The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-05-06
FREE COINAGE rs PAPER INFLA-
TON.
a Few Facts for the siIVcrites to
Digest.

From the New York Tribune.
II is really curious TO find a reader OF
the Tribune asking what is meant by free
coinage of silver. II means that any holder
Of an ounce of standard silver. which now
happens to be worth in the market a shade
less than 81 cents, may take II to any gov
eminent mint and receive for IL 81 29i4 IN
silver conn., But as the people who would
take the trouble to deliver silver at che
mint would be the holders Of considerable
quantities, who would not wish TO cart
away half a ton or coin and could ma no
use for u, nearly all the silver would be
delivered by men who would draw from
the treasury silver certificates, at the
rate of 81. 925 for every 1900 ounces OF
silver, though the bullion is worth only
g, 100. and the government would thereby
give away $6,225 beyond the value Of the
silver
Government does not treat any other
producer i'm that way. II does not give far
mers 81 bushel for wheat when 10 sells
for 81 cents. nor 10 cents per pound for
cotton when IL sells for GA cents. nor w
for pig iron when 80 sells at 81 per ton.
Why the silver producers should have this
immense advantage over other producers
no one can discover, unless he believes
that with more than 369,00,OO standard sill
Yer dollars now lying idle In the treasury,
for which no use can be found, the govern
ment nevertheless needs "a larger supply
Of such coin. At other times people assert
that we have not paper money enough,
though the amount in actual use Tor every
1nnADltHnl IS nluGn larger IMAM IL was
when the whole people were prosperous,
wages were high and products commanded
better prices. But with reason or without
the fact Is that nobody takes from the
treasury the silver dollars already coined,
and II silver coinage were free and unlim-
led, practically nothing but paper would
be taken out IN place Of bullion deposited
and nothing but more paper would be add
ed TO the circulation. This because exist
ing laws authorize anybody depositing sill
yer dollars to take out for them the same
amount in silver certificates which are re-
ceivable for all public bills and taxes.
The demand for free coinage Is therefore
in fact a demand for more paper currency
redeemable in silver only, and as NOBODY
wants the silver coin, practically ire
deemable. 1t Is a demand that law shall
be passed empowering every holder OF
standard bullion to deposit II at the mint
for coinage at the rate of $l.29h per ounce,
and then, leaving the silver on deposit,
to take from the government ana put INTO
circulation that amount In paper Tor ey-
cry ounce of silver, and with such paper
to nay his debts. This indefinitely nfia-
ted paper currency, practically irreqeem-
able, he could virtually compel his hands
and his domestic servants TO take Ior All
that he may owe In wages, and his butch
er, baker and storekeeper for all that ne
may owe them for goods bought If he
has bought at the store goods worth 1929 -
i'm gold he can get that amount OF sill
yer coin by depOsiting 100 ounces OF sill
yer costing $67, and with the silver dollars
can cancel his debt.
A natural consequence Is that the store
keeper would have to charge more for his
goods. In order TO get back cost for sugar
or clothes. for which s129.25 In gold has
been paid he would have 70 charge about
s247. In short, things would go to sill
yer basis, the gold being kept for those
having foreign debts to pay and for bank
ers, and sold at premium of about 80
per cent. at the present price Of silver,
while the wage-earners and the retail
storekeepers would get along as best they
could with a currency worth little more
than half as much. The big profits of the
bankers and money-lenders, if business
could be continued at the old basis as to
quantity and the big losses Of the wage
earners and small dealers who could not
always get wages or prices changed as
often as silver changed In market value,
can be imagined, but not computed.
Whether silver would rise or fall under
such conditions cannot be calculated by
anybody, because it would not be silver,
but paper, that would in fact be added to
the circulation. 1t might easily fall so
far that mine-owners would get less act
ual money for their output than they do
now But it Is the obvious intent to en-
able the mine-owner TO get from govern
ment and the people for silver which now
sells at $500 no less than $l2,925 in paper
currency.