The sea coast echo. [volume] (Bay Saint Louis, Miss.) 1892-current, 1895-03-23
Free Coinage and a Double Standard
of Money.

ed TO write something about the
free coinage of silver and a dou-
BILE standard of money for public
information.
Ithas already from time to time,
said considerable on these themes
but is never tired of giving the
public reliable information on
such important subjects, and,
therefore, gladly complies.
The free coinage of silver means
that if it were allowed by law all
persons who own silver bullion
could take it to the mint and have
it coined and receive the pro ceeds
in silver dollars.
To-day, the law only allows free
coinage of gold, and any person
owning gold bullion can carry it
to the mint and have it coined
and receive the proceeds.
The mint is not run for profit,
but rs public convenience, nev-
ertheless, it is entitled to make
some charge to pay expenses of its
operations. Therefore, the term
"free coinage" does not mean
Going free of all charge, but the
free and unrestrained right to
have ones bullion coined in the
mint. This right is possessed by
all holders of gold, but not by
holders of silver bullion. The
mint will not accept deposits of
silver bullion and will not coin it,
being forbidden by law to do so.
Having come to the understand
ing of what free coinage means,
it will be worth while to inquire
what would be the general effect
of the law authorizing the free
coinage of silver.
Fine silver bullion is now worth
in the London and New York
Markets about 70 cents an ounce
take it to the mint and have it
coined into dollars at the rate of
l29 cents an ounce. Supposing
that the mint would make some
charge for this coinage, and esti-
mating it at a cents upon each
ounce, the persons purchasing sill
yer at 10 cents and coming it at
the rate of l29 cents would make
net profit of So cents on each
ounce. This would be a most pro-
fitable business to the silver min
ers and spectators, and it would
arise so much competition as that
the marke price would go up con-
siderably.
1t IS easy to see how free coin
age OF sileer would benefit holders
of and spectators of silver bull
lion, and how would it benefit the
masses of the people? 1t does not
appear that any of the persons
who would so largely profit by
free coinage would freely distri-
butte their money to the masses.
nor is there any way by which the
people at large would be able to
get dollar more than they are
getting uuder the existing laws.
Nor is the government able to get
anything out of the bullion it
coins for others unless It be the
mere coinage fee to pay expenses.
In such a case the mint is simple
an agent and stamps their money
without participating in it. Any
meafure which would cause dis
bursement of large amounts of
public money would put it in cir
culation and enable people in eve
ry industry to get more or less of
it, but how anybody on the face
of the earth, save the holders of
bullion, could be in the least be-
neftted by the free coinage of sill
yer passes comprehension.
AS to a double standard of
money few words may be said.
There are two principle money
metals-silver and gold-and they
are, therefore two money stand
ards, but they do not exist togeth-
in the same country. Although
both silver and gold are used as
money in all commercial coun-
tries, there is in each country on
ly one standard, In some, such
as most of the European nations,
the gold standard is the rule. So
it is in the United States. In
these countries all the money is
referred to the gold standard. In
Mexico and Central and South
American countries the silver
Standard generally prevails, and
..NI a