The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-05-26
SEATTLE, SUNDAY, MAY 90.
UNLIMITED COINAGE.

The people OF the state OF Washington
are so deeply interested In the develop
ment OF trade. and Eastern Washington.
more particularly. is looking forward so
snxiously to an advance I'm the price OF
silver as an inducement TO open up now
improbable mines, that they are apt to
look at only one side OF the subject OF
coinage. No good can come. however. of
such misleading argument that the free
coinage OF foreign silver by American
minis means necessarily an exchange OF
products.
Free coinage OF silver by the American
government means that any holder of an
ounce OF silver which can now be bought
in the market at about 81 cents. could take
II to a mint and receive In exchange 81. 29A
in silver coin. But IL would not be taken
there In such small quantities. Suppose
bought for $50. and in return the silver
owner would receive either silver coin. or,
as that Is too bulky 10 be readily handled,
treasury certificates to the value OF
81. $3.50. II the amount should be TO- 900
ounces. then the government would pay
out s12.s2s, or ss.225 above the price at
which the silver could be bought in bull
lion. A man could buy 100 ounces OF sill
yer. in other words, for So. have 1t coined
into si29.25 and pay debts TO the amount
OF 3i2a % with what cost him ss7 That is
very good for the silver owner. but what
would become OF the storekeeper whose
goods are bought with it. and the iaborer
whose labor is paid with Il? The store
keeper must buy at the commercial CEN
tiers; the wholesale houses must buy in
the markets of the world and pay IN gold.
because gold is the standard OF the great
nations. Gold would have to be sent out
OF the country and silver would remain
The merchant would have TO pay gold, so
that he must raise his prices, and the only
sufferer would be the laborer. whose pay
would be calculated In and paid In silver.
because 1T was a legal tender.
The price Of silver would no doubt rise
The owners OF silver mines would reap
the profit for "A time. but as labor and
@'RtNt AsA nv shAtN' IA ri TIC ~ Nttttli the
cost OF mining, and the benefit would only
be temporary. and the great output would
also tend 10 reduce the price in every
place except at the United States rnints.
International hi-metallism, however.
would prevent this. by restoration OF
silver at an agreed ratio between several
OF the leading governments. the price Of
gold and silver would be the same: and
the nations remaining out OF the combl
nation would suffer enough In business 10
force them in. But II all the European
nations were arrayed against the United
States. Il would ~ impossible to keep the
price % silver very much higher than II
is now and we would become the scspe-
goat.
This is ths experience OF ell AGES The
United States silver dollar is as good In
this country today as thu gold dollar; Il,
II only when we deal with other nations
we realize that silver dollars are not con
sidered worth as much as gold. The grea,
purpose OF the United States is 70 com
pei other nations 10 agree with Va that in
our mutual transactions the silver dollar
shall be accepted as worth 100 cents in
sold.