Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1895-08-01
FACTS ABOUT SILVER
FREE COINAGE AT IS TO I MEANS
McNoMsTAlLlSM.

Purchasing Power the True Test Of Actual
and Relative Naincs--puty OF the Gov
crnmcnt In Maintaining n Parity Of
Gold and silver.
Secretary of the Treasury Carlisle, in
his CovinSton speech on May 20, stated
plainly and sonciSely the exact meaning
Of Bryan Bland. Harvey free coinage,
He said
Free and unlimited coinage Of full le-
gal tender silver dollars Mt the ratio OF
10 to means that our law shall be so
changed that any owner ot silver bull
lion may send 1t to the minis and have
it coined, at the public expense into
dollars each containing ilsk grains Of
standard silver, the dollars when coined
to be delivered to the owner Of tho bull.
lion and nil the people of the United
States To hc compelled by law to receive
them M dollars in tho payment of debts,
although not intrinsioally worth more
than 30 cents each The rs $40 grains
of standard gold contained i'll n gold dol.
lar is worth 100 cents, or the equivalent
Of 100 cents. all over tho world, III sill
yer standard countries rs we'll rs i'll gold
standard countries, and It il worth just
as much before il is coined as afterward,
but the ii9L, grains Of standard silver
contained in silvor dollar are not
worth anywhere III the world moro than
about 80 cents Or. to put the statement
in different form, 10 pounds Of silver
cannot be exchanged for pound of gold
anywhere in tho world, but 1t requires
about 81 pounds of silver To procure
pound Of gold overywherc But some
ono may say that this is not fair state.
mont, because ii measures tho value OF
silver by gold, Tho answer to this OBJ.
lection is that the statement does not Mt.
tempt to measure tho value Of either OF
tho metals, but simply to compare them,
one with tho other, and that for tho pur.
pose of making the comparison tho value
OF gold in determined by its purchasing
power in the markets Of the world, and
the value Of silver IL determined in the
same way, Sixteen pounds of silver bul.
lion will purchase only about ono-hah
tho quantity Of commodities anywhere
| that ono pound Of gold bullion will pur.
chase. and this purchasing power Is tho
| truo test Of their actual and relative
| values
In the United States 10 pounds Of sill
yer, coined into dollars, will now pur
chase IN much M pound OF gold coins,
but this would not he tho case under u
system Of FREQ and unlimited coinage On
individual account. Tho coinage Of sill
vor dollars hero has been limited ty law
for the purpose Of preventing M excess
Two issue, aud they have been coined by
the government on its own account and
paid out for public purposes M dollars
Of full value, and consequently tho gov
arnment IL bound by every consideration
of good faith, to say nothing of tho posi-.
| tive declarations contained In the
statutes, to keep them rs good M gold.
| or, in other words. to maintain tho par
| ity of the two metals, and this II has
done and will continue 10 do M long ~
| tho present system exists But IL the
present system Is to be abolished and 0
now ono established, NO that private in
| dividuals and corporations can have thoir
own bullion coined Mt the public expense
and have tho coins delivered to them for
| their private uso, the government would
| be under no obligation whatever. legal
or equitable, to keep them as good M
| gold, aud, In fact. 1t would BIO impossi
| bio for II to do 10, because tho coinage
| would be unlimited, and the volume Of
silver In circulation would become 40
great in proportion to tho gold tho gov.
eminent could procure that the attompt
would necessarily fail Tho most OK
treme advocates Of free coinage have not
yet venturod to suggest that tho govern
ment would be under any obligation tn
guarantee or maintain the value of sill.
yer dollars coined without charge for
private parties, aud without such guar
| nntoe 10 in clear tho dollar would DO
worth no more than tho commercial val.
no Of the bullion contained In It, just ~
tho Mexican dollar is now, ladmit that
! if the United States could coin without
charge to the owners all tho silver In
the world available for coinage purposes,
| 4I2l., grains Of standard silver In bull
| hon, would be worth as much in this
country ns u silver dollar. but the real
question is, What would tho silver dol
lar itself be worth? That 1t will not be-
equal to our present unit and standard
Of value IN not only admitted, but open
~ urged az one Of the chief arguments
in favor Of its FREQ coinage.
Everywhere the people arc being told
that under free coinage 1t will require
twice rs many dollars to procure any
given quantity Of commodities ~ arc 70,
quired now, and this means Of course,
that tho money will be only one.half AZ
valuable rs it liz now When tho public
judgment il finally passed upon this
subject. think 1t will DO found that
the people Of the United States are do
termined not to have deprecated dol.
lar. whether II be gold, silver or paper
They are undoubtedly entitled to have
for use in their business just M good
money as any other people in the world
nave. and no political party that Mt