The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-08-23
NO RELIEF THERE.

50 EHr 10 1HCTcAeAS Luo CATcuHaCluS
Volume Is Concerned, Free Coinage
Will Help But Little.
AS there are many who lay great
stress upon the demand for free coin
age, because they honestly believe it
would greatly increase the volume of
money in circulation, it may be bene-
fetal to examine the facts in the case.
Upon approaching this subject, it will
be we'll to lay aside all preconceived
ideas and prejudices and seek only the
unadorned truth. At the outset, it
may be remarked that all the leading
advocates of free coinage have reiter-
ated, time and again, the statement
made by Senator John P. JONES' in the
United States senate, as follows:
We are told that if silver is given free access
to the minis we shall be flooded with it from
all parts of the world Does anybody show
where the food Of silver is to come from1
Where are the reservoirs that contain it? Not
in England where it is difacult for the people
even to get suficiency Of it for small change
to transact the business of the country: not in
Germany. where the scarcity Of money was so
pressing that the government had to abandon
the idea of selling silver. Though the stock in
France is large her people will never give it up.
Silver has been the "shield and buckler" OF the
French republic. All she has is coined at the
ratio OF l5I ounces OF silver to one Of gold, and
its shipment to this country would involve
loss to France, not only OF per cent differ
ence between the French relation O5H to y
and ours (Which is 16 to H. but of 3 per cent ad.
ditional in the cost Of gathering and shipping
it. And after that could only exchange them
for treasury notes. The silver stock in India
and the Orient is performing indispensable
duty as money, and no flood of it can be
expected from that quarter From time i'm.
memorial India has been absorbing all the sur
plus silver of the world. She has never got so
much as to appease her appetite for more So
Unsuitable is her desire for that metal that she
has long been known as the Sink of Silver"
China has not piece Of the metal that she can
dispose of. Mexico has no stock whatever of
silver on hand, except the limited number OF
coined pieces forming her moderate money cir
culation, and not a dollar OF it can be spared
No country Of Central or South America has
any surplus silver Every piece Of coined sill
yer in every country in the world is part of the
monetary circulation Of that country, and even
when OF short weight and classified as mere
"tOken' is passing at par as full valued money
No gain could possibly accrue, therefore to the
owners OF coined silver anywhere by shipping
it to this country for any purpose, and there is
no surplus stock of bullion anywhere.
II anybody doubts this statement let him
make the attempt in all the money centers Of
the world to buy from accumulated stock even
r, 900 900 worth Of it. He will fail to get it in
London, Paris, Berlin, Calcutta. New York. or
San Francisco or in all combined There is no
source from which to get silver except the cur
rent supply from the mines, and whatever that
is now it is not likely ever greatly to increase
The term which we shall cover with
this investigation runs from August 13,
1890, to December 81, 1892.
During the period named, there was
produced of silver in the United States
139, 900, 900 ounces, of the value of $780,
400, 900, of which the government
bought 1919, ITO, 322 ounces So then we
have:
AOGdl pTOuuCtlOL. l00,O UOUU OF.
Bought by government. l2a, 779 81 o.
Balance Observation-Disclosures. 1920, 678 or
But during the same period there was
used il. 450, 900 ounces in the arts, which