Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1892-03-03
FOR AND AGAINST.
TWO ENTERTAINING AND LEARNED ARTICLES
ONFlNANCE AND
Particularly Concerning the FIRES Coinage Of ST.
vw-Hon. Edward Owen Leach and Hon.
RIP Bland Discuss tie Matters.

free coinage OF silver, both written by
eminent advocates of their respective
policies. The REGISTER reprOduces the
leading features Of both below.
Edward Owen Leech says, In paper
entitled, "WOuld Free Coinage Bring
European Silver Here|
Free silver coinage may be defined
as the right of anyone 70 deposit SILVER
al any mint OF the United states ana
have every 371i4 grains Of pure silver
tnow worth about 20 cents) stamped,
free of charge, into a dollar, which shall
be a fun legal tender, at its face value,
i'm payment Of debts and obligations Of
all kinds in the United States
"Under free coinage proper the con
version of silver into dollars would be
limited 10 the capacity OF our minis,
say from three 20 four million pieces
month. In order, however, to hasten
the benefits OF free coinage, all the
measures advocated by the silver men
provide for the instantaneous CONVEX
sion of silver bullion into legal dollars
by purchase By the government az our
coming rate. Free silver coinage as
proposed, therefore, means; that the
Tnited States shall pay SL2929 an
ounce now worth 90 cents an ounce
Tor all the silver which may be brought
10 our mints, ia legal-tender money, in
terconvertible under existing law with
gold at par.
The important changes which have
taken place in respect 10 silver since
1873 may be enumerated as follows: i.
Silver has deprecated In value, as
measured By gold, over 30 per cent
from 81. 80 an ounce in 1873 70 90 cents
in 1892. European nations have Tor
fourteen years discontinued the coinage
OF full legal-tender silver money. B.
The exchanges of the world are to-day
settled everywhere In gold, or, II in sill
yer. al It's gold value 4,-The product
OF silver has considerably more than
dOubled-63, 900, 600 ounces In 1873
against 14O, OOO,O 900 ounces in 1891.
What would be the result Of the pro-
posed legislation? One result would be
that we should be flooded with the
worlds silver. The stock Of silver In
the principal countries Of the world.
exclusive of the United States, approxi-
mates So, 397, 900, 900, Of which s., $780,
600, 600 are full legal tender coin, and
Sf76, OOO, 600 subSidizing or limited coin.
The actual commercial value Of the
silver contained in these coins is from
30 to 40 per cent less than the face
value.
The stock Of full legal tender silver
coins mot taking into account any sub
sidiary or divisional coins In the prin-
Opal countries Of Europe apprOximates
SLIGO, 900, 900, OF which S430, 000,OO are
stored in the vaults of five banking
houses. It is believed that II the
United States should pass an act for
the free coinage of silver, this stock OF
silver would very largely be deposited
az our minis for payment IN legal
tender money lnterconyertible with
gold.
Practically, to-day, all Europe Is on
the gold standard. They are seeking
gold with an avidity and holding on to
IL with a tenacity which is undisguised.
A practical illustration OF this is pre-
sented in the very startling fact that
although we shipped them in the six
months ending January 1, 1892, over
SIS, zoe, 900 in products in excess Of
what we bought of them, we received
IN payment less than $50, 900, OO0tn gold,
Europeans preferring TO part with valu-
able American securities rather than
diminish their stock of gold.
The total amount OF silver sold by
Germany since 1853 was S9,695,79S fine
ounces at loss OF 96,4Sl, OO9 marks
$50. OOO, OOOl. Of which 1873, 600 was
the result of depreciation in value.
Roumauia not long since decided to
adopt che gold standard, and melted
down and sold about $1,000, 600 Of full
legal tender silver coin, at the price OF
obout Sl.O6 a fine ounce, against Sl.33
line ounce, their value as money. Italy,
Russia and AuStriO-Hungary are moving
i'm the direction Of the resumption OF
specie payments AuStria-Hungary has
decided TO make gold their standard in
the future.
Here then, as a practical reiutatiOnof
the argument that European countries
would not dispose of their stocks OF
silver coin under free coinage in he
United States, because OF the small loss
OF about three per cent, are two cOun-
tries, Germany and ROumania, which
have actually done this very thing, the
one at loss Of ten per cent. and the
other at a loss Of twenty-five per cent;
aud another great empire. AuStria-Hun-
gary, is making preparations for melt
Ing down its silver coins 40 loss OF
nearly forty per cent.
II the effort Of the United States Is to
increase the use Of silver for money
purposes, not here alone, but every
where, that effort would be defeated by
a free-coinage law here, because, while
il would undoubtedly increase the use
OF silver in this country, it would re-
duce IL elsewhere. Ii would DO moro
than that, fo-. by enabling foreign gov
erumentS 20 melt down their silver coins
and sell them for our sold at our coin
ing rate. IL would destroy the interest
Of such countries In the restoration efSil-
yer as money metal While il would
temporarily raiss the price of silver, the
ultimate effect would be TO raise
the price Of gold the world over, by en-
aiding countries now having the double
standard. or the silver standard, 10
adopt the gold standard, thus creating
an increased demand for gold and caus-
ing 10 20 appreciate In value, aggravat-
ing, To fact, the very evil complained OF
the dearneSs of gold. At the same
time 10 would necessarily lower the
price OF silver because it would enable
Europe mot 20 speak Of South America
and other cOuntrieS) TO throw vast
quantities Of il on the American mar
ket.
Hon. r. p. Bland. Chairman Of the
House Committee on Coinage, says in
an article on Free Coinage; The true
lis 10 give free and unlimited coinage to
horh a. ou- minis and N iSSue coin