The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-09-30
sExTrLE. WEDNESDAY. SEP. 80.
THE DEMOCRACY FOB FREE Sill
WEIR.

speeches, with cnaracteristlc candOl oho
fairness said referring to the Ohio Demo-
cratic declaration for free coinage: 81 know
that it is distasteful to the great body OF
the intelligent and conservative Democrats
of Ohio. 1t is at war with all the tradi-
lions and principles of the old Democratlc
party. 1t is opposed by the leading Demo-
cratic organs Of the commercial cities,
North. East, South and West"
1t is true that the Democracy OF New
York has asserted that the United States
could not afford TO try the experiment. OF
free coinage alone, although by denouncing
the existing silver Law it weakens the force
of its action. The Brooklyn Eagle tDem.)
describes this denunciation OF the Sherman
silver law as injudicious.
The act vas A com promise, and, like all COM
promises Ii conceded something 10 two sets oil
principles But the net effect OF IL was TO arrest
the drift toward free coinage. aud to the free
coinage men ii was unsatisfactory in the ex-
treme. To denounce il is 70 call for its repeal.
70 repeal IL would be step toward "free, un-
limited and independent silver coinage"
For the Democratic party OF New York
TO demand its repeal Is 10 favor raising the
food-gates again.
1t is undoubtedly true the Democrats of
the seaboard states north Of the Potomac
and east of the Alleghanies are opposed to
free silver. OF the eminent Democrats
who wrote letters of regret which were
read to the party love feast at Spokane
last week Senator Villas, of Wisconsin;
Senator Hill, of New York; Senator Pal
mer, of Illinois, Governor Russell, of
Massachusetts, and ex-Minister Phelps
are as pronounced against free silver as
ever were Grover Cleveland and his 6nan-
ciai brains and mentor, Secretary Man.
ming. 1t is true that Governor Campbell,
of Ohio, has thus far declined to endorse
the Ohio free-silver plank without qualifi-
cation. Nevertheless the party as party
Is for free silver. Senator Carlisle. of Ken
lucky, says that the next congress will
surely pass bill enacting the free coinage
of silver; the speaker of the House next
December will be a free silver man; the
committee on banking and currency will
be for free silver, and the only obstacle to
free coinage will be the Republican
United States Senate, or failing in that,
thc Fttc pIolil5cd Ny Il IcbiucAb lldIIISbH
The Democracy at the South and West
are clearly tor ''free silver" The angry
comments of the leading party journals of
Virginia, Alabama, Georgia and the Caro-
linas upon the anti-free silver resolutions
of the New York Democracy show plainly
enough that there is no disposition on
their part TO act on the advice of Mills of
Texas, and treat free silver as minor
issue. The resolutions of the Democratic
convention at Spokane declare for the free
coinage of American silver with qualifi-
cation that is impracticable. There can
be no such thing as free coinage of Amer
lean silver and the making Of "eyery dol
lar equal in intrinsic value to any other
dollar of the circulating medium" The
present silver law Of July, 1890, provides for
monthly purchases of bullion that more
than equal the annual product of American
mines. In 1880 the silver product of Amer
ican mines was &c, 800 900 ounces. In 1890
IL was 6i,500,0o0 ounces. The average of
the ten years is about ~ 10000 ounces.
The amount of silver to be purchased
under the new law is $500. 900 ounces q
month, or 81, 100000 ounces a year. This
act stopped the useless coinage of silver
dollars aud only issues dollar certificate
for each dollars worth of bullion pur-
chased, instead of issuing a certificate on
seventy-seven cents worth of silver as took
place under the Bland act.
The repeal of the act OF July, 1890, and
the enactment of free coinage of Ameri-
can silver would mean the free coinage of
American silver into the silver dollar that
now contains 37lA grains, the old 76-cent
bland dollar. How could this dollar
under free coinage be made equal in in
trinsic value to the gold dollar? The free
coinage of such a dollar surely would not
give il an intrinsic value that it did not
possess under limited coinage, and
with unlimited coinage few mine
owners would deposit their bullion
in the treasury of the United States and
demand and receive for 1t 81 of coined
money for every 81 grains of silver depos.
tied, the market value of which is about II
cents. varying from day to day like other
commodities, sometimes more and some
times less. With unlimited coinage the
few mine owners would get 81. - an ounce
for silver, the cost of production in the
United States being less than 20 cents an
ounce. The premium above the market
price OF silver bullion would come out Of
the pockets of the people. and its payment
nv the government would be as uniustiiia-
bic as 1t would be for the United States 10
take all the potatoes. wheat or corn grown
in the United States at % cents above the
market price per bushel.
Under the present act we do take all the
product of American mines at the market
price for bullion, but under free coinage
We would take 1t at a premium. Today
We take silver bullion at the market rate
into the treasury as the basis upon which
To make limited issues of paper money.
hut free coinage would mean the crowding
upon the country Of silver dollars the
bullion for which the government pur-
chased az premium over the market
value. This government, If il became the
purchaser OF all the silver bullion in this
country, could not maintain that coin on
par with gold or prevent a silver dollar
depreciating in value. The government
could not main tain the silver dollar on q
par with gold under free and unlimited
coinage act.
The only way that silver can he kent on
par With gold is to treat IL as a subsidi.
airy coin and let its rate Of value be recu.
lated By { he markets of the world