The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-07-29
WILL FREE AND UNLIMITED COIN
AGE OF SILVER BE a REMEDY FOR
TIE FINANCIAL TROUBLE.

those troubles instead of removing them
| am binletallist. but | claim and ca
show that bimetallism cannot be main
tanned under the free and unlimite
coinage of both metals when the bulliol
value of the metals are constantly
changing with reference to each other il
the markets of the world. On any rati
of coinage that can be adopted the mo
ment the bullion Of one metal goes to
premium over the other that momen
the owner of the bullion at premium
will stop coming it for the reason they
can get more for it as bullion, in the mar
ket than it will be worth as money.
The standard of our money for the las
hundred years has practically been gold
Since 1884 this has been true without
question. This is SO from the fact tina
previous to 1860 there was but an insig
nificant amount of silver produced
Previous to 1884 there is no record Of ans
| production of silver in this country. U
to 1860 only 81, $50, 900 of silver had beer
produced in the United States, while the
production of gold up TO that time was
| 1915, $50, 769.
The bimeta!lists address says:
I'VE are opposed to universal gold
standard, because the gold coin of the
world would not afford sufficient basis
for. a currency adequate to the needs OF
commerce, and its adoption would cause
an immediate increase In the exchange
able value Of a dollar. because of the in-
creased demand for gold, and an unjust
increase In the burden Of all debt, while
the continuance of gold standard, be-
cause the supply of gold available for
coinage is not increasing in proportion to
the population and needs for money.
would cause the indefinite appreciation of
the unit Of value, and the Indefinite ex.
tension of business depression"
IL Is evident from the above figure
that up to 1860 gold afforded much
broader basis for money than silver,
there having been nearly 600 times as
much gold as silver produced in this
country.
Aagain, take the figures from the Or
ganization of the United States minis in
1893 to 1878 when the trade dollar law
passed which demonetized the standard
silver dollar and the production of gold
in this country was 81. 800, 2S6, 769, while
that OF silver was only S154, $50, 900 in
excess of gold over silver 81 ,075, 1856. 769.
Again the total production of gold
from 1893 to 1891 was 81 ,904. S31, 769.
while that of silver was only 81, 073, 49,
600 in excess Of gold over silver $751;
$50, 789
Again notice the coinage of these two
metals, previous to 1891, the gold coin
issued was S1.540, $685. 46. Total silver
coinage $3.50, 1876, us excess of gold coin
over silver 1913, 1885, 31.
Another important fact; previous to
1878 while under free and unlimited
coinage of silver only $40, 112, 800 of
silver was coined during so years, while
during Is years since that under COM
pulsory coinage there has been $780,
624, 725 of silver coined. in other words
there has been $3.50, $40, 335 more silver
coined in Is years under the compulsory
law than in so years under the free and
unlimited coinage act.
Another important fact, while in 1872
the year before tie standard dollar was
demonetized this country produced
SOS. $50, 900 of silver yet only 81, 1O6. $50
was coined in;o standard dollars. Now
will the advocates of free coinage ex-
plain why so few standard dollars were
coined in 1872, when there was so much
silver produced in the country, if free
coinage is of such great Importance as
they pretend it is? The free coiners say:
I've favor the principle of bimetallism,
not only because the entire quantity of
both metals is necessary for money but
because the standard of value under BIZ
metallic system Is more stable as related
to all other property. and because past
experience has demonstrated its advan-
tages. We believe that the use of both
metals AS primary money, at Il fixed ratio.
will cause less huctuation in the monetary
unit than can be secured by the use of
either metal alone"
Again they say:
I'VE believe that the United States is
able to maintain gold and silver at a pari.
ty ut the present ratio, and insist that no
change in the ratio can be intelligently or
justly made until gold and silver are ac-
corded equal privileges at the mint"
They wind up with this resolutions:
Resolved. That we demand OF our sem
ators and representatives that they oppose
the repeal Of the Sherman law of July IA,
1890. except by the adoption of law plac-
ing silver back prior TO its demonstration
in 1872
Now the reader will see that the facts
above given in regard TO the produc-
ton and coinage of the two metals, does
not jibe with the principles and doctrines
of their address to the people of Kansas.
If only about one dollar IN twenty
eight of our silver is to be made into
coin under the free and unlimited coin
age law of 1872 while nearly three quar-
ters of all our silver is converted into
coin under tue Sherman law and that is
all kept at par with gold what is the
benefit of putting silver back where il
was III 1872. Now the reason silver was
not coined to any great extent in 1872
under the unlimited coinage act was be-
cause silver bullion was az that time at
premium over gold bullion of about one
fourth OF one per cent, hence 1t was
worth more 10 sell as bullion than it
WIS when coined into money. st the
present time gold is al premium over
silver of about 40 per cent. Is it not
evident then TO every intelligent man
that If the coinage of silver is made free
ard unlimited that gold being a, such a
premium would 20 ont Of circulation as
money as quick rs though il was shot
out CT n shotgun. Silver would at once
become the standard Of our money, and
10 get gold for any purpose it would
have 10 be bought at is market value the
same as any other commodity. With
The free and unlimited coinaga OF silver
instead of having double standard as The
law would indicate VIC should only hare
a single standard Of silver and ali gold
would be Withdrawn from circulation as
money. The country hss been since
1884 on the gold standard. All con-
tracts, debts. notes. mortgages, bonds,
certificates and deposits are On the gold
standard. To suddenly change that 70
silver would cause that earthquake that
would plunge all the business OF the
country into anarchy.
The Sherman SILVER purchase law