The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-03-24

with Free Silver, What2
We print elsewhere in to-day's Sun a
letter from a correspondent in New Haven.
who. apparently. Is very much alarmed ut
the possible consequences OF tho threat
ened free silver coinage. AT tho same
time. from his recommendation that
GROVER CLEVELAND. Esq. be requested to
deliver an address upon the subject to
Congress, we suspect that Ms communion
ton may DO more ironical than serious.
just seven years ago Mr.. CLEVELAND was
as emphatiol In predicting disaster to the
country from silver coinage. under the
original BLAND ALLISON act, as our corre-
spondent is in making similar predictions
as to the results OF FREQ coinage under the
act now proposed. Events have entirely
discredited Mr.. CLEVELAND rs an econom-
ical theorist; and any remarks that he
might make now would command no re-
spect whatever.
Our correspondent. however. sums up
very neatly several popular errors which
are worth pointing out at present.
1t is not true that the country Is on the
brink Of an awful prcclpice. or any other
kind Of precipice. because u Free Silver bill
may possibly be passed by Congress and
become a law. People who have debts
owing to them payable in lawful money,
would get less value if they should he paid
In silver dollars under free coinage than
they would get upon the present gold basis:
and people who owe debts payable in law
full money would not have to use so much
labor or commodities to discharge those
debts as they would upon gold basis: and
that Is all. The sun would continue to rise
and set in either case. and the world would
20 on In other respects just the same under
tho dominion Of silver as under tho domin-
lon Of gold.
There would be no enormous imitation OF
the currency with free silver. although
there would DO some. The quantity Of sill
ver In the world is limited. rs well as that
Of gold. and free coinage would not increase
q ono ounce. It would. 1t Is true, bring into
use some silver not now used as money;
but the amount would not be very great.
Silver mine owners would be no more en-
y1ahed BY free silver coinage than gold
miners are now enriched by free gold coin
aEe. They would get for given quantity
q diver more dollars than they do now. but
they could not pay any more wages with
these dollars. nor buy any moro machinery
than with tho dollars they get now. This
follows from our correspondents own
assertion. which L. true. namely. that under
iEss oliver tho prices Of commodities and
The wages Of labor would rise to correspond
With the depreciation Of the dollar.
IT'S true. also. that deposits in Savings
Bsntsbdng payable In lawful money. would
not b % valuable II paid IN silver on free
coinage basis a. they asS now: but. mas
much a. the depositors are getting on very
veil without using their deposits, none of
than would know the difference until he
came to draw out his deposit and spend it.
A . matter Of Justice q free silver coinage
law should except from its operation con-
tracts heretofore made upon gold basis.
Beyond that 1t Is OF no more Importance
whether business Is done with silver dol
Lars or with gold dollars than it is whether
cloth is sold by the yard or by the foot.
We assume that Americans are not fools in
making bargains. and that they will be
able to take care OF themselves under any
kind OF currency. They did it under tho
reign Of greenbacks for seventeen years,
and they will do it il silver becomes king.
For these reasons we decline to join our
correspondent In sending out to the coun-
try hysterical Shrek OF alarm over the
imminence OF free silver. as well as in de-
msnding that GROVER CLEVELAND. Esq. be
invited to lecture Congress on the subject.
------
BY Any Other Name.