The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1891-04-15
GOLD AND SILVER, OR SILVER ONLY,

To the Editor of the Eagle.
1t is problem vet to be solved whether
two metals of different value can be
kept at par with each other if the coin
age of both is free. The masses of the
people of any country will not pay theil
debts with money worth 100 cents on the
dollar when they can do SO with money
worth only 80 cents, or 80 cents, or even
SO cents on the dollar. They viii use
the cheapest money they can get to pay
their debts and transact business with.
The result would be the dearer money
be retired from circulation; it would be
crowded out by the cheaper money. II
man has gold dollar that he can sell
for 100 cents as bullion in the market, he
will not use it to pay debts with when
he can sell it and buy silver dollar for
80 cents that will pay the debt and
leave 20 cents in his pocket to buy some
thing else with.
The director of the mint in his report
for 1890 states that on the 1st of Novem-
Der, 1890, the stock of gold and silver
coin in the country WAS as follows:
Gold coin 1854, 010. 1856.
Silver dollars $50, 98S, 1865
Minor silver coins SIT ,140, 591.
Total silver coin $458, 1906
Total gold and silver coin 81 ,092, 144,-
342.
We had then about 1854. 021 ,s19 more
of gold than of silver dollars, and about
$175, SIG, 1928 more gold coin than of silver
coin, including minor coins. In addition
70 hot Of h,,l 81 o
minis and assay offices, $50, 500, 395; of
silver bullion, 1915, 440. Total, $79,-
591 ,S35. Aside from this there is con-
siderable gold and silver bullion in priv
ate hands.
The total metallic stock Nov. 1, 1890,
was estimated as follows:
Gold ...-.....-............ ...'S 694, 800. $50
Silver NEUTRALITY-SUSPICIOUS.. 4S5, $40, 495
From these figures it will be seen that
there is, in the country, about
5000, 495, 163 more of gold than
of silver for ready money
in the country. Now if there is pre-
MUM of 20 per cent on gold, the debtors
Of the country could save about $780,
047, 235 by paying an amount of debt
equal to the total volume of metallic
money in silver, instead of gold. Hence,
it is that free coinage of silver would at
once establish the silver standard, and
the 1864 ,S65, $50 of gold would be dis
carded as money, and there would be
that much less money in circulation.
Compulsory coinage of the cheaper
mental by which the government buys
the cheap bullions at its market value,
and puts the profit of coinage in the
treasury, is the only possible means of
keeping two coins of different value at
par with each other as currency. Free
coinage of silver would thus drive all
the gold out of circulation. But, oh!
what panic it would create? Do the
farmers and business men of this coun-
try fully realize what the free coin
age of silver means: If they
thought it would deprive the country
of 1864, $50, $50 of gold in twenty-four
hours would they support such policy?
Yet the free coinage Of silver is as sure
to drive this gold out of circulation as
daylight is to drive away darkness.
Compulsory coinage means to keep both
gold and silver in use as money, while
free coinage means to have only silver in
use as money. Which shall we have?
DR.. Z. p MILLER,
Carthage, Mo.