The Maryville times. (Maryville, Tenn.) 1884-1944, 1891-09-02
EDITORIAL.
MAJOR M'KINLEY ON SILVER
COINAGE.

MAJOR M'KiNLEY ON SILVER
COINAGE.
Well taken is that point raised by
Major Mckinley in his discussion Of
the silver question in which he AYERS
that the metallic value of the 4123
grains Of silver to which the impress
of the American Government gives
the value of dollar in America is
but 80 cents. The other 20 cents is
'fat." But the fiat Of the Ameri-
can Government is binding only in
America outside Of this Republic
the silver dollar counts for but 80
cents. Nor has the fiat Of the Amer
lean Government been binding in
America whenever the amount Of
fiat money in circulation greatly has
exceeded the amount Of gold which
it represented. For example, while
the fve-dollar greenback Of the war
time always would pay a five-dollar
debt, there were times when a FIVE
dollar gold piece would be accepted
as payment for ten-dollar debt.
The silver dollar as it now is not
only will pay dollar debt as readily
as gold dollar can do it, but FIVE
silver dollars will buy as many dry
goods or groceries as fve-dollar
gold piece, and thus solely because
the number of silver dollars is not in
excess of the demand of the home
trade five American silver dollars
will not buy as many goods in Paris or
or London as five-dollar gold piece;
they will only buy as many as can
be had for four gold dollars. 1t is
true that the silver currency can be
increased without depreciation of its
value as a purchasing medium in
America, and the Republican ma
iority in the last Congress ordered
that it should be increased to nearly
double the amount now in circula-
ton. This will require all, or near
ly all, of the silver produced by
American mines.
No Democratic Congress has TAX
en- so wide a step toward extension
of the currency, and the present
Democratic demand for ''free and
unlimited coinage is insincere when
uttered by the party leaders. 1t il
uttered in the belief that it never
will be granted. Following Demo
cratic policy, the farmer would be
the first to suffer were it granted
For the Democratic theory is: thai
the farmer will sell his wheat Of
pork for cash, and with his cash
shall buy his groceries, clothing, and
implements "in the cheapest mar
ket." The Democrats emphatic il
his declarations that the farmers viii
find the foreign market the cheapes'
to buy in, and that the foreigner ii
the largest purchaser Of his grair
and meat.
Both declarations are untrue, bu'
let us consider them as if they were
true. The English merchant wants
to buy American pork or grain, ant
he can bring into the American min
a lot of silver that cost him $50 ii
Europe. By the Democratic pro
cess of "free and unlimited coinage
he can have this converted, withou
a cent of cost to himself, into Ion
American silver dollars, which are
legal tender in America. With tn,
hundred silver dollars that cost hin
but $50 he buys 100 bushels of wheat
Now, the farmer has 100 silver dol
lars. With these he wants to buy
the "cheap goods of which Demo
Gratis talk so much, and he offer
them to the agent ofan English man
ufacturer in exchange for 500 worth
of his goods. But he is at once tolt
"these are worth but $50. The fla
of America does not run in Eng
land, and these goods have to b
psid for in England" The conse
quence will be that gold will b
boarded, as it was in war time, anc
the volume of money in circulation
will be reduced instead of extended
The currency needs enlarging, ant
though still inadequate to the de-
mands Of trade, it has been in pro
cess of enlargement tor many years
Major Mckinley states the amoun
in circulation at different periods a.