The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1891-01-22
THE FREE COINAGE BILL.

There has been no legislation attenp
ted foc years by congress more dangerous
than that permitting free coinage of sill
yer. The silver kings OF the west have
| persistently misrepresented the people
| of this section as to their wishes IN the
matter OF the Tree coinage OF silver. The
| owners of silver mines want the bill pass
| ed regardless OF the ultimate evil conse-
quenees, for the reason that it will be the
means OF insuring them large profits on
their products. The people generally
know nothing about the proposed legls-
lation SO that the only demands which
come from the west are those OF persons
interested in silver mines.
Briefly stated the provisions OF the bill
are as follows:
The dollar is to be the standard unit OF
value, the same to consist of 4121s grains
of silver Or twenty-five and eight-tenths
grains Of gold.
| Any owner OF gold or silver bullion
may deposit either at any mint OF the
|
free of cost, or formed into bars on which
certificates shall issuei to the owners Of
the bullion.
These certificates and coin shall be le-
gal tender for all debts.
1t takes eighty cents worth OF silver
aad one dollars worth OF gold to make
standard dollar. The same ratio of value
between the coins exist now, but under
present laws the government purchases
the silver at its market value and thus
gains the 20 cts. on each dollar which is
coined and the coinage is limited to GER
tain amount each month The present
bill will enable owners of silver bullion to
sell 81 cents worth of silver for 81, thus
making profit of % per cent by the new
operation of the law and besides the le-
gitimate profits of the market.
1t can readily be seen that no gold will
be coined should the silver bill become
law. If the government stamp will make
8 cents worth of silver worth 81 in gold,
the gold will flow out to these countries
in which it is not Disseminated against.
The standard dollar OF the United States
will then be the silver dollar whose in
trinsic value will be only 50 cents and as
it is legal tender for all debts it cannot
b, refused. In foreign countries it will
have purchasing value equal to its H.
trinsic value and IN this country equal to
it's stamped value. The farmer who sells
bushel of wheat for 81, gets dollar worth
50 cents. If the foreign price OF wheat is
S1.20, it will be on a gold basis and the
difference between the foreign and home
market is 80 per cent. instead Of 90 per
cent. what it would be If our standard
was not degraded. If the artificial differ
ence in markets did not exist the farmer
should receive S1.25 per bushel for his
grain IN silver coin, which plus the differ
ence in markets would eqnal the price per
bushel in foreign markets on the basis of
intrinsic value of coins.
No person will seriously deny that the
prices of such agricultural products as
are exported largely are fixed by the
foreign market. The loss to the farmer
on butter, cheese, meats and grain by
such law as the free coinage bill will be
simply enormous. The whole business
interests of the country will be disturbed
seriously after little furry of temper
| airy prosperity caused by the initiation re-
sulting from the operations of free
silver coinage law. And all this injustice
| and unsettling of business for the benefit
| lection.