The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-05-03
SHALL WE DEMoNEIIzE GoLD7

To the Editor of the EagIc:
In recent issue of the EAGLE found
the following brief editorial paragraphs:
eff the free coinage of silver would
have the effect of making gold simply
| an article of merchandise, as Mr.. Cleve-
land and Wall Street assert, it would do
what the denomination of silver did for
tha3 money metal and would leave the
two on ar equal footing; just what the
silver people demand"
How is it possible to "leave the two on
an equal footing" when now silver is at
a discount Of % cents on the dollar,
while at the time the demonetizing act
was passed the silver dollar was at
premium over the gold dollar: At that
time the standard dollar that was not
coined because it was at a premium, and
was suppanted by the trade dollar,
which contained eight grains more silver.
During the four years, the standard
dollar was demonetized there was four
times as many trade dollars coined and
put into circulation as there had been of
standard dollars in eighty years under
free and unlimited coinage. If the I'M
limited coinage Of silver is now adopted.
the gold will goput of circulation, with
nothing to take its place, and 1t is be-
yond the Imagination Of man to con-
ceive the injury it will entail upon the
business of this country. 1t will be
terrible blow to the government credit
o,l l,.cnc r., hnstnnSc
will run up among the billions before its
damages VIII cease.
IN deciding this question of the coin
age OF silver and gold, we shonld not
consult simply the wishes OF Wall street
dealers or OF the men who are the own
ers of silver mines; as there is ONLY
about one in 500 of the population OF
this country engaged IN the business
that either of these parties is carving
on. The oth3r 499 are the ones to con-
suit.
The question is. What will be the
effect of demon etizing gold and ''mak-
ing it an article Of merchandise" upon
the great business interests OF the coun-
try? II viii be practically impossible
to put gold en- ''an equal footing" with
silver in coinage. Silver is now money.
silver dollars have been coined under
tue present law in one year than were
coined in eighty wears under the free
and unlimited coinage law, and these
standard silver dollars are kept at par
With gold. We must take the fact into
consideration, also that the business OF
this country since 1884 has been on
gold basis. All of our commercial trans
actions with other nations. and all our
domestic transactions. have been prac-
tically on q gold basis. II IS very
true that during the war both
gold and silver were retired
from circulation as money: hut
still the paper money issued at that time
vas all made reieemaUle in coiu. and
the people had Faith 10 beIive that hen
the war was over and the industries OF
the country were again in normal con
diti0u. tue government would be able
TO redae It's pledges 10y paving coin for
thls paper money, equal in value 10 gold.
and this has been accomplished. Our
money Is now ali practically on i gold
basis. II We adopt the free and unlim-
tied coinage or silver we shall drive gold
ou1 OF circulation entirely. Silver wa
practically demcnetlzeI before the act
OF 1878. for the Teasuu that silver bull
lion was a. a premium over gold bl..Iion
and for that rea-on was not coined
much. The increased production. Of
silver III tins country has 81 changed the
relative value OF gold and silver IS to
put silver az q discount. | nder the
present law, the government buys 81
yer, which ! the cheaper metal, and
coins i, and makes profit on the coin
?rs and t{la peoUle have The benefit OF
IL. II yen make ihe coin2-e Of silver
free, lae bullion value of gold being 81
cents on doliac more taan OF silver. OF
course every owner Of geld coin would
seII it and nut that profit in hIs pocket;