The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-05-17
A REMEDY THAT Is WORSE THAN
THE DISEASE.

Your correspondent, go. II" in the
EAGLE of May 6, under the heading
Glow to Reach Free Coinage, makes q
suggestion 'to whom it may concern.
and especially statesmen, as to how tc
reach free coinage of silver which, IN
my judgement, is remedy that Is worse
than the disease it is destined to cure.
! He says ''the United States treasurer
| should offer all the silver bullion in his
possession for sale, and if necessary, It's
coined silver, and by this means secure
gold with which to maintain its credit.
Such plan would force every nation
on the globe to adopt free coinage or be-
come bankrupt"
The financial reports for 1892 show
that the total coinage of silver Nov. l,
1892, was $416,412, S35. Now, if all
amount of silver was put on the market
it would so depress the price OF
silver that it would hardly bring
40 cents on dollar. But the
United States has obligations out in the
form of silver certificates which require
that 1926, $50, 304 of this amount should
be held for the payment OF these silver
certificates, If the government gets rid
of its silver by putting it on the market,
how is it going to pay off The silver Ger
tificates when presented.
Again, there is SOL Co., 456 of this silver
III coin, in circulation. Ii we sell all the
silver, what are we going to do for frac-
tional silver coin? On the first OF No
vember, 1892, there was only S2o. 592 304
of the silver controlled by the govern
ment in excess of the certificates out
standing. If only that amount was put
on the market to obtain gold, it would
20 but little way towards forcing the
free coinage of silver on other countries,
or even reaching it In this country, or IN
getting gold to meet the foreign demand.
His suggestion, therefore, will neither
force other countries to adopt
the free coinage of silver, nor would IT
| benefit this country. A much better
plan than this would be to let the pres
ent Sherman law remain In operation
until We coin or issue certificates for
! about as much silver as we have of gold
| in use as money. After that point Is
reached. let the government issue legal
/ tender notes payable either iii gold or
/ silver coin, or at the option of govern
ment. in per cent. or ; per cent. in
( terest bonds. in exchange for the silver
( or legal tender notes issued, Such a
/ plan as this would allow the government
/ to convert nearly ali of lis silver pro-
: ducts into money, and keep this money
+ at par with gold. If, in addition 10 this
/ policy, the government VIII let the
! Mckinley bill alone, we will keep tie
/ balance of trade in favor of this country
until in short time we VIII have gold
I enough accommodating here TO pay all our
! obligations and keep all our money a;
par with gold, without any bends. The
/ sherman act should not be repealed, &c
/ adopt unlimited coinage of silver fol
/ the reason that By SO doing, with
/ the balance Of trade being against
( tais country as il is. under the present
! administration. so much Of our gold viii
/ be sent out of the country that II viii
send gold 10 premium ana establish 4
/ silver standard, which would undoubt-
e,ilv entail untold caiamitieS on the bus
! mess of the country. This question ha.
! got TO be handled with great care. We
/ cannot 90 into any wild scheme like the
/ free coinage Of silver withou: democrat
4 izinr the business of the country from
one end II the other.
/ Since 1884 this country has had a Goit
( standard. md all contracts are based on
thAt standard To suddenly change
| from a gold TO = silver standard. worth
! b cents on dollar less than gold. woul.
cause an earthquake IN business matters
( Loss Of confidence by a change OF policy
threatened hv a Democratic admiBistr..
; ton is now causing lronble. and rem
eds Will not be found unless there Is :
return OF confidence from some source.
L. T. Il.