The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-05-21

OF the world, aud tho value Of silver Is
determined In tho samc way. Sixteen
pounds Of silver bullion will purchase
only about ono.half tho commodities
anywhere that | pound OF gold bullion
will purchase. and this purchasing
power Is the true tost Of their hctnal aud
relative values. In tho United States,
l0ponnds Of silver, coined into dollars,
will now purchase as much ~ | pound
ofgold coins. but this would not be tho
case under n system OF free and unlimlt.
cd coinage on individual account
WY rlfE COINAGE 10 LIMrEo.
The coinage Of silver dollars hcrs hM
boen limited by law for tho purpose OF
preventing an excessive issne, aud they
have been coined by tho government
on its own account and paid ont for
public purposes as dollars OF full value.
and consequently tho government IL
bound by every confederation OF good
faith, to say nothing Of tho positivc do.
clarations contained In tho statutes, to
keep thom as good as gold, or, 10 other
words. to maintain tho parity OF the
two metals: and this 1t has done and
will continue 10 do as long as tho pres.
ept systein exists. But, II tho present
aYstem Is TO DO abolished aud Il nov n
established. so that private individuals
and corporations o have their own
bullion coined at the public cSpOnse
and have tho coins delivered to them for
their private use, the government would
90 under no obligation whatever. legal
or equitable. 10 keep them as good us
gold. and, in fact, It would DO impossi.
Bile Tor 1t to do 80. because the coinage
would BIO Unlimited and the volume OF
silver In circulation would become so
great in proportion to the gold tho gov
eminent could procure that the attempt
would necessarily fall. The most ex-
,rcipe advocates OF free coinage hayo not
yet venturod to suggest that tho gov.
eminent would DO under any obligation
TO guarantee or maintain tho value Of
silver dollars coined without charge for
private parties. and without such guar.
antee it is clear the dollar would be
worth no more than the commercial
value OF the bullion contained 10 il, Just
as the Mexican dollar Ia now. ] admit
that II the United States could coin
without charge to the owners all tho
silver in the world available for coinage
purposes, ll2l grains OF standard silver,
in bullion, would BIO worth 40 much In
this country az q silver dollar; but the
real question Is, what would the silver
dollar Itself be worth? That 1t will not
be eQnal TO our present unit and stand.
ard OF value Is not only admitted but
openly urged as one Of the chief argu.
ments In favor Of its free coinage.
TUE SQUARE Tissue.
Those Of Us who oppose the FREQ coin.
age II silver at tho ratio OF 10 TO l are
proposing no change in the measure or
standard OF value now existing, nor are
we proposing to discontinue the use OF
silver as money. ! have never been,
and am not now. uufriendly 10 silver in
tue sense OF desiring to see Il excluded
from the monetary system OF the United
States, or OF any other country, but
know that i. cannot be kept in ~circula-
ton along with gold BY means OF any
ratio the law Of any one country may
attempt to establish between the two
metals, and that the only way to secure
the use OF both at the same time Ia to
make one OF them the standard Of value
40 limit the coinage OF the other that
the government which issues them and
receives them for public dues may be
able at all times to maintain their e1.
changeability, either directly or Indirect
IL through the operation OF fiscal sys.
TEN. | am, therefore, In favor OF the
preservation OF the existing standard OF
value with such use OF full legal.tender
silver coins. aud paper convertible into
coin on demand, as can be maintained
without impairing or endangeriuE the
credit OF the government or diminish.
lug the purchasing or d%ebt.paying power
OF the money in the hands Of the people.
This ia what I mean By the terms
sound money" aud. in my opinion. it
is what is meant By an orcrwhelmin:
majority OF the opponents oil free coin.
age q, the ratio Of IL to l.. This is
neither gold monome.allisIn nor silver
monometallisiu. but II can that one
standard or measure OF yaluo shall be
maintained. aud thai all forms OF stau-
dard Coius in use shall be kept
equal to that standard in tho pur-
chase OF commodities and in the pay.
ment otdebts, ANY policy which would
discontinue the use OF silver as money,
by direct legal enactment or by under
valuing 1t relatively to gold in the coin
age laws. would certainly result in prac.
teal gold monometalli.m, aud, on the
other hand. it ia equally clear that any
policy which would discontinue the uso
oil gold as money, by LEGAL enactment or
by undertaking that metal relatively
to silver in tho coinage laws, would re-.
suit in practical silver monome.allism.
Free and unlimited coinage at tho ratio
OF lG TO | would at once establish silver
monomesallism, pure and simple. for.
as already shown. the coins OF the ovsr-
valued metal will ultimately drive tho
coins OF the other out OF circulation aud
out OF the country, even when the legal
ratio varies but a small fraction from
tho commercial ratio. but the expulsion
OF the under-ralued coin from c~ircula-
ton would be instantaneous when its
value is really double the value OF the
other. How long do you suppose the
$685., 00o, 900 OF gold in this country
would remain here and be used rs money
under such u policy? The banking and
other great financial institutions. which
own and hold in their reserves much tho
greater part OF this gold, would ut once
soil it at n largo premium for silver
about two dollars for one dollar-or
thoy would exchange it for silvor bull.
ion in the markG at the rate OF about
32 pounds OF silver for each ! pound OF
gold and have the 80 pounds OF silver
coined into dollars at the expense OF
tho people. and with this cheap money
pay tho demands Of their depositors
and other creditors. The masses Of tho