The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1892-02-20
The Practical Operation OF the
Proposed Silver Law.

Mr.. BANDS Committee has, report
ing flee and unlimited silver coinage
bill, surprised nobody-on the contrary,
it has done precisely that which 1t was
evidently intended 1t should do, and
what it was confidently expected it
would do, when it was seen who com
posed it. The report was approved by
eight and disapproved by five members
OF the committee. OF the former SIX
were Democrats, one was the only re-
preventative OF the Alliance party, and
the other was Republican who repre-
sents silver mining guIch, and all
that implies, in Nevada.
Ga the day before Mr.. Bland sue
cceded in getting his pernlcious bill
before the House, the Finance Com
mittee of the Senate, by a two-thirds
vote, refused to report free and I'M
limited coinage measure. If the action
of this committee expresses the Senti-
ments OF the majority OF the, the Senate,
as 1t probably does, the Band bill will
be killed before the President has a
chance to become its executoner.
The Republican Senate will give it Its
quietus.
Public sentiment has not expressed
Itself in opposition to Mr.. BANDS nox
ious scheme as clearly and torcibly as
it should have done, Indeed, there is
apparently no subject about which the
general public is SO lily informed as
that of free and unlimit silver coinage.
fit were quite understood in all its
bearings it is not only probable, but
certain, that greater degree of public
interest or concern would be manifest
ed with regard to it. Yet there is no
other matter now before Congress which
more directly or in greater degree
affects the welfare of every wage Garner
and every money spender than it. A
few simple facts bearing upon the likely
or certain effect md operation of Mr..
Bands proposed act should be seffi-
cient to make plain to everybody the
injury it would infict upon the country
if it should be permitted to become
law.
Within the past week the United
States Treasury has purchased several
thousand ounces of fine silver at 0o15
cent per ounce, this being the market
price. The troy ounce contains $50
grams. The Government is, therefore,
atle to buy $50 grams of pure silver in
the market Tor ooI3 cents. The stand
ard silver dollar containeds 51Egrains
of pure silver. Il resent market
price the pure silver in standard silver
dollar is worth only 10 cents.
The proposition of the Free Coinage
men is that the Government, which is
really the agent OF the people of the en-
tire country, shall pay to the owners OF
silver bullion 100 cents for the amount
of silver which it can now buy IN the
open market for 70 cents. In other
words, and by the express terms of the
Bland Free Coinage bill, which was
adopted by the House Committee on
Coinage, Weights and Measures on the
10th instant, any silver mine owner, or
domestic or foreign holder of the com
modify, or any person having silver
bullion tc the value Of $500 or over,
shall be allie to successfully demand in
exchange for it at the Mint as many
standard silver dollars containing 374
grains CT pure silver each, as his bullion
will make. For his $500 the holder OF
this commodity could buy at the pre-
sent market price IIo12 ounces Ctpure
silver, and this number of ounces OF
pure silver would entitle the owner OF
the bullion to receive I43 silver dollars
In other words, an investment of $500
in silver bullion at the present market
price would enable the purchaser,
under Free Coinage law, to demand
I43 standard silver dollars from the
Government. On every $500 worth of
pure silver, the Government-that is,
the people-would be the loser to the
extent of S43, and this considerable
profit would go into the pocket of the
purchaser of silver at the present mar
ket price.
Or, to look at it in somewhat differ
ent light, under the Bland free coinage
act the Government would be com
PEELED to pay I29 cents for every ounce
of pure silver. e., it would give
standard silver dollar for every SIX
grains of pure silver, which is the same
thing. The Government is nov buying
each year the total output of our own
silver mines and those of Mexico, at
the ruling market prices. At the pre-
sent price of 9oH cents per pure
ounce, the authorized purchase of 54,-
600, 900 ounces a year would cost $751;
800 900. But under the proposed
Free Coinage law the same number of
ounces would cost, at I29 cents per
fine ounce, 500, GO, ooo-a clear loss
to the Goref2ment-that is, to the
peoas@of S2o,S6o, ooo year, and a
like gain to the silver mine owners and
to the holders of silver bullion purchas-
ed a, the present market price.
TIp questions may well be asked in
view vof these facts. First. Why
should the Government pay more than
the laarket price for any commodity,
wheN,Sy silver, gold, iron or flour and,
S.conA If it right to require dollars
Fnf fnl in