The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-07-29
LIMITED VERSUS FREE SILVER
COINAGE.

with the silver act Of July, 1890, which
amply secures the coinage Of the whole
silver product Of the United States. This
means that the Republican party thinks
II the highest prudence to keep the United
States on gold basis, which is the standard
Of the world. The Democrats propose to
coin ali the silver, not only that which Ia
produced in America, but all that would
be sure to be dumped upon rs by those
European nations like Germany, who have
great boards of silver they would be glad
to dispose of at the price of bullion and
take their pay in silver notes. The
action of the two great parties as ex-
pressed by the states of Ohio and Iowa is
in line with this statement. The Republic
can resolutions In Ohio and Iowa say:
eve indorse the amended coinage act of
the last Republican congress by which the
entire production Of the silver mines of
the United States is added TO the currency
of the people"
The Democratic resolutions in Ken
lucky, Iowa and Ohio demand the free
coinage of silver and denounce what Is
termed the decentralization of silver by the
Republican congress of 1873. Last year
the Democracy in twenty-five states de-
manded unlimited coinage, and despite
the anti-silver attitude of Mr.. Cleveland
the silver craze has not been materially
checked in the Democratic camp. The
Democracy Of the Middle West, the South
west. the Pacific Coast and the South are
strongly for ''free silver" with the excep-
ton OF Wisconsin, where under the lead of
United States Senator Villas, the party has
declared against Ii, and it is clear from the
vote In the Ohio Democratic convention
that there is very strong minority of the
party opposed to unlimited coinage. The
Democracy of New York, New Jersey, Con-
necticut and Massachusetts, are doubtless
opposed to free coinage. The Democracy
have evidently resolved upon the desperate
policy of risking the loss of these doubtful
states of the East; of relinquishing all
hope in Wisconsin, Michigan, Ohio and
Illinois, in order to absorb Iowa, Mime
sofa, Kansas, Nebraska and the Rocky
Mountain states Of the West.
1t is desperate game and is sure to be
beaten, because "free silver" cannot en-
dure the scorching heat Of the discussion
1t will be subjected to in the next national
campaign. The Republican party threw q
safe anchor to the windward when July
IA. 1880, it enacted the policy of using sill
yer at its market price to the full amount
Of the American product as a basis of cur
rency. Under our present system gold
and silver are both thus taken and both
used for currency at their market value in
the worlds markets.
The act Of July, 1890, was in the nature
of . compromise with those hard-money
Republicans of the East who think that
nothing but gold and paper payable in
gold should be our American currency.
The passage of this compromise defeated,
however, free silver, just as the passage Of
the compromise resumption act of Febru-
AIRY, 1875. defeated imitation. The Democ-
racy fought this resumption act from the
date of it's passage until We resumed gold
payments in 1879. If the Democrats win
in Ohio this year it will mean the repeal
Of the Republican act of July, 1890,
and free silver, just as Democrat
ic success in Ohio in 1876 would
have meant the repeal of the compromise
resumption act and unlimited greenbacks.
The Republican party is fighting silver in
fation today in Ohio, the old battlefield of
sound currency fifteen years ago. Of
course there would be no more proprlety or
safety in congress creating today an Him.
liable and perpetual market for the output
of ell the silver mines Of the world and all
the silver boards of Europe, than there
would have been in 1876 for congress to re-
peal the resumption act and accept unlim-
tied greenbacks for the future with all the
ultimate disaster which unchecked infia-
ton implies.
The Democratic party is for absolute
free coinage today just as it was for green
back imitation in 1875, while outside of
Colorado, Nevada, and possibly Idaho and
Montana, there is not state In which a
free coinage plank could be adopted in Re
publican convention. There are some
free silver men in the Republican ranks,
but very few, compared with the Democ-
racy, as is shown in the vote by which free
silver coinage was voted down in the
House of Representatives last February,
when the anti-silver vote wa. composed of
127 Republicans and seven Democrats.
Under the free silver Senate coinage bill,
passed by the Democrats with the aid Of
fifteen Republicans, the silver mine own
ers of Mexico and throughout the world
could bring their product here and get a
dollar U. S. treasury note for 50 cents
worth of silver. Germany and Austria
could bring their silver here, turn it into
treasury notes and exchange those notes
for gold and thus place this country on
silver basis. like Mexico. the Argentine
Republic and India, The minute gold
went to premium it would disappear and
silver take its place, Just as greenbacks
usurped the place of gold when il went 10
apreminm during the war. Under this
bill the government instead Of buying the
bullion at It's market value as Ii is now do
ing, would have paid the mine owners the
world over more than they could get in
any other market in the world, as we have
already explained, and OF course every
owner of silver bullion would hasten 10
unload at our doors, since the bill allowed
| anybody TO bring eighty cents worth of
silver 70 the United States mint and have
II stamped a. dollar. Silver Is cheaper
than IL was twenty years ago. for the same
reason that pig iron is cheaper: its pro-
duesion has greatly increased, and yet no.
body would think it just, said Senator
Sherman, that pig iron maker should be