The times. [volume] (Richmond, Va.) 1890-1903, 1891-01-11
SUNDAY, JANUARY IL. 1891.
FREE COINAGE OF SILVER.

Now that the infamous Force bill has
bees laid 10 rest no subject occupies 90
much Of the thoughtful mind, and excltes
greater hopes than does the proposed Law to
permit the free and unlimited coinage Of
silver dollars.
Az THE Government 10 one controlled by
the people, II 10 Of the utmost Importance
that the people, whose wishes are so readily
obeyed and 90 eagerly looked for by their
representatives in Congress, should have
correct knowledge OF 3 subject 30 vitality AZ
fecting their interests.
let 10 then take a calm, reflective view
of the facts a. they are. 90 a. TO arrive at
correct understanding OF them.
Historically SPEAKING, there was no sgita-
sion OF the silver question until the year
1876, when silver had deprecated - COM
pared with gold, from fifty-nine and one
half pence to ffty-two and three-qusrter
pence; Q decline In value which created
great CONSERVATION among the silver pro-
ducers OF our Western States. The agita-
tion then was begun by those who were
directly interested IN the production OF sill
yer. and II Is now continued and
urged specially by those who desire
ssne cheaper medium OF paying debts than
the standard which bss prevailed in the
United States for the last one hundred
years. Beginning with April ID, 1892, %
February 18th, 1878, the coinage Of silver
In the United States was unlimited, and in
that time (sbout eighty-one years. there
were coined about i42, 900, 600 Of silver dol
lars, while In the same time there were
coined over 7s2, 100000 Of gold dollars. OF
silver dollars there remained 10 the
United States at the time the pay
ment Of specie was resumcd--Jsnusry
1, 1s7s-snly a5,sol 900. Between 1878 and
1890 there have been coined about $3.50, 900, :
900 silver dollars. In comparison with gold,
silver In the one hundred years between
1776 and 1875 huctuated as much 40 from
1l34 to 1888, meaning thereby the respect
i've number OF pounds Of pure silver re-
quired TO purchase one Of gold, though since
iTe2 our statutory ratio has al the time
been 10 for 1. This disparity has been large
ly increased, despite the extraordinary
coinage Of silver, by the further decline Of
silver, 90 that In May, 1883, at one time 1t re-
required more than twenty pounds OF silver
10 purchase one pound OF gold. IL must be
borne In mind that the respective values Of
silver and gold are not matters OF legisla-
lion, but Of actual fact in the estimation
Of the people who want them, and OF those
who produce them and have them to sell.
1t but gives another illustration Of the old
and never failing truth that, in an open
market, price is regulated by supply and
demand.
Though silver has declined In value, its
production has not diminished, and, II as
seems to be true, il costs less labor TO pro-
duce sixteen pounds Of silver than one Of
gold, and the deposit Of silver ore 10 not
merely greater but 10 more certain than the
deposit OF gold. the increased prod
uot Of silver will be much stimulated
by an advanced price. II, then,
the Government guarantees that sixteen
pounds OF silver shall be made equal to one
Of gold. and you can produce sixtees
pounds Of oliver for 20 per cent. less than
you can produce one pound OF gold, there
can be no mistake az to what the intelll-
gent nnancier will do. He will lead Uncle
Sam with silver, and HE gold he will carry
where silver will not 30 readily pass Ii
becomes then but question Of time when
the cheaper metal will take the lace Of the
dearer one.
1t 10 fact as well ascertained Ne any
ether in history, that as nations adj
vance from Q lower TO higher plane OF
civilization, and as manufactures, trade
and financial operations become greater,
they throw aside, as untitled for their pur-
poses, the more cumbersome forms of money,
and use those OF greater value and which
afford greater facility for use. The wild In
dian was we'll contented with his
pampus shells, and the Coresn, To-
day, can hardly imagine anything
better suited for financial transactions
than copper. The negro prefers silver, as
something filling the measure OF his nnan-
oial operations, and which 10 not easily
Lost. But on the higher aud more extended
plane Of finance, that metal which offers
least dilsculyy in handling, and greater sta
bility OF value, 10 the one which OF itself,
and BY force OF natural causes, has come to
Be recognized 80 the standard Of value Of
the leading nations OF the Western World
In commerce, manufactures and finance,
and that 10 gold. For more than
twenty years II has been the custom
70 make the bonds OF corporations
payable In gold Of the present standard OF
weight and fnensss, and this was begun
when silver was at premium, and has 90
continued since silver deprecated. The |
Idea that silver 10 the victim OF some con-
spiracy, and that "gold bugs" are desiring
70 cot out the heart OF the people, should be
as q pure myth, and the free
soinags Of silver taken up and discussed
upon Ito intrinsic merits, and upon lines OF
thought which shall relate purely to the
best interest OF all the people.
The free coinage Of silver, without limits-
tiou - TO amount or time during which the
free coinage shall extend, would inevitably
result in the withdrawal OF geld AS circn-
lstlng medium. The silver from all the
world. not otherwise disposed OF, would find
: market ct tbs gold value OF 10 for l at the
mimic OF the United States. Not only the
products OF our own mines, but those OF
Mexico. South America, and where
ever else silver 10 produced, would be
brought 70. and cold 10, this country, and 80
much gold taken away, because the gold
10 OF negotiable value everywhere as the
METAL that will purchase the most valuable
10 any extent anywhere 10 the
wsrld, while silver, with much more lin
ted sphere. would be exchanged-st
rusrsnteed pro6t-for that metal which
ssuld 20 everywhere.
With the present capacity Of our mlnts
bic rssult would not occur at once. ss the
spsoity Tor eoining silver dollars 10 now
lsssd At tSl,00O, 900 per snnum. Unless,