The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1892-03-04
A FREE snHER BANKER.


York.
FREE SILVER BANKER,
"Free coinage and free silver" said Mr..
st. John, are the common but misleading
terms for q mere proposal to restore the
coinage system Of the United States founded
under Washington, rs advised by Alexander
Hamilton and recommended by Thomas
Jefferson, and ratified subsequently by An
drew jackson.
"That old system OF equally unrestricted
coinage for gold and silver, which Is now
proposed to relnstate, was maintained con.
tinuOusly for eighty-one years, until over.
thrown in 1874. And vet no objections now
are too paradoxial to hail from one and the
same antagonist Of silver coinage. The same
man who denounCes II as Il shame Of mine
owners to enhance the value Of silver says 1t
Is swlndle OF pensioners, by reducing the
value Of the legal tender silver dollar.
"They declare 1t as futile to endeav0r to
reduce the value Of money by enlarging its
volume, futile because the enactment will
| Danish gold, but nevertheless practical
liquidation OF 30 cents on the dollar OF all
debts to benefit the debtor class"
Dir. st. John rapidly analysed tho none
tary condition Of continental Europe as
showing their need Of silver and the worlds
insufliciency Of gold II Europe should desire
TO discard her silver.
'Europe's only silver" said he, sis her
coined money, II IL as equally legal tender
as her gold. Therefore Europeans would
get nothing more available as money ut
home, dollar for dollar In exchange Of their
silver coin for gold"
"ContInuing, he said, "The Bank Of
France reserves Its stock OF silver like It's
stock Of gold, rs the unlimited lawful money
OF France, irrespective Of bullion value. As
such It will liquldatG the banks vast liabili-
ties at par. Therefore our reopeneG mlnts
could not attract II at u discount, Tha
4 minimum discount would be 900 per cent.
Her old coin would loose D per cent In a
dollar for dollar exchange at our mint. That
chartered bank could not rec0ln her $3.50,
100000 OF silver hero which II serylceable at
home to redeem our $500, 900, 900 In circulate
Ing notes OF par, unless her shareholders
would sanction Its surrender at Il discount.
4 discount OF per cent would mean sac
rlhce on their account Of S126O0 In such
evidently valueess exchange"
Mr.. ST. John furnished figures that the
worlds consumption Of silver at present,
which includes our treasury absorption,
would appear to be In excess Of the worlds
present production Of silver. The available
supplies In London, San Francisco and New
|
900 ounces 10 less than 100000 ounces
rs the result 10 date of the first eighteen
months operation Of our silver purchase
law Of 1890. He remarked that this present
excess Of consumption over the production
Of silver Is In spite Of actual experience,
which reduced India's absorption by over
$l7OOOy0OO worth Of silver during nine
months.
COULD NOT DEPRECIATE SILVER.
The speaker argued that the proposed
fixlty OF price for silver at our great mints
would 80 enlarge midas absorption as to
assure the permanency Of our law. For
with one dollar Obtanable for Az grains Of
standard sllVefin any amount offered ut our
mint, no one could obtain silver at lower
price elsewhere. Our vast and increasing
domestic trade use Of money would furnish
employment for all the gold and silver
emitted from the minis, In coin or by paper
substitute, and the parity OF bullion value
for our gold and silver dollars would be ac-
COmpllshed and maintained thereby In the
markets of the world.
Mr.. 81 John submitted statistics show
Ing according TO him the inadequacy OF the
worlds supplies OF gold for money. He
cited the United States supreme court do.
cislons OF 1870 and 1884, which he said con.
firm the power Of congress to create and
Issue money and assume that congress will
not hereafter employ banks at bank profit
to issue substitutes for money. He instanced
what he described as the popular determi-
nation that the volume OF money In the
United States shall not depend hereafter AZ
frequently ~ heretofore on the ACQUIRING Of
profits TO banks upon bank issues Of Circu-
lating notes.
"Hence, "said he, "the two alternatives be-
tween which the conservatives are to choose
are, first, the reOpening OF the mints to
equally free coinage for gold and siyer, the
coin to circulate by paper substitute VIXEN
preferred, and, second, the Understandable
issues Of treasury paper that must be ire
deemable II gold Is the only acceptable pri'
mary money.
"fhe proposed reopeDing Of the nints 10
gold and silver alike" said Mr.. ST John In
conclusion, "besldes maintaining the parity
Of bullion value OF our dollars, will provide
an automatic issue Of money limited by the
mine product Of hard labor. The sole al"
Tentative suggested Is the inestlmable capri
cious issue OF limltIess tender notes."