The midland journal. (Rising Sun, Md.) 1885-1947, 1892-04-22
Friday, April %, 1892.
Why They Fight Free Coinage.

commercial world from wide spread bank
ruptcy, in the Barings crash, they hurried
American stocks over to New York and sold
them for gold for what eyer they could get.
That run depleted our money to the amount
which was taken out Of the country, about
$75,000000, and that curtailment Of our
small quantity of money in proportion to
the volume of business we transact, produced
violent shock and many business failures
in this country. This result was not on
account of the loss Of gold, but was caused
by contraction in our money volume. Had
greenbacas or silver certificates been taken
exactly the same.
This beirg the relation Of gold and silver
metal 10 money we must look to some other
cause for the outcry by the banking and
bond holding class through their daily
press-for the same class own the stock that
controls the daily press which has become
the tool of that class by which they hope 10
delude the popular mind. Gold is at par
with ilself-that is the coin and bullion are
of the same value grain for grain-because
it is accorded free coinage 10 the minis Of
Europe and the. United States. Silver
would also be al par with itself if ii were
accorded the same privilege Of free coinage.
There would then be no huctuating price
for the metal. The mint would settle it at
one uniform value as it does gold, and the
following conditions would speedily follow.
Gold would drop thirty per cent or more in
value, and all debts, bonds and mortgages
which keep close company with gold would
follow it down; or in other words prices
would rise. If double the quantity of gold
money now in existence were put in circu
lation and the silver Withdrawn the same
result would be produced, and the debt
holders of England would resist il to theil
utmost by attempting TO control the volume
of paper money. Remonetzing silver il
the United States would produce similar
effect, for it would raise the value of all the
silver money in the world to parity will
gold. Bringing the two metals TO par will
each other throughout the world is what The
bond and debt holders fear. And among al
the nations of the woI Id the United State
alone can do this. This country mine
nearly half the silver produced in the worlC
and soon will mine fully the half. Ga
need, and pressing need, of money TO do thu
cash business of the country is fully twt
thousand million dollars more than W,
baye. II is wholly impossible TO fill thu
void with silver money and cause an infa
ton, which is one of the asserti )ns-for it i
only assertiod-ofthe sold ring class Con
sequently there would be no preceptibl
diminution in the volume of credit money
But that credit money would be goot
deal safer than it is at present.
The reconciliation Of silver in thu
United States would destroy The Londol
silver market. SILVER bullion would be d
par with silver coin here and it could b.
no less in England, because the Euglisl
A'oNO w t'uiShaSC lLSll DullIOil IIOu US
Silver bullion being on a par with golC
bullion and money in this country ant
England it would be on par Throughout
the world. Silver bullion has been so sue
cessfuly manipulated between the United
States Treasurer and the Epglish and New
York spectators that silver bullion ha
been reduced forty-two per cent below thu
par of our silver money and forty-fve pc
cent below the par OF silver money of tn,
nations of Europe. While silver money
has the purchasing power of gold coin in thu
countries to which it belongs the bonded
debt of the world is payable in gold princi.
pal and interest, Silver can have no par
in the payment of those debts except at
discount-at present more than forty pc
cent. This gives the debt holder the adyan
tage all the time. He can use the silve
bullion in silver money countries of tn
East on par with gold but will not receiv
his pay in silver unless at discount to tn
point he is able to beat silver bullion dow
in London and New York If silver wa
remonelized IN the United States it woult
haye the same result on trade and Plice
that converting the four billions silve
money of the world to gold would produce
To increase the purchasing power q
money, debt and interest was the reason 70
the clandesine trick TO demonelize silver il
1873 and to retain this condition is the hid
den cause of the desperate fight against re
monetzing it at the present time. The ac
would raise silver to par with gold, reduc
the purchasing power of debt and interes
and be of incalculable benefit to the lahorin,
and producing classes, while curtailing I
some extent the profits of the interest re
ceiying class. Our .iack-ass members c
Congress are moi able to understand this ant
our rogue members are in the pay of tn
sbyloek ring. Between these two classe
The honest and intelligent members ar,
prevented from enacting any laws for tn,
relief of the people.
The restoration Of silver to its ancien
position on parity with gold lhroughou
the would would be followed by an adyanc,
IN prices ana renewed activity in business
The present scramble ofall the nations G
Europe for gold TO "fortify their banl
credits would cease. Silver would fill III,
want at present so keenly felt, and business
now stranded among the shadows anC