The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-05-27

Can any "ffes silver" demsgogue tell
the laboring man how he could possibly
be benefited by debasement OF the cur
yency which would force every tradessnan
who sells him provisions and clothing TO
put up prices on everything he sells labor.
while wages go On az the same rate in
cheaper money! Suppose we had free sill
yer tomorrow. and called "a cents worth
Of silver dollar. The trader wonld only
have to mark up his prices. but the laborer
would have TO get one-third more labor
for every dollar he spends for clothing.
provisions, coal. light. rent, etc. because
tho purchasing power OF his dollar would
have deprecated more than one-third.
Everything he buys will be marked up to
meet the changed condition Of silver
basis, but his labor. which he sells. will
not be marked up: he will pay dollar
for what he formerly paid but "a cents at
the present price of silver bullion. and
have no more money to pay with.
Will some free silver dcmagogue tell the
laboring man how it can possibly benefit
him to have the government call 81 cents
worth Of silver . dollar when he has no
silver 10 sell; nothing but his labor, for
. dollars worth Of which. under the
changed condition Of the silver basis, he
could get only 81 cents? Nor would free
coinage be any better under the proposed
change from tho present ratio of 10 to to
the ratio Of % to l. The certainty of an
unlimited supply Of 20 to cheap dollars
would at once put premium on gold, and
would assure . further decline in silver.
There are thousands Of millions Of silver.
coined at the old ratios of l5,s or i6, and
the value Of all this vast quantity would
he at once affected by change Of ratio in
shis the largest silver producing country.
The consequence of such disturbance of
values and monetary systems no man can
safely predict.
Of course these free coinage" financicrs
don't want free coinage law with the
ratio between silver and gold changed to
che market ratio Of say % to l. for then
they could not get anymore for their silver
bullion from the government than they
could Of a broker. So long Is FREQ coin
6emagogues want free coinage. but they
aont want any honest dollars, even if it
were possible 10 have q silver dollar con-
sain loo cents worth Of bullion and stay
gut"
If labor docs not want imitation of the
currency in tho shape Of an unlimited
coinage Of deprecated silver dollars" It
certainly does not want imitation procured
by the repeal by Democratic congress of
tae prohibitory tar on state banks. which
would remit US 10 the dcs oia,ion OF Wild
eat currency. The legislature of Tennes-
sse has already passed a state bank cur
rancy law in anticipation of the repeal OF
tee prohibitory tax on state banks. Under
t'sis law Tennessee banks would be able TO
sssue At once IS. co., 600 of currency based
ssu state bonds or other securities. Ten
ssssscc has already repudia,ed portions OF
her debt on several occasions, and is
charged with having defaul,ed the interest
de 10 holders Of her bonds. This interest
.ts only pes cent.
The Charleston NcFs aad Courier ex-
s'FesSes its contemu for this kind OF Sc
s.srity, proposed for banking purposes by
people Who are seeking to use the for
& ted cfedi. Of their state for the paymea,
* their just debts. ana says
cheap sad unlimited psper money il 10, tho
ses~ Tor the Ills ifofa which ;hg COUNTRY /. snf
islns. l he people arc poor aud they iced more
.s:}aey. perhaps. est tnoy 10 nos nseI any kind
IS currency which ia based upon doubtful
security.