The herald., 1893-10-01
LETTER BAG.
[The HERALD under this heading prints COM
munications but does not assume response
bility for the sentiments expressed.l
Hazard ON silver.

interest the many able articles on the
silver question by our townsman Hon.
H. d. Barrows, and have agreed with
him generally on the points contained
therein, but am little surprised at
the letter contained in this mornings
HERALD. The writer Gays: ut is said
that the proposed amendment OF Sem
ator Falkner to the repeal bill for the
purchase and coinage OF $3,000,000
worth OF silver per month until the
total amount OF coined silver in the
country amounts to S800,000,000. :.
This is strange proposition; but as
with many others which, like scum,
have come to the surface during the
present upheaval. it implies an obliv-
iouaness OF fundamental principles that
is most discouraging, especially as it
comes from senator who is now called
upon to a,t upon this grave question
which affects not alone the material
well being of the people OF these United
States, bat of the civilized world.
"Why should the limit of standard
silver money in this country be fixed at
$500, 1000 900 or at any other sumY
"Our forefathers, with profound
WlcuOl1 thhb oAOuiO pun thOtA NOuNOhN
ants to shame, attacked the standard
by freedom OF mintage to the universal
masses of silver and gold at fixed
ratio which, like the great ocean, have
steadiness OF level that mere artificial
ponds, depending on eccentric supply
and demand, can never have. The
overwhelming floods which flow from
great watersheds, often unexpectedly,
into small lakes, whether natural or ar.
tificial OF course are bound to violently
disturb their level, whereas, as was eaid
of old, all the rivers in the world flow
into the sea, and it is not full in other
words, they do not perceptibly change
it's level. The fathers OF the republic
aimed to provide that we might meas
ure values by either the silver or the
gold dollar, tied together at fixed ra-
ito by Tree coinage, which would give to
each the Identical value that the came
quantity of the universal mass Of silver
or gold respectively would have. whether
coined or uncoined."
"All the rivers in the world flow into
the sea and it is not full" That may
be true, but suppose "the overwhelming
floods which flow from the great water
sheds, often unexpectedly, into small
lakes'' should have all means of over
flowing shut off but one limited water
way into which all this water is precipi-
tated. / wonder if it would overflow. II
you attempt to dispose OF body of
water through one waterway where
hundred is required, you are very liable
to get drowned. When free and un-
limited coinage was permitted up to
1873 all the mints of the world practi-
cally were open to the free and unlim-
tied coinage of silver, with the excep-
tion of Great Britain, and the great sill
YER product OF the world found ready
channel through which to pass on its
way into the money circulation, and the
relative prices of the two metals were
easily maintained; but at this period
these mints were practically closed
and the great reserve has
been filling up, because those
outlets have been done away with.
You say the senator is shown to be de-
ficient in craftsmanship because he is
willing that limited amount of this
great reservoir shall be turned in full
upon us, because to open the mints to
the free and unlimited coinage would
divert it all towards us and we stand in
danger of getting too much water, as
the mints of the world are now practi-
cally closed to the free and unlimited
coinage of silver.> 1t is fact that can
not be successfully contradicted that if
we open our mints today to the free and
unlimited coinage of silver at the ratio
of l to 16 gold must GO to premium,
and thereby be driven out of circulation,
or silver money must 60 to discount.
In the open market silver, instead of
being rated at to 16 with gold, ia rated
of 1 n % ond a d q mt
would coin silver free at that ratio-at-
tempting to maintain parity between
our coins-we would find that silver
dollars would be coined free and would
be Immediately presented to the secre-
tary OF the treasury for gold dollars, be-
cause in the markets of the world the
gold dollar would be worth twice as
much as the silver, and with the count
less millions of uncoined silver flowing
in upon us (they would melt foreign
coined silver into bullion) what would
become of our limited amount of gold in
the United States treasury, being the
reserve that is used for the purpose of
keeping all our money on aparity. The
moment the government is unable to
give you gold dollar for silver dollar,
then gold goes to premium, and fol-
lowing the Gresham law, it will 20 out
of circulation and we will be on silver
basis. The government has maintained
parity in her coined money by her
readiness to exchange one kind of money
for another, because there is limit to
the amount of coined silver, but suppose
you do away with that limit and pro-
vide for an unlimited coinage of silver,
where is the gold to come from to keep
intact the reserve, and to maintain the
parity? am sure If Mr.. Barrows will
study this question from the practical
standpoint which presents itself to our
statesmen today. he will be obliged to
acknowledge that there is much wisdom
in the limitation put by Senator Faulk-
ner on the amount to be coined. OF |
course II Mr.. Barrows is in favor OF 60
ing to silver basis his proposition is
correct, unlimited coinage is the proper
thing; but if we are to maintain BIZ
metallic standard, which he has hereto
fore advocated, and maintain parity be-
tween our different moneys, then there
must be q Limitation in the amount
of any kind of money that is to
be coined. It has been the pol
icy of the government to maintain
silver or paper dollar at the same
value as the gold dollar, and the govern
ment has done it by being at all times
ready to exchange one kind of money
for any other kind, and to that end has
kept in the vaults these different kinds
of money in sufficient amount to do it,
and has always made the exchange, and |
a posseHsor OF dollar in paper or silver
accepts it at the value fixed on it,
AL-A -