The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-07-25

RISSSLlOu bHdu O4C4O 10 LIZ POI SCPGASAO
discount on even the limited legal ten
der money of Europe, and they should
themselves of this by taking
the proof and not rely on the gold trust
that runs our treasury department,
the associated press dispatches and our
metropolitan press of both the old
parties.
The silver coinage of Europe and
India, all of it, whether limited or I'M
limited, legal tender, contains 3 per
cent. less of silver, and 8 per cent. less
of weight than u silver dollars, or
those that will be made under the pro-
posed Bland bill, as the European ratio
of coinage to gold while they made
silver money was as 15b to one of gold
while ours has been, and will be, in the
ratio of 16 to one, SO that while their
mints were in operation the worlds
production largely went to them for
coinage, because the same bullion they
would tender to our mint and have
coined into thirty-one dollars, if ten
dered to the European mint made
thirty-two dollars; the mintage there
added to the circulation of money in
Europe and aided us to obtain better
prices in Europe, and thereby aided us
just as much as if the mintage had
been here. The dumping ground of
foreign silver argument answered.
We are told that unlimited silver
coinage will cause the silver money of
other countries to be melted down into
bullion and sent here for free coinage,
and thereby cause government to
lose several hundred millions of dol
lars.
The total silver money Of the world
approximately is three billions seven
hundred millions of dollars. We have
five hundred million of this, leaving
50, 2(O 600, 900 in other countries; this
So, 200, 600, 900 is money that has been
coined in these countries and by the
laws of these countries has been made
legal tenderfor Repayment of all debts
in them, public and private, and there
fore has a debt paying value equal to
it, face value, and will cost it's face
value in gold as shown by our preced-
ing remarks and a letter from our Sec
rotary of the Mint that we have here
tofore quoted. The assumption then
that it could be purchased in gold at
what would be its value in bullion if
it had not been coined and made legal
tender must be discarded. Even as to
the limited legal tender Money of the
world.
This being the case what profits
would foreigners andspeculatorsmake
in buying in the coined silver money
of other countries to have it re-coined
by US? First, they would pay it's face
value to get it; secondly, they would
lose 3 per cent. in weight, the coined
dollars theirs being smaller than ours;
thirdly, by reason of the use of coined
money there since it was coined it has
worn away not less than 8 per cent.
which would be another loss in weight;
fourthly, under a properly drawn
mintage bill they would have to pre-
sent to US pure bullion, such as we get
in the bar from the mine. To do this
they would have to extract the alloy
from their bullion after being melted
down, to-wit, the 10 per cent alloy
that was put into it before coinage to
enable it to be coined. This extraction
would cause a loss of 10 per cent. in
weight and the cost of the extraction
would probably be at least one-half the
cost of mintage, which would make 5
per cent. additional before they had
ever reached our mint, and our mint
would charge 10 per cent. of the bull
lion as its toll for re coinage, making
80 per cent. of an outlay to buy in
foreign silver money to have it re-
coined by us or q loss to the foreigner
or speculator who attempted it of $780,
600, 900, besides expressage both ways.
And what would these foreigners and
spectators receiver 1920, 900, 900 of
coin certificates. And when they got
them they would circulate them as
money the same as we do now our sill
yer notes, and if they preferred the
coin they would present their certi1-
Gates to the treasurer and get the silver
dollars that had been re coined out of
this silver foreign money at a loss of 80
per cent, and in one case out of six
they would get gold, as five sixths of
our coin would be silver and the bal
ance gold, and toll gain for the re-
coinage less expense of mintage would
produce 1886, 666, 666. 66 as the govern
nent's profit in helninp these foreign.