Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-05-21


| possessed but It did prevent the coinage
| OF fun Iegal-tender silver dollars thereaf-
/ ter and the act OF 1874 destroyed the deot-
| paying power OF the old standard dollar
! coined before 1879, except IN sums not
/ exceeding s.. II there had been any such
dollars IN circulation or In existence here
this latter act would have abridged the
ability OF debtors to discharge their
| obligations, but a. there were none, II
had no practical effect ~ that time
Thus we remained until 1873. We had
| tried 20 keep the leRal-tender coins OF the
two metals In circulation at The same
time under system OF free coinage. but
had utterly failed.
NEW POLICY ADOPTED.
In 1873 new policy was adopted. and
/ Il was determined to restore the standard
1 silver dollar TO the coinage and TO CIR
culation, with full legal-.ender qualities.
not by opening the minis 20 It's free ana
i unlimited coinage on individual account,
I as is now proposed. but by providing for
/ the purchase and coinage Of not more
( than four million dollars worth. nor less
i than two million dollars worth of silver
I bullion each month by the government
i Itself Under this act, and the so-caiied
( Sherman act, and the act providing for
1 the recoinage OF the trade-dollars, there
! have been coined at the mints OF the
| United states and pat into circulation
! during seventeen years $597, 6o2,Sl3 In iuil
! legal-tender standard silver, as against
/ $500 900 coined during the whole previous
/ existence OF the government-a period OF
! eighty-nine years. In other words, there
/ have been coined and put into Circulation
/ among the people. In coin itself or in GER
] tifcates Issued upon II, nearly hfty times
as many full legal-tender silver dollars
I az were produced at the minis OF the
/ ~
/ some gentlemen are writing books ana
making speeches TO convince their fell
! low-citizens that silver is demOnetized in
this country There was never In our
whole history one third as much legal
! tender silver in use in the United States
/ at enc time as there IS now, and II IS
used without deprivng us OF all our gold
I which was never done before. Silver Is
! not demonetized In this country. but It's
/ coinage has been so limited and regu- !
; lated by law and the financial AFFAIRS
/ OF the government have been 80 conduct
( ed that up 10 the present time its pur-
J chasing-power has been preserved and us
/ circulation 10 a large amount has been
maintained concurrently with other forms
/ Of money. notwithstanding 1t has
been coined at ratio which
( does not conform to the real value OF the
/ metal contained In II. ] repeat that silver
| Is not demonetzed. and the question pre-
sented TO US by the agitation now going
| on is not whether it shall be demonetized
In the future, but whittier the mints OF the
| United States shall be thrown open TO all
the silver In the world that any individual
| or corporation may desire 10 have coined
| free Of charge, into leSal-tender dollars
| that is, legal tender in the United states
| only-at the ratio Of l6 to /. In order TO
discuss this subject intelligently we must
understand distinctly what Is proposed by
| our opponents. and fortunately there IS
no difficulty upon this point.
WHAT FREE SILVER MEANS.
Free and unlimited coinage Of full legal !
| tender silver dollars at the ratio OF 10 to
/ means that our law shall be so changed
that any owner Of silver bullion may SEND
II TO the minis and have il coined, at the |
public expense. into dollars, each contain |
ing 4i2lR grains Of standard silver, the !
dollars when coined TO be delivered TO
the owner Of the bullion, and all the peo- |
ple OF the United States to be compelled |
bv law TO receive them as dollars in the |
payment of debts, although not intrinsi- |
cally worth more than 30 cents each. ms |
25 $40 grains of standard gold contained !
in a gold dollar IL worth 100 cents. or the |
equivalent Of 100 cents all over the world !
In silyer-standard countries, as well as I'm |
gold-standard countries, and II vs. worth |
just as much before It is coined as after
wards. but the 4l21a grains of standard |
silver contained In a silver dollar are not |
worth anywhere In the world more than !
about 80 cents Or. TO put the statement |
in a different form, 16 pounds OF silver |
cannot be exchanged for ] pound OF gold |
anywhere in the world, but IL requires !
about 32 pounds of silver to procure / /
pound Of gold everywhere. But some one |
may say that this is not fair statement, |
because II measures the value OF silver |
by gold. The answer to this objection Is
that the statement does not attempt to
measure the value Of either of the metals.
but simply to compare them, one with the
other. and that for the purpose of making |
the comparison the value Of gold is de-
termined by its purchasing power IN the
markets Of the world, and the value of
silver Is determined in the same way.
Sixteen pounds Of silver bullion VIII pur-
chase only about one half the quantity OF
commodities anywhere that l pound or
gold bullion will purchase, and this pur-
chasing power is the true test of their
actual and relative values
In the United States is pounds OF silver
coined into dollars, will now purchase as
much as / pound Of gold coins, but this
would not be the case under system OF
free and unlimited coinage on individual
account The coinage OF silver dollars
here has been limited by law for the pur-
pose Of preventing an excessive issue and
they have been coined by the government
on its own account and paid out for pub
lie purposes as dollars of full value. and
consequently the government is bound by
every consideration OF good faith, TO say
nothing OF the positive declarations con-
tanned In the statutes, to keep them az
good as gold, or. in other words. to main
tain the parity OF the two metals, ana
this II has done, and will continue to do
as long as the present system exists. But,
If the present system is to be abolished
and new one established, so that private
individuals and corporations can have
their own bullion coined at the public
expense and have the coins delivered to
them for private use, the government
would be under no obligation whatever.
legal or equitable 10 keep them as good
as gold and, in fact II would be impos-
sible for il TO do so, because the coinage
would be unlimited and the volume of sill
yer In circulation would become so great
IN proportion to the gold the government
could procure that the attempt would |
necessarily fail.
NO GUARANTEE EXPECTED.
The most extreme advocates Of free coin
age have not yet ventured to suggest that
the government would be under any
obligation TO guarantee or MAINTAIN the
value Of silver dollars coined without |
charge for private parties, ana WIN
out such guarantee II Is clear the dol
commercial value of the bullion contained /
In IT. Just as the Mexican dollar is now |
I admit that II the United States could |
coin without charge TO the owners I
all the silver In the world available for |
coinage purposes. az 10 grains OF stand |
ard silver in bullion, would be worth as /
much In this country as a silver dollar; |
but the real question Is. What would the |
silver dollar itself be worth? That 1t
will not be equal 10 our present unit |
and standard Of value is not only admit |
ted but openly urged es one of the CHIEF
arguments in favor of its free coinage
Everywhere the people are being told
that under free coinage II Will require
twice as many dollars TO procure any
given quantity of commodities as are re-
quired now, and this means, Of course,
that the money will be only one half
as valuable as II is now When the
public judgment is finally passed upon
this subject think It will be found that
the people OF the United States are de-
terInined not to have a deprecated dol
lar whether IL be gold. silver. or paper.
They are undoubtedly entitled 10 have
for use in their business just as good
money as any other people in the world
have, and no political party that attempts
TO deprive them Of Il will ever enjoy their
confidence or receive their suffrages.