The times. [volume] (Richmond, Va.) 1890-1903, 1891-04-26
THE SILVER QUESTION.

that subject.
So much is taken for granted by the dis
putants in.this controversy, that II is comfort
ing TO the sincere sesrchers after truth TO
find few facts which may be conceded to be
true by both sides.
The froe and unlimited coinage Of silver
means the legal right of the owner Of any sill
yer 10 present the same at any mint OF the
United States and have it converted into sill
yer dollars weighing 4l2H grains, 900 parts
fine. l. e.. 371]4 grains of pure silver with the
balance alloy.
This right now enjoyed by the owner OF
gold who may have his grains Of gold stamped
by the government mint, and so make money
TO an extent limited only by the quantity OF
gold.
Why then should not the owner of silver
enjoy this same privilege. as be did before
1873?
One reason is that the relative values OF
gold and silver have. since that time, changed
so that the legal ratio which was established
then upon ascertained market values (being
sixteen ounces of silver for one ounce Of gold
no longer exists, and it would now require
gold. The market value to-day in gold of the
silver in o standard dollar is a little over "a
cents This change in the relative values of
gold and silver has by some been attributed
TO the act of 1878, which suspended the free
coinage of silver and il is asserted by them
that restoration of the old law would restore
TO silver its former market value.
1r ha
coinage is that the market value of silver can
not be controlled to any certainty by legisla-
ton, and must be subject 20 the influences OF
production md the action of foreign nations
that three times as many silver dollars have
been coined in the United States within the
last fifteen years as were coined in the eighty
years previous. when silver was worth in the
open market as unstamped bullion more than
sixteen for one of gold; that the bullion value
is the only true standard, and that the value
Of gold does not depend on the Government
stamp, but only upon its purity and weight
indeed for foreign shipment bars are preferred
TO coin, that gold is the standard of the CON-
mercial nations of the world. and no other can
be substituted without their concurrence;
that the effort Of the United States to push
the market price Of silver to its legal ratio
with gold would draw silver from all parts of
the world, and would result in fixing our cur
rency on a silver basis. and not gold and silver
as is now the case thus substituting mono
metallic standard with silver as the basis, ill.,
stead of bimetallic with gold and silver as the
basis.
These objections are raised by persons who
are bimetallists. and inhationsts who are for
silver money and plenty of it; who have no
sympathy whatever with the alleged purpose
of money kings TO make money scarce. but
whose interest and desire it is 10 make money
abundant and elastic.
They fear that the enforced and artificial
value which FREQ coinage law will give silver
will drive out the gold now in circulation and
available without giving substitute. and re-
suit, not in expansion, but in actual contrac-
ton. and that. too, on basis which would
embarrass our trade with the outside world.
Their contention is that dollars worth Of
silver, on gold standard, should be put into
a silver dollar and then let all of the owners
of silver bring their metal TO the minis and
receive dollars, or take il to the Treasury and
receive notes. No one could then complain
of the free and unlimited coinage OF silver
dollars
While good sound Democrats differ widely
on this financial and economic question, why
should the party leaders on either side of the
controversy attempt to make their respective
views the standard of the party's faith?
1t is ut best an open question within our
party lines. and Mr.. Cleveland would be a
factonal partizan to say that under no cir
cumstances would he consent 10 the free and
unlimited coinage of silver dollars, 1t would
seem, however. very inexpedient TO assent
now to the proposition of the advocates Of
free and unlimited coinage Of silver dollars of
412H grains, 900 fine.
With the Government purchasing 100000
ounces of silver per month we have seen the
price of silver decline in the market from 81. 20
per ounce TO 961s cents, its present value,
while the price Of an ounce of silver to make
the standard gold dollar of even market bull
hon value with gold dollar must be 51.29
The subject is too momentous to be dealt
with in any spirit of political trickery or party
Juggling. And the man who keeps the safe
side, and is not willing to place the financial
interests of the whole country in hazard in
order TO placate vehement section of his
own party is a safe custodian of our interests.
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TUE INnISTIN