The midland journal. (Rising Sun, Md.) 1885-1947, 1891-01-30
A Contemporary Thinks it Has
Knocked the Bottom Out OF
A Free Coinage Law.

In appearance and in its own estimation
weekly financial contemporary has put forth
an unanswerable and conclusive argument,
why silver, ii lis free coinage becomes
law, will deplete this country Of lis gold
coin. AS this contemporary as well as
numerous other journals and public speakers
have heretofore been satisfied with their
own unsupported assertions TO that effect, il
becomes interesting to note an isolated
instance which attempts 10 get down to the
actual facts, and explain the whereof of its
attitude.
Silver, under free coinage, this arguer
says, weuId begin to move from all foreign
nations to the United States; because, own
ers would take advantage Of our high offer,
by having it coined into our dollars, then
exchange those dollars at our banks for
gold, and reship their property..back home;
and this transaction would lit says-con-
tinue, regardless Of any balance of trade or
any other trade condition between nations,
until this country lost all of its gold.
Now this is another of those assertions
unsupported by any known evidence. 1t
looks large and threatening when one is
unacquainted with the conditions that exist;
10 fact it is the heaviest argument ever
printed in the cause of suppressing the free
coinage Of silver.
But, as the assumption ignores few
vitality important particulars, the whole
attitude falls fiat when these particulars are
exposed.
According TO Mr.. Leech, the Director of
the Mint, the product of silver inthe world
for the year 1889 was 1924, 769. 900, at a
common valuation of $ll6,674, Oo0.
On that basis we will make fair esti-
mate OF what is done with il. This country
in 1889 produced 50,000,O00 ounces, under
free coinage it may produce 30 100000, all
Of which would be coined for our own use
Mr.. Leech says, England exported to India
in 1889, $45 10000, (gold value) worth Of
silver; Mexico ex ported to China So 100000
Mexican dollars Spain coined $4,7l6,00O;
coinage valuel; Austria coined 81 SOC, 600
Japan coined $95OOOOO, Mexico coined
$25 1000 Great Britain coined $10.827,-
600, and other countries coined about
81 100000. Most of this was for home use
and in the aggregate ofounces, considerably
exceeds the worlds product this is explain
ed by part of it being reshipped and counted
twice, as TO India and China.
Considering that the countries named
will continue to require not less than these
same proportions for home use, where is the
point 10 our contemporary's argument?
Who has got or can get any particular
quantity Of silver TO ship here, paying
freight, insurance, etc., to be coined and
changed into gold? The fact is our contem-
porary has utterly ignored the home con-
sumption for carrying on their own trade
and in SO doing it has endeavored to make a
mountain out molehill. And if it will
allow say-$55.OOO 900, worth, consumed
in the arts, there will remain no shadow of
claim for the extraordinary effort il has
put forth.
The fact is, foreigners are as much inter.
esied in maintaining fult price for silver
as we are, and in all probability will abe,
our efforts in all honorable ways.-Ihe
Fiaancier.