Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1892-02-15

bhuS tieu TO tho single gold STANDARD, CON
sequently when gold goes up as compared
to silver, his wheat, cotton and exports fall
in price. In other words as silver falls be-
low gold, 80 falls the export trade and farm
products fall in price. These facts were
clearly brought out in the investigation OF
the British royal commission. An explana-
tion further is that the farmer IN all coun-
tries who sells his products for gold, in gold
using countries, gets gold The gold dollar
will buy silver enough now in the London
market 70 coin Si25 at our ratio, and more
at the ratio OF India, SO that the farmer in
silver standard countries gets for his wheat
sufiiciency Of silver to coin it in bis home
mint into SIPS. In other words, he has in
reality got 81 IS for his wheat Not 80 with
the American farmer. He gets his dollar IN
gold, but he cannot with the gold dollar
buy silver for coinage at home for the rea-
son that free coinage is denied him, silver
coinage here being limited to government
account.
The American farmer gets a dollar for a
given amount Of his wheat, meats ami cot
ton products, whereas the farmer in silver
using countries gets 81. 25 cents for the same
amount Of his product Free silver would
put silver and gold on practical parity,
thus putting the American farmer on an
equality with silver using people It is be-
Yond doubt that the free coinage Of silver
would thus add at least from l2 to IS per
cent to the value Of all farm products, 50
that it IS clearly seen that the gain Of the
silver miner as compared TO the gain of the
American farmer by the free coinage of
silver is practically insignificant.
The Question OF Parity.
The report goes on to state TINT the bul-
lion purchases win not restore the parity of
the two metals Bi metallism means that
each metal shall be a standard with itself
Free coinage of silver means that all silver
bullion Of 4l2]a grains standard, or 97lk
grains pure silver, shall be worth a dollar III
lawful payments. The stamp OF the gov.
ernment is affixed to it solely for the pur-
pose Of a guarantee of its weight and hne-
ness. The committee contends that this
country can coin the two metals freely and
at par, and cites the financial history oi
France as illustrating this point
Upon the point Of restoring the parity by
bullion purchases, the committees quotes
from the minority report what is known ae
the Windom-Gonger bill: That the moment
we suspend the coinage Of the competing
silver dollar and make gold tho sole yaluatoY
Of all redemptions as the Window report
proposes, then gold Of necessity must con.
tinue 20 rise more rapidly than before and
the contention is made that the promoters
Of that measure would find themselves
cheated in the main object sought-the ia.
crease Of the value Of silver as compared to
gold.
A long quotation is made from the same
report to prove that Il coinage is required
by the constitution. Congress having ID
lawful right to demonetize either gold on
silver under the provisions that congress
shall have power to coin money, regulate
the value thereof and Of foreign coin, and
that no state shall make anything but gold
and silver coin a tender in payment of
debt
More Money Would Circulate.
Tho committee make strenuous argument
that free coinage would put more money iu
circulation Al the present price Of silver
says the report, 1854, ,OOOOOO Of bullion viii
make about S5s,OO0,O 900 at its coming rate
an increase Of some 81. 900 900 annually
Further, there is now at all times a surplus
not large, perhaps, but still surplus, beaz,
ing the market, free coinage would Absorb
the whole of that surplus, whatever il may
b. into our currency. In the Fifty-hrst
congress, continues the report, 'lwhen thif
same matter was under consideration, the
adverse report Of the majority Of the coin
age committee advanced this same idea in
that existing law furnishes as much cur
rency as free coinage would give US. II
must be remembered, though, that the mere
number Of dollars is not the only thing to
be considered. The status Of silver the
world over Is also a matter of prime i'm
portance." The rest of the report consist.
OF copious extracts from the report Of the