The midland journal. (Rising Sun, Md.) 1885-1947, 1893-06-02
A Silver Deception.


Sermons from texts transporting around
us-living texts-appeal more strongly 10
both head and heart than from occurrences
In the remote past.
We have been furnished with just such
text from which we propose to preach
short sermon for the general public who are
asking the cause of low prices and hard
times.
A very intelligent and public spirited
man has been interested in the discussion
which has been carried on through the
weekly New York Tribune between Senator
Stewart and Mr.. Hoar on the silver ques
ton, This man was very forcibly struck
with Mr. Hoar's proposal to put as much
silver in the dollar as would amount to the
present commercial value Of silver, and
establish free coinage on that ratio. Such
argument has reasonable appearance about
II for those who do not discriminate between
money and merchandise. The two are 50
dissimiar as 10 hold no relation 10 each
other. The market price Of silver is shit
ing continually as the price of every COM
modify changes, and ts establish ratio at
any price would fix the price of bullion at
that point. So that the same law which
would increase the present size of the dollar
lre..hird and fix the coin price of silver at
its present commercial value, would, by
naming less number of grains fix the price
at that ratio. And by using the same
s,,oreme power Of government the price OF
bullion would as readily be fixed at the
present ratio of 4l2I grains nine-tenths line.
This is practicable. AT this ratio free CON-
age could be established. At the ratio Mr..
Hoar proposes, increasing the size OF the
dollar one.third, it never could be, and his
proposal is thorough gold bug demon
etizing scheme. No person would send
silver to the mint for coinage into big dol
lars when he could sell 1t IN lump for the
same, All the silver of European nations
is fixed on a ratio of about 159 to !, which
is a grain less in every 16 grains than The
American ratio. Of course these nations
would want nothing better than 10 have us
mine silver and sell it 10 them for 81 cents
an ounce, which would be worth to them to
renew and add to their silver money, 1928
cents. Such attempt to establish free coin
age In the United States as Mr.. Hoar sug-
eests. would result in utter failure. with
an American dollar of $50 grains and
European dollar of about 400 grains, the
conditions which have made our silver an
object of speculation by London brokers,
would be continued. They would buy our
dollars of $50 grains-if any were coined
as freely as they now buy bullion. We, In
short, would continue to mine silver and cell
it to them OF So TO 40 per cent discount as
we have been doing. When they require
silver 10 renew their worn or abraded coins
they buy it in America, and make a profit
in the recoinage of about 80 per cent When
they want silver for India they coin it into
rupees, and make 40 TO IS per cent by using
it as legal tender money among zoo millions
of industrious people in the English Indian
Empire. By adopting Mr.. Hoar's plan of
establishing free coinage you'd efiectually
defeat free coinage, aud totally abolish silver
coinage, which is the object Of those who
advocate such an impracticable method OF
chow not to do it,"
If the republican party has distinguish
ing "poleyn which is paramount t. all
other principles, it is the protection oil
home industry" in order to "protect the
wages'' of the working men. For this they
we're willing to pay an extrs price fol
American goods. But when that policy is
applied to the mining interest of one of the
most valuable products Of the United States
they 60 directly in the teeth of their cher
ished policy" In the case Of manufac'
lures ii requires every man, woman anc
child to pay little more for manufactured
goods in order that manufacturing in
dustrles may be established in the United
States, but when the industry .of mining
silver asks for protection" the same people
Join the British free traders 10 keep dowr
and cripple one of our most valuable sources
OF wealth. IN Inc case OF MISUNDERSTANDING
they are willing to put their hands int
aheir pockets and pay bonus to the manu-
facturer in the enhanced price Of his goods
while in the case of silver mining the same
people are unwilling to receive an actual
benefit and thereby encourage silver mining
so thoroughly inconsistent ia the tyranny o
party.
While the remonetizing of silver wonlc
Indirectly benefit the mine owners, as {
tariff on foreign goods indirectly benefits
our home manufacturers; and while th'
latter imposes tax on all buyers, ON thu
contrary silver reconciliation would be ar
absolute benefit TO every man, woman ane
child in the country.
In the first place free coinage would rais'
the price of silver bullion TO l29 cents ar
ounce and fix the price there, as it fixes thf
price of gold coin and gold bullion together
Second, free coinage would benefit tht
whole people by doubling the coin basis OF
which our present financial system of bank
a.oJ;.s 10 hnilt and the amount nf husineSs