Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1891-01-12
What Free Coinage Means.
Our democratic contemporaries still

/
thoroughly represented in the senate,
| has committed itself to the free coin
age of silver. This is not what can
be called ingenious journalism OF fair
treatment of their readers. Nor, If
they are opposed to free silver coin
age, is it right for them to be silent
while the financial interests Of the
country are threatened as they have
not been for many years.
They do not discuss either the
proposition Of the senate finance COM
mitteo to which the Stewart amend
ment was appended or the amend
ment. The former reads as follows:
Sec. A. That the secretary of the
treasury is hereby authorized to IS
sue, in a sum or sums not exceeding
in the aggregate 100000, 900, cou-
pon or registered bonds Of the United
States, in such forms as he may pre-
scribe, and of denominations of 500
or some multiple of that sum, redeem
able in lawful money at the pleasure
of the United States, on and after
July 1, 1900, and bearing interest
payable semi-annually in such money
at the rate of two per cent per annum.
And he is authorized to sell or dis
pose of any of the bonds issued un-
der this act at not less than their par
value for any lawful money of the
United States, or for gold of silver
certificates land to apply the proceeds
thereof to the redemption of or to the
purchase of any Of the bonds of the
United States, and for no other pur-
pose whatever. And q sum necessa-
ry to pay the expense of preparing,
issuing, advertising and disposing of
said bonds is hereby appropriated
out of any money in the treasury not
otherwise appropriated.
That was a safe and sagacious prop
osition, embodying the best financial
wisdom of the senate and insuring
large addition to the circulation. The
Stewart amendment reads as follows
That any owner of silver bullion
not too base for the operation Of the
mint may deposit the same in amounts
of the value of not less than 500 at
any mint of the United States, to be
| formed into standard dollars or bars
for his benefit and without charge !;
and that at the said owners option
he may receive therefore an equiva-
| lent of such standard dollars in treas
ury notes of the same form and de-
scription and having the same legal
qualities as the notes provided for by
the act approved July IA, 1890, en-
titled can act directing the purchase
of silver bullion and the issue of
treasury notes thereon, and for other
purposes" And all such treasury
notes issued under the provisions of
this act shall be a legal tender for
their nominal amount in payment of
all debts, public and private, and
shall be receivable for customs, taxes,
and all public dues, and when so re-
ceived may be reissued in the same
manner and to the same extent as
other treasury notes.
Now the secretary of the treasury
has lately stated that the government
has 1922, ,OOO,O of gold, in coin and
bullion, and he estimates the total
amount in the country at over $780,
900, 900, which the Stewart amend
ment, if enacted, would gradually de-
monetize, while there is in the coun-
try 81 ,47O, 100000 of currency of al
sorts that is a legal tender and al
based on a gold standard.
"You may make laws, said Johr
Sherman in his speech against thC
Stewart amendment, (Which will
have wide-reaching influence, bu
you cannot regulate or fix the price
of d bushel of wheat or a grain O
silver or gold. This value is fixe(
by the opinion of mankind, the mar
ket value of the world measured iron
day to day in exchanges, and whel
you now by this sudden leap substi
tute for gold, which has been tn
j, standard of our country for years
inferior money, you drive out of Gil
culation all the superior money, an
YOU cause it to be boarded or to b
sent into foreign countries. Silve
then becomes the only standard Q
value, and 81 grains of silver wi
be the unit Of value, worth at tn
market price for the last fifteen year
anywhere from 10 to 80 per cent. be
low par in gold. You substitute si
yer bullion, and require the govern
ment of the United States to issue il
promises to pay based upon 81
e grains of silver instead of 25.8 grain
: of gold.''
d That is the whole argument in
l. nut shell. 1t is the teaching of tt
e experience of all civilized countrie
n including our own.
e If the Stewart amendment become
) law the unit of value will be 81
= grains silver bullion. The 1,47O
y 900 of sonnd currency, worth its fa'
lie in gold, will be worth only s1,1O
7. 900, 900, if measured by that sta
N dard.
he Who will profit by this sudden &C
p lapse of values? Nobody except t
IN producers of silver and such "Silv
4 Senators" as have been speculatil
on the probability of free coinage
70 have been paid by the great silv
,e producers.
b. The government is making abo
:. 2 per cent. out of the coinage
- silver. With free coinage the l;
! would make the silver producers t
on most enormously privileged class
/, the world.
6u fn