The midland journal. (Rising Sun, Md.) 1885-1947, 1891-02-06
Friday, Feb. 6, 1891.
WINDOWS Last speech.


some remarkable arguments as contrasted
with the reasoning put forth by the daily
press. The Secretary said:
"When the silver dollar ceases to have
more value than the bullion ii contains,
there will be little inducement to coin cur
own silver, and the cost of transportation
will prevent its coming from abroad. How,
then, will unlimited coinage either expand
the circulation or enhance the vale of
silver"
That is to say, when silver bullion is
worth as much as the coined dollars, people
will not take il to the mint for coinage, and
it will cease coming from foreign countries,
and consequently unlimited coinage will.
not expand the circulation, or enhance the
value of silver.' When bullion is the same
price as the coined dollar it will have been
enhanced aboye the present value 81 cent
per ounce.
The Secretary's gold standard friends
who were at the dinner, contend that free
coinage, which puts silver bullion up to the
value Of coin, would bring all the silver in
the world to our shores. The Secretary
declares it would stop coming at once, and
thereswould be no expansion ofthe currency.
Two opposite opinions cannot both be right
The Secretary continued:
"As if determined to omit nothing which
might accelerate these results, the advocates
of present free coinage insist that it shall
not await the slow process of mint opera
lions, but that the printing press shall be
sci to work providing certificates to be issued
for silver bullion at one dollar for Bill
gains.
when this contamination shall be
reached, as surely it will be if unlimited
coinage be adopted under existing condi-
tions, the too ardent and impetuous lovers
of silver will sadly realize the truth uttered
by the wise king of Israel: He that loveth
silver shall not be satisfied with silver"
Which is TO say laying this perversion
of scripture aside) when we bring up the
value of silver bullion to that of coined
dollars. our people will cease sending bull
lion to the mint, and foreign nations who
were waiting to dump" their silver into our
mints will at once change their mind, find
ing that bullion will be worth as much as
coin everywhere, and we will haYe to turn
to legal tender issues to supply The de6c.
iency 10 our circulating medium. The
more the enemies of silver coinage argue
the question the more befogged they seem
to become. The only way 10 settle the dis
pute in 10 test the matter by free coinage
and that is just what The great public
demand, and and are bound to have their
way if they have to turn out of both houses
Of Congress and the White House every
moss-back who is beating gongs for the
gold ring.
Why the Secretary should believe that
coinage would cease when the minis were
open to free coinage is something remark
able. The minis are open to free coinage
of gold, but that does not stop the coinage
of gold.
There..are the soundest reasons for silver
not being sent here from abroad when our
min,s are open to free coinage, all Of which
is clearly pointed out in the following
article taken from the New York Financier:
ABOUT FREE SILVER COINAGE.
s'Mr. s. Emlen Meigs says tina. the news
papers published East of the Alleghenies
misrepresent public opinion on the silver
question by publishing only one side Of ii.
For while the votes in Congress, plainly
show large portion of the public are for
silver, they publish articles only written 10
opposition to these views. Mr.. Meigs
continues:
For several years after the passage Of the
Silver Dollar Act of 1878, many feared our
silver dollars would drive away our gold,
but we find, thirteen years later, our stock
Of gold has increased quite FIVE hundred mil
lions Of dollars, showing such fears we're
groundless.
Some now fear free coinage of silver will
canse large import of silver and export of,
and premium on gold, but as for many
years the balance of trade has been largely
in our favor, and doubtless must continue
SO. we need not fear loss of gold enough to
tronble us.
Our silver dollar, containing as much
fine silver, S7l9 grains, as that authorized
by Congress in 1892, in an act establishing
the Mint, and by it made our unit of value,
and again ordered coined in 1873, by Con-
gress, under the clause oflhe Constitution,
reading: Congress shall have power to
coin money and fl the value thereof" has
cften been called the 'sdishonest dollar"
Is it we'll TO speak so of the coin authorized
by the Congress and the Constitution of
our countryi Besides this. as is shown by
the articles in the Encyclopedia Britannica
on mint and money" this dollar is, il
measured by its intrinsic value, the most
honest silver coin of modern times, because
while ii is coined at the rate of sixteen
ounces silver to ore Of gold, all French
silver coins are 154 or less 10 l; English,
14l to ], and German, l3 95- 100 to L. So
that with fine silver worth los cents an
ounce, our dollar is worth 81 per cent of its
circulating value, French coins by 7SI per
cent, English 724 per cent, and German
6Sf per cent. While French silver coins
can be sold here only 2l3 per cent below
their circulating value at home. English at
273 per cent, and German al 319 per cent,
one need NOT fear their imnortation nor