Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-02-15


such that they could not afford, without
| serious financial distress, to withdraw from
| clrculatlon silver coins which are az par
| with their gold coins to deposit them at our
| mints on payment of their bullion value in
| notes.
An Old World Conspiracy.
The majority report then continues:
The truth is that the conspiracy was
formed in the Old World, planned and sue
cessfully carried through, and the aim was
TO confine through debt-paying mediums
| concerned to the single metal gold. FOR
| inns purpose the par of centuries was
value thus adding so per cent to the value
| OF credits, enriching creditors, public ana
| private, at the expense of debtors ana TAX
| payers, enormously depressing the value OF
| labor and the products of labor as compared
| TO notes, bonds and mortgages.
| Inc words free coinage of silver send
thrill of terror to the promoters OF this con-
splracy and the beneficiaries. They know
| that when this great Government Thus
| throws its weight in the silver balance, the
| world will again be restored to full faith and
confidence in the future safety of silver rs
| the money OF the world. The old par Will
| return, the two metals being tied toaether
BY the strong ligatnre ,of A States and b
| territories, with n population of 60 ,OO0,O0o
ana an area of 900 square miles. The
greatest people and the greatest metallic
power IN the world can never be disturbed
Ihe conspiracy would be exposed and de-
feated, 1t is this phase issue they fear-not
the swapping of shiploads of dollars of sill
yer and dollars of gold. 1t is the restoration
| OF the bi-metallic par. 1t is the skeleton OF
defeated fraud and avarice that turks in
the closet or the gold palace, that we are
called upon to meet in battle on the free
coinage question.
Arguments That Are Contradictory.
The busE-whacking warfare waged against
restoration of silver is the most potent e1-
h1bition of the weakening OF the enemy. 1t
Tc q
premium and be boarded. In the next
breath it is said that the silver miner will
be enriched by coming his bullion worth IS
cents into dollar worth 100 cents, not
stopping to think that this could not be so
unless the free coinage of silver puts it at
par with gold, in which case there could be
no premium on gold and no boarding for
such reasons. The next slogan is that the
billions of silver coins of other countries
would Immediately be brought here to eX-
change for our gold, thus, without stopping
to reflect that to-day we have only $l25, 900 900
of gold in the Federal Treasury, and even
this cannot by any proposed free coinage
law be drawn out in payment for silver
dollars or coined notes. No citizen of the
United States is compelled by law t. swap
his gold dollar for a silver dollar, nor is
there any law in existence, or proposed that
compels an exchange of silver for gold with
out paying any premium that may ut any
time exist on gold.
Again, it is said we give the silver miner
at our mints dollar for bullion that costs
only IL cents, without hesitating a moment
to reflect that the gold miner. as is often
done, extracts five ounces a day in gold,
that we coin into 800 when mis- da,'s
wages is worth only 50 or S4, thus coming
his product that costs but 81 into money of
800 There are no mining statistics that
can even approximate the vast outlay OF
labor and capital. not to say privation and
deprivation, wasted absolutely in the
search of the precious metals, gold and sill
yer.
The Cost of Getting Out Silver.
The old adage that at takes a gold mine
to work a silver mine'' is an illustration Of
the costs of such mining. Many thousands
waste their labor and capital in fruitless
search for the hidden treasure. There is
absolutely no reliable data to estimate the
cost that the mining of our precious metals
has, one way or another, entailed As a
mining question it may be fairly said that
the gold miner now has monopoly Mt our
mints, that equality and equal Justice
would give the silver miner the same privi- |
lege. But the mining question, as matter |
of fact, has no place in this discussion. 1t |
is luSged in to prejudice and blind the |
mind.
When the utter inconsistencies and falla- !
cies of all the other objections to free coin
age are shown we are confronted with the |
ultimatum that our gold will flee this coun-
try al once, contracting our currency to the |
amount of $685., 900. The monthly state |
ment of the Secretary of the Treasury for |
January, !, 1ss2, shows we have in the Treasury
gold coin and bullion $27S. $3.50. The last
annual report of the Comptroller of the Cur
rency shows gold in national banks amount
ing to ss7 $40, l42 and in private banks and
other institutions IS SS3 552, a total in banks
of $96, So, ,694, making q total in Treasury and
in banks of 1915, ,4G2.5 .54. This amount we
have trustworthy record as being in this
country. The remainder of the estimate of
$685., ,0C0, 600 is mere guesswork.
One Really Serious Objection.
OF all the objections urged against free
coinage this, in the opinion of your commit
tee, is the only one that deserves serious
consideration. That the change proposed
in our currency laws, involving the COM
plete restoration of the bi-metallic standard
q return to the coinage of both metals in
equal terms. will cause for the moment some
apprehension and probably disposition to
hoard gold may be expected. Yet any evils
that may result must, in the nature of the
situation, be transitory No important
change that effects our fiscal system can be
made without, in some reSpects-in first
effects at least, causing some Inconvenience
or friction somewhere. Yet it will not be
contended that our laws relating to the cur
rency or to the tariff or other modes of taxa
tion are never to be allied.
The ultimate good to be obtained is, and
always has been. sufficient argument for
amendments. To restore silver now would
not make the radical change thatwas effected
in our currency laws by the act demone-
tiZing it. Indeed, demonstration took place
without warming. and at time when we
were looking to resumption of coin paw
ments. and surely needed all the specie
possible. We have approached free coinage
gradually. We resumed the coinage of the
standard silver dollar in 1875 with the dis
tinct purpose of putting this country on the
gold and silver basis. At no time since then
has there been cessation on the part of
vast ma jority of our people of efforts for its (
complete rehabilitation. We have coined
over 400 100000 silver dollars, and we have,
besides, over 80 900 900 of silver bullion and
are now purchasing 500 00o ounces every
month, OF "a, ,oO0,OOO ounces annually.
A Persistent and Steady Stop.
Our approach to free coinage has been
steady and persistent. We believe silver
should have been restored at once in 1873
Then the longer it is delayed the grarter the
injustice done to our people. A few timid
people and few Inisers might for a moment
hoard gold but the gold in this country for
the most Is held by a class of our citizens
who are too shrewd and alive to their own
interests to drop this gold in the sea or bury
it in the ground whence it came and whence
iJ will continue to be extracted The hold
ers of gold could not and would not bear the
loss of so much dead capital. At least, they
would do no more with gold than they are
now doing, loan it out in contracts for the
return of principal and interest in gold.
We are now suffering all the evils alleged |
against free coinage by its opponents, with
out the realization OF many of the benefits
of free coinage claimed by its friends. The |
OF silver as money metal by
this country would at once allay all fears or
it's ultimate demonetizat1on by the nations |
of the world. 1t would give confidence in
silver as safe medium of exchange, leav-
ing no pretext whatever for the apprehen-
sions now INDUCED in. There could be no
hoarding of gold. The stocks of coined |