The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-02-13
FREE SILVER COINAGE.

/ as may be to a vote. The bill OF Mr..
Bland repeats the Law Of July, 1890, and
| substitutes the free coinage of the Bland
silver dollar Of 4l25l grains Of silver. nine
tenths fine, worth about "A cents.
| The silver dollar of Mexico. in
| trinsicaily worth more than the 412z-
| grain dollar of the United States, and full
| legal tender in all payments in the Repub-
| lie Of Mexico is not worth gold dollar.
less the cost Of transportation to Mexico,
| while the silver dollar now coined in this
country. If held in England, would be
| worth a gold dollar, less the loss of inter-
est and the cost of transportation.
The reason why our silver dollar today
| is worth more than its intrinsic value in
| the hands Of foreign dealers in bullion,
| while we will not receive the Mexican dol
| lar at par over our counters, Is because
our silver dollar Is redeemable in gold be-
cause we are upon the gold and not upon
| the silver standard as is Mexico whose
coinage Of silver is free and unlimited.
| The late John Jay Knox. president of the
National Bank of the Republic, of New
| York, in his address before the last meet
| ing of the American Bankers Association,
! said:
| How long after We have had the benefits of
! the free coinage of silver will our 81 liver dollar
| OF four hundred twelve and bali grains be re-
| ceived in the capitals Of the Old World at Its
| face value in gold, Mt one hundred cents on the
| dollar, less the cost OF transportation? How
long will II be received at our bank counters at
| par with gold after free coinage has been
authorized? need not reply TO that question.
| All financial men know that when free coinage
is authorized. our silver dollar here and abroad
| will be worth only its intrinsic value, rs the
| silver dollar OF Mexico Is worth only its In
trinsc value. They know what q credit
this great United States ba built up: they know
what credit the great republic Of France enjoys;
they know what credit the German empire. the
empire oil Great Britain and the Bank of Eng
land has. Back oil their one-cent pieces, back of
their centimes back OF their pfennigs, hack OF
their half-crowns aud Of their subsidiary silver
coinage, is the credit Of the country, the prom
Use TO redeem these coins TO gold When free
coinage Of siiyer comes. the promise Of this
great country, with Its great credit unsurpassed
anywhere in the world, IL withdrawn, aud our
silver dollar, like the Mexican dollar, becomes
worth Its intrinsic value only, at home and
abroad.
The act of July IA, 1890, more than
doubled the annual purchases of silver,
and yet during the time this act has been
in operation the price of silver has fallen
from ia to 80. or "a cents an ounce. The
predictions of the advocates of free silver
that with increased purchases silver would
rise In price to s1.29 per ounce, the bullion
value of dollar, have been completely dis
credited. Free coinage today" said
United States Senator Morrill, recently,
would mean the issue by the government
of its promissory note of dollar for every
S7lH grains of pure silver bought at its
minis. Unlimited coinage of silver would
give us only 37iA grains of pure silver in
the dollar, while at its present price of 81
cents per ounce We buy $40 grains for 81,
and yet the redemption of all legal tender
paper, when paid in silver, will be paid as
| il can be now with dollar containing
| 3FlH grains of pure silver, equal to 412x
| grains of silver nine-tenths fine, at present
valued at "a cents"
The Philadelphia Ledger points out that
under the proposed free silver coinage act
| the government in buying the silver
| product would virtually be compelled to
| pay to the silver operators S1.29 an ounce
''for what is worth in the market only 80
| cents, free gift to them of SO cents an
ounce. Ten thousand ounces of silver
brought out of any mine. and worth S, 600
in the open market, would at once be lifted
by act of congress to $4,000, with the pay
sure and a market compelled to take it by
| lawl Multiply the $4,000, 900 ounces of sill
yer which the government is now COM
| PEELED to buy every year from the silver
| operators by the 80 cents an ounce oddt-
| tionai profit the government would be COM
! PEELED to pay after the passage of free
and unlimited silver coinage bill, and you
| will have the imperial sum of S2l, $50, coo a
year to go from the pockets of the whole
| people of the United States into the
| pockets of those interested in silver bullion
and in silver mines"
OF course the free coinage of silver
means q fraud upon the people. The govern
} ment pays higher price than the market
for silver, and the people not only pay this
loss, but are exposed to the disastrous
consequence of silver depreciation. Dur
ing tho discussion of the Bland bill in
| committee, Congressman Williams. a
| Massachusetts, Democrat, cited the fact
that France has $700, 200 in silver.
which is dollar for dollar for all the Id
in this country, gold in circulation and on
deposit, and that France alone, by the
adoption of free silver policy on our part,
could drain from US every dollar of gold
we possess.
| In addition, Mr.. Williams points out,
| there is Belgium, Italy. Switzerland and
Austria Hungary, not to mention India,
with almost countless millions of silver.
Austria has o,0Oo, 600 of silver currency,
| all Of which would be sent over and ex-
changed for our gold should we adopt \
free silver policy.
The pretense that the people were
| grieyously wronged in 1873 when the silver
dollar was discontinued from our coinage
is utterly without foundation. for Senator
| Morrill, points out that mo debt-payer
could then have been wronged. as all debts
might then have been paid in gold at S per
| cent. less than in silver, and for six years
| after 1873 all debts were payable in legal
tender United States notes, though a,
| large discount below the standard of gold.
and after resumption in 1879 they might
/ have been paid in silver. papeE OF gold, the
latter only being required by law until
ISIS for customs"
| On a gold standard Grea. Britain is to-
/ dnv the center and mistress of the money