New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-07

no
INIT measure of all other mercantile lengths a'',
the weight OF the sfandard po"hu u '"o "
all other weights.
Tho denunciati,n OF Holy Writ against false
balances is therefore as applicable TO standard
dollars OF unequal values as it is to STANDARD
/ va,ds OF uneoual length or standard pounds III
uneoual weight They are all alike, and equally
| ncrncious The equal freedom of coinage l,
therefore not denied TO the 81 % grains of metal
contained in the old silver dollar because II i
silver hut because that weight Of metal has ceaseu
10 have the value Of 700 cents requisite Tor 'h'
coir,oe OF the dollar which is still required for the
coinage of its golden consort When formerly
100 cents in value Of either Of the metals pre-
scented itself at the mint it was freely coln'u
into standard dollar of equal value, and clothed
with equal debt paying power Of 1C0 cents ANS
was parity was equal ard exact justice. TN"
hundred cents in value of gold Is still required
for the coinage Of a standard dollar and is there
fore freely coined into such collar and is clo'h'd
with the dcbt-paying power of 1 90 cents and no
more But &C % cents in value Of silver now
demands coinage into standard dollar, and that
il be clothed with tie debtpaying power. net OF
&C 90 cents but Of 100 cents, or 30 per cent
more than it's value This is not parity, but the
crosscst discrimination. When parity Of coinage
is denied to 100 cents of value IN silver 1t VIII
be time enough for producers Of or spectators IN
silver bullion TO comll lain that parity with gold Is
denied 10 it, Standard money is coined by the
Government for the common veal, not for pri-
yate emolument. II coins standard dollars, not
! for the individual benefit Of bullion producers or
SPECTATORS but for the common good, the bene-
AZ Of the people, whose business such money IL
intended 10 transact and in payment OF whose
debts its acceptance is made compulsory. Bust
ness honesty, equal justice, and the common well
| fare therefore, alike demand that the values oil
these dollars regardless Of tleir weights shall be
equal and uniform so long as Kept IN concurrent
circulation or this opinion were the statesmen
of 1892. who in establishing our monetary sys-
TEN, to make the values Of the two dollars equal,
made their weights unequal OF this opinion
were the statesmen of s34. who, to restore the
equality of their values, readiusted and changed
their relative weights The statesmen Of the
present day might profit by these illustrious
precedents.
| EFFECT OF FREE COINAGE on VALUES.
| Senator Stewart, the ablcst advocate Of free
! coinage comedies th"t parity or equality IN III"
commercial values of the two dollars l. essential
| 10 the maintenance of their concurrent crcula-
ton as money and that their values are now
UNEQUAL; but contends that if unrestricted free
Coinage was accorded TO silver equally with gold,
at their present ratio of one TO sixteen, the mint
would create such increased demand for silver
would restore the commercial valne of the silver
dollar TO its former parity with gold The mint.
run 10 its full capacity, no more increase the
commercial demand for or value Of the silver
which il coins into dollars for its owners, or the
commercial demand for value Of the dollars
80 coined. than can the hourmill increas, m"
| t-a1tt # In NNl.
which it grinds into -four for the owner. or the
demand for or value o. the -four so ground.
Only an increased demand for -four IN excess Of
| the supplv Of wheat can increase the value Of
wheat Only an increased demand Tor silver dol
lars in excess Of the supply of silver can increase
| the value Of that metal. Neither the mint nor
| the fourmi can create such Increased demand
| in either case. II can only be furnished a. ~
| -four by the food market Of tho world II can
only he furnished to silver dollars by the bust
ness demands of the world Is the worlds bust
ness or commercial demand for silver dollars ~
far In excess Of the annual supply of silver ns 10
| apprcciablv Increase the value of that metal N
| the mint Of the United States alone bc opened 70
us UNRESTRICTED unlimited coinage into silver dol
| lars for the producers and spectators IN SILVER
bullion?
| Previous TO 1878 the average annual product
a
600. estimated in orr money Now the capacity
Of the worlds annual production has reached, and
in 1899 was SI05, 10000 Then the nations Of
| Furouc. Asia and Africa, except England, were
engaged in silver coinage: now they have sns-
| nnndcd its coinage Then the States of Central
and South America supplied and coined their
| own silver and they do the sime now. Tncn I'll"
| United States coined Of silver dollars less than
| 81 90. 900 annually Then EUROPE Asia and
| Africa, containing more than four-iiiths OF IN"
worlds population. demanded more than iour-
| ffths Of the then annual product OF SILVER; no"
! that demand has ceased, while the annual supply
| of silver has increased three fold To restore the
| value of silver to its former level Che business
| Of the United States alone must furnish a coinage
! demand for silver three times a. great a. that
| furnished BIZ the United States and the Eastern
! Hemisphere combined before coinage suspension
| by the latter. In other words. the United Staus
I Min. alone is required 70 con- and the business
| of the United States alone is required 10 ABSORB
into its money circulation, four-fiths Of the an
nual silver product Of the world. or more 'han
| S13o 600 900 each year | say this large amount
| must he absorbed annually by the business ana
| in the money circulation % the United States
| alone because the American silver dollar Is now
| excluded from every country in the world except
A. its value a. bullion, and hence as money,
must remain at home and be absorbed In our own
\ domestic trade. Is the business capacity 81 the
| United States Of the 65000,OG0 OF its brave
\ energetic and cnterprsing people equal TO the
| burden and task OF absorbing alone three times
| tho amount Of silver money which they and the
| 600. 600 900 commercial people Of the Eastern
| Hemisphere formerly demanded and absorbed?
| 1t is 81 npv impossible.
| THE GREAT TASK TO UNDERTAKE
| The arts require annually not TO exceed So
| 600. 900 Of silver, estimated IN our money '"h-
| tral and South America consume and absorb IN
| COINAGE not to @: coed $50, 000,OO annually. OF
the S1oj. 600 900 annually produced. this leaves