from to 6
per cent over the bullion in the gold dol
lar, and the owner of silver bullion could
get more for it to sell 1t in the market
than it was worth when coined, the result
was that no silver dollars were seen in
as money.
Well, if premium of from l to 8 per
cent was the cause of such meager coin |
age of silver when its coinage was free
and unlimited, and if it drove it out of
circulation as money because it was
worth more to sell as bullion, what will |
be likely to become of our gold with a |
premium of 90 per cent If the coinage |
of silver is made free? Why, it would !
go out of circulation so quick the people |
would not know what became of it. If |
the loss of one million of gold day, for |
a m0ntn or TWO, Oy eApol taIiOh causes |
such alarm and stringency in the money |
market as to threaten a panic, as is now
going on, what would likely happen if |
$500, 900. 900 were retired from circula-
ton in a single day? Under the present
law we are coming more
silver dollars in two months time than /
were coined in eighty years under free
coinage.
Let your correspondent "Sure Enough
Democrat" who has so much sympathy
for ''the burden bearers, ''the debt
''the people starving" gnaw
On these facts while and see whether
they touch the question of more money
Or not" DR.. +. L. MILLER,
Carthage, Mo.
ON WITH THE DANCE.