The midland journal. (Rising Sun, Md.) 1885-1947, 1892-09-09
A FAIR STATEMENT.

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TIE GOVERNMENT FROM 1890 TO 1873
COINED SILVER AS IT DOES COLD
WHAT WOULD HAPPEN IF Sill.
YER WAS PLACED IN ITS
OLD POSITION.
Several readers send request for
information on the silver question.
They ask what the free and unlim-
tied coinage of silver" means. and
wherein it would benefit the masses
of our 65,000,0O0 Of people; how
much it would increase the circulat-
ing medium, and what effect it would
have on general trade and would il
not benefit the mining states at the
expense of the others ?" They ask
also what is the amount of money in
circulation.
The free and unlimited coinage of
silver means that the United States
minis shall coin all the silver brought
to them at no other charge than the
cost of coinage, which is tride, any
owner of the meal being allowed to
deposit it at the mint and have it
coined on his account or receive at
once it's value in silver money already
coined.
The minis do this now with gold,
and from 1870 to 1878 they did it
likewise with silver. In other words,
the free coinage of both metals was
the rule and practice from the estab-
lighment of the mint down to 1873
eighty.three years-when silver was
practically demonetized by being
dropped from the coinage. Five
years later, in 1S78Yunder the Bland
Allison act, the right of coinage was
partially restored, and limited
amount of silver-not less than
$2,000,000 nor more than $4,000, 900
q month-was authorized to be
coined on the account of the govern,
ment. the government buying the
metal at its commercial price, about
seventy.tnree to eighty cents for the
dollars worth, and thereby making
twenty to twenty seven cents on
every dollar coined.
This practice prevailed till 1890,
when the existing Sherman bullion
act was passed, which stopped the
coinage of silver dollars entirely,
and at present gold is the only one
of the two metals allowed to be
coined.
The ratio of silver to gold in this
country is sixteen to one-sixteen
ounces of silver being equal in value
to one ounce of gold-but owing to
the increased demand for gold in
Europe consequent on the demone-
tizatlon of silve, the increasing con-
sumption of it in the arts, and the
insufficient production of 1t in the
world, that metal has become val
liable above the ratio, and at this
time gold is worth $l.30 to the dollar
in silver. The practical effect of this
is TO increase all funded debts 30 pei
cent, or, which is the same thing, tc
reduce the prices Of all products and
property 30 per cent, result which
falls upon all producing and debtor
classes and interests.
If silver coinage were made free
this premium on funded Indebtedness
would disappear, silyor would be-
come the standard for measuring
debts, since the debtor would have
restored to him the option of paying
in gold or silver, and the prices Of
all products would be proportionately
advanced. There would follow also
an increase of the supply of money
in circulation-for all the silver that
might be offered at the mints would
be coined into money instead oil
being used, as now, as basis for
bullion certificates. The more good
meal money--gold and silver-a
country has the better for the people,
for the invariable effect of an album.
dant SUPPLY is to stimulate enterprise,
facilitate that interchange of products
which we call traffic, increase pro-
duction and multiply comforts among
the people, whereas scarcity OF
money, as every one knows, is
attended by stagnation, inactivity
and hard times.
The silver product of our own
mines in 1891 is estimated at
5S,330,00O ounces, worth, at its
coming value, $65, 461 ,565, but at its
commercial value only $57 $780, $50.
The difference, oyer ST, 100000, was