Pine Bluff daily graphic., 1895-09-16
DR. HILLS PAMPHLET
SUPPOSED SlLvERlTE WRITES AGAINST FREE COINAGE.

rt would Lower Our Standard of Value and would Not Give Us 16 to Coinage. A Pamphlet Which Has Dumfounded the Free Silver People.
 Dr. ". P. Hill of St. Louis has just ,written a pamphlet entitled Argument Against Free Silver Coinage at 16 to :, which has dumfounded the free sill ver people. Dr. Hill is the youngest son |S< If the late Britton A. Hill, one of the < ,sblest champions of fiat money of the old Greenback party Dr. Hill was edu- cated in the best universities in Europe. ii has been generally supposed that he xvonld follow in the footsteps of his 9ather and advocate cheap money. There ;s little doubt but that he made q special study of finance for the purpose Inf securing arguments against the gold standard. Study changed his opinions, as is apparent from the following quo- Y Ration from his excellent pamphlet: S$ Many people innocently imagine that fine free coinage of silver is simply a nroposition to open our hints more Freely to silver and to maintain our z$,noney at it's present standard of value on the gold basis, and that by adopting free coinage we are not going to debase and lower the value of our money, but raise the price of silver all over the Sxyorld to a 16 to l ratio with gold. Prhere could be no greater mistake. tThey fail to see that it also involves a change in our unit. standard or meas nre of value.
 # If the proposition was that the United Estates should give 8 gold dollar for ev- <ery 371A grains of pure silver brought to the hints, then that would really be an attempt on, the part of our govern zE1,nent to raise the price of silver, and how long we could raise it would de- pend on how much silver there was in z the world and how much gold we had zBut this is not the proposition. The free silyer idea is that we must stop insult ing the silver dollar by redeeming it and giving gold dollar for it, and their proposition is simply to stamp as a dollar every 4f21a grains of standard silyer brought to the mint, and that this piece of silver so stamped shall be bur unit or measure of value.
 Is it possible to believe, when the the new law shall say that 412115 grains Iii standard silver shall constitute the salue of our dollar, that the dollar will be worth any more than that? Under S the present system we have issued mil lions of silver dollars on the ratio of 16 o l. The world has steadily refused to becept our dictum as to their value, and I've are compelled to maintain large Mold reserve, and not only stand ready ko redeem all those dollars, but also constantly to redeem many of them in bold to maintain their value
 We are staggering under our load how with our present silver circulation Rnd have difficulty to maintain our gold keserye. Will our load be lighter when i've undertake to coin the worlds sur plus of silver? Will the world accept bur dlctum more readily, when, on the 10 ratio, and, on the other hand, reso- utely give the lie to our own words by Refusing to exchange them at the ratio pf 16 to l, which is the only way we Ean make our words count for anything?
 The director of the United States nint estimates the coined silver money the world at $4, 055, TOO, 900, which about 53 per cent of the total. Of the oined silver money more than $2, ,000,- DO, 900 passes current at exactly the Rme value as the silver bullion i'll the Parket, and would flow just like so huch bullion to any place where it Ould obtain higher price. The eorld's annual production amounts to 0,00O,0 900; the annual production in his country alone to SS4, 900. 000 Our old reserve amounts to barely $100,- 0,00O
 Suppose that by free coinage we could oSslbly raise the price of silver i'll this puntry to double what it is now-we led not say double, but even fraction
 lore than now-does any man need to told that that would start flow of liver to this country, and that our lit le gold reserve would be completely overwhelmed, and that the mighty sream would never stop flowing until II vestlge of higher price had been ompletely annihilated? And when that aa been accomplished, does any man Peed to be told that our dollar would
 mpiy be worth what 4121a grains of 'anaard silver would be worth ill the liafKet as bullion? This fact is unan- werable--there is no free silver country ii 'ne world where the dollar or unit of que IS worth one particle more than ae silver in 1t as bullion i'll the market. our attempt would be about as ridic- lous as Ii we tried to stop the ebb and ow ol the ocean tides by an act of con- 1ess, or to regulate the movements of he planets.
 "Defueliaed" Wood.
 Deiuelization is a new word added the language, told in q story nv Sen