The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-05-01
MEANING OF FREE COINAGE.

Paper Initiation the le.uit-Ths Faiincy Of
the siiverites' Position Exposed.
Sar York 7rtbme.
1t is really curious to find n reader Of
The Tribune asking wha, is meant by
tho FREQ coinage Of silver. 1t means
that any holder OF an ounce OF standard
silver, which now happens to be worth
in the market n shade less than 81 cents,
may take it TO any government mint
and receive for il 81 29i in silver coin.
But as the people who would take the
trouble to deliver silver at the mint
would be the holders OF considerable
quantities, who would not wish 10 cart
away half n ton OF coin and could find
no use for it, nearly all tho silver would
be delivered by men who would draw
from the treasury silver certificates, nj
the rate OF Sl2.S2J for every 10000
ounces OF silver. though the bullion Is
worth only 600. and the government
wonld thereby give away S6.2e5 beyond
the value OF the silver.
Government does not treat any other
producer in that way. 1t dues not give
farmers 81 q busliel for wheat when it
sells for 81 cents, nor 10 cents per
pound for cotton when it sells for 81
cents. nor go Tor pig :ron when it cells
for Sll per ton. Why tho silver pro-
ducers should have this immense ad.
vantage over other producers nc one
can discover. unless he believes that
with more than $780, 900. 900 standard sill
yer dollars now lying lido in the treas.
urr, for which no use can be found. the
government nevertheless needs n larger
supply OF snCh coin. At other times
people assert that we hnyo not paper
money enough. though the amonnt in
actual use for every inha bitan, is much
larger than it was when the whole peo-
pie were prosperous. wages were high
and products commanded better prices.
But with reason or without. the TACT Is
that nobody takes from the treasury the
silver dollars already coined. and il sill
yer coinage were free and unlimited,
practically nothing but paper would be
taken out in place OF bullion deposited,
aud nothing but more paper would DO
added to the circulation. This because
existing laws authorize anybody de-
posting silver dollars TO take out ior
them the same amount in certificates,
which are receivable for all public bills
and taxes.
The dem and for free coinage is there.
fore in fac, n demand for more paper
currency ~rcdcemAble in silver only, and
rs nobody wants the silver coin, pracli-
cally irredeemablc. 1t is n demand that
n law shall be passed empowering every
holder OF standard silver bullion 10 dc.
post it At a mint Tor coinage at the rate
Of 81 POI per ounce, and then, leaving
the silver on deposit. TO take from gov
eminent aud put into circulation that
amount in paper for every ounce Of ell.
yer. and with sach paper 10 pay his
debts. This indefinitely inflated paper
currency, practically irrcdcemable, he
could virtually compel his hands and
hia domestic servants 10 take 70. all that
he may W them in wages, and his
butcher. baker and storckecpcr for all
that lie may " them for good. bought.
II Ito las bought at the store goods
worth Sl2A . in gold, he can got tina,
amount in silver coin by depositing 100
ounces OF silver costing So. and With
the silver dollar. can cancel his debt.
\ natural consequence Is that tho
stOrckccDer would hnvc to charge more
for his goods. In order TO got back cos,
for augar or clothes, for which $l20 -
in gold had been paid, no would have
to charge about S247. In abort, things
would 70 TO n silver basis, the gold be-.
ing kept for those having foreign dGhts
to nay and for bankers, and sold at n
premium OF about 81 per cent at tho
prcacnt prico OF silver. whilo thp wage.
earners ana the retail storckccpers
would got along "a bost they could with
n currency worth little moro than half
ms much Tho bic profits oi tho bank