The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-05-24
The Coinage Question.

The esteemed COltrier-J0lEndL is getting
into peculiar position on the silver ques-
ton, il Its propositions are correctly I'M
derstoOd by THE SENTINEL. Possibly they
are misinterprsted. 1t seems difficult for
anyone to understand any other persons
views on silver nowadays. However that
may be, it says:
The free coinage of silver means, we
suppose. that 90 cents OF silver stamped
''one dollar" shall be q legal tender Tor 100
cents. We do not believe such an act
would restore the market parity" of gold
and silver. Silver production is less ex-
pensive now than 1t was twenty years ago.
Ten nations have discarded it. Here are
the causes for the decline. We do not see
how its reconciliation by one nation can
undo what ten nations and new inven-
tons have combined to do.
The COurier-.Iolundl desires to retain ell
yer as part OF our currency. The Sher-
man silver law is menace TO bimetal-
lism just as the Mckinley act was a men
ace to protection. In reaching out for
more we may lose oil we have gained.
Instead OF initiating our currency we may
by continually issuing treasury notes for
the purchase OF silver force gold into con-
CGdALltutt OE cADtl II hALOkOkucTt anu 80
contract our specie currency to that ex-
tent. The COuFier-JOirHdl has opposed
the demands OF those who favor a single
gold standard, and We shall oppose with
equal determination and for the same
reason the demands of those who desire a
single silver standard.
THE SENTINEL concurs most heartily in
the demand for the repeal of the Sher-
man law be a dangerous menace to bimetal-
lism. but cannot grasp the meaning of the
C0Uricr-JOunGPs remarks with reference
to the coinage of silver. 1t declares it
has opposed the demands of those who
favor single gold standard" How? We
have an absolute gold standard now. Our
laws make the gold dollar the standard Of
our currency. and there mas been no other
standard for the last twenty years. The
silver dollar is not a standard. 1t has
neither full legal tender quality nor free
coinage. 1t is on q gold basis just as
much as our paper currency is. There is
no possible way that the bimetallic stand
ard can be attained except free coinage.
There Is no possible way that the
single silver standard could be
reached except by absolute ropu-
diation of our currency obligations,
or an appreciation In the value OF silver to
a point at which it would be worth more
than god in the coinage ratio. There is
not the slightest possibility of either
event. How has the CotUter-.Io,unaI been
opposingthe single gold Standard Has
il demanded free coinage of silver2
Most assurediy the free coinage of silver
does not mean that sixty-fvs cents Of
silver stamped 'one dollar shall be legal
tender for 100 cents" That is what the
present law means, and what the Bland
law meant. 1t is what any law means ex-
cept free coinage law. That is to say,
the government BUYS 4l21 grains of silver
at the market rate, whatever it may be,
stamps il zone dollar" and makes it one.
The deficit in intrinsic value, whatever 1t
may be, lie supplied by the governments
credit. Under free coinage the govern
ment takes citizens 4l24 grains OF
silver, stamps il zone dollar" and gives
it back to him. If that lie done silver
cannot remain at its present price,
for when any one can have 4l24
grains of silver made into a dollar it will
be worth dollar. Silver is in greater use
as coin now than il has ever been before,
not only in this country but in the world.
No country can avoid It's use entirely
And much of the coinage is at lower in-
trinsic rate than our own. The trouble is
that the coinage 10 on a credit basis and
not on free coinage basis. There is no
danger that ali the silver in the world
would be brought into this country by
free coinage. Most Of il is in coin. and no
one could afford to bring any coin here
for recoinage. II of less intrinsic value
than our own. A French silver five-frsnc
piece Is worth $3.50 of our cents in France
ss coin. Ii would be worth only SO cents
here as bullion. A Chinese dollar is
worth 100 cents in China. Ii would be
worth only 66.6 cents here a. bullion.