The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1895-09-10
DOCTOR HILLS PAMPHLET
ASupposed SiIverite Writes Against
Free Coinage.
Would Lower Our Standard of Value
and Would Not Give Us Is TO |
Coira;e. A Pamphlet Which
Has Dunfounded lhe Free
Silver People.


Against Free Silver Coinage ut &c TO
D." which has dumfoundcd tho free sill
b ser people. DR.. Hill is tho youngest son
Of the late Britton A. Hill, ono of tho
Rhlest champions of fiat money of tho
old GrocnhacA party. DR.. Hill wns edu-
Gated in the best universities i'll Europe.
1t has been GENERALLY supposed that no
would follow in the footsteps Of his
sathar and advocate cheap money. There
Is little doubt but that he made a
special study of finance for the purpose
of securing argumcuts against the gold
standard. Study changed his opinions,
rs il apparent from the following quo
tatiou frou his excellent pamphlet:
Many people innoccntly imagine that
the free coinage of silver is simply
proposition to open our minis moro
freely TO silver and to maintain our
money at its present standard of value
on the gold basis, and that by adopting
free coinage we arc not going to dcbaSo
End lower tho valuo of our money, but
raise the price of silver all over tho
world to Is to l ratio with gold
There could bo no greater mistake
They fail to SEQ that it also involves u
change in orr unit standard or meas
uro of value.
Ii the proposition was that tho United
States should give gold dollar for ev-
cry 3Tl1I grains Of pure silver brought
to the mints, then that would really be
an attempt on the part of our govern
ment to raise tho price Of silver, and
how long We could raise it would de
pend on how much silver there was in
the world and how much gold we had
but this is not tho proposition Tho FREQ
silver idea is that we must stop insult
ing tho silver dollar by redeeming it
and giving "a gold dollar for it, and
their proposition is simply TO stamp ;ls
= dollar every 4l21a grains Of standard
silver brought to tho mint, and that
shis piccc of silver so stamped shall be
our unit or measure Of value.
Is it possible to believe, when the
the now law shall say that 1926 grains
OF standard silver shall constitute the
value of our dollar, that tho dollar will
be worth any more than that? Under
the present systcm we have issued mil
lions of silver dollars on tho ratio of l6
20 j. The world has steadily refused to
accept ON dictum rs to their value, and
we arc compelled to maintain largo
gold reserve, and not only stand ready
to redeem all thosD dollars, but also
constantly to redeem many of them in
gold TO maintain their value.
We arc staggering under orr load
now with our present oliver circulation
and have difficulty TO maintain orr gold
reserve. Will our load DO lighter when
VIC undertake. to coin the worlds sur
pins of silver? Will che world accent
our dlctum moro readily, whom, on the
one hand, we Will loudly assert the 10
TO ratio, and, on tho other hand. rcso-
Iutely give tho lilo to our own words by
refusing to exchange them at the ratio
of i6 To /, which is tho only way wo
pan make our words count for anything?
The director ot tho United States
mint estimates the coined silver money
of tho world AT $4,055, 700, 600, which
Is abont 63 per cent Of the total OF the
coined silver money moro than 81 ,00O.-
DOC, 900 passes current ut exactly the
sarne valuo as the silver bullion in tho
market, and would flow just like so
much bullion TO any place where il
could obtain higher price. The
worlds annual production amounts to
100000, 600; tho animal production in
shis country alone to $S4, 900, 0OO Onr
gold reserve amounts to barely 800.
900, 900.
Suppose that by FREQ coinage wo could
possibly raise tho price of silver in this
country to double what it il now--we
need not say double, but oven fraction
more than now-does any man need to
DO told that that would start flow Of
silver 20 this country, and that our lit
lie gold reserve would DO completely
overwhelmed, and that the mighty
Stream would mover stop flowing until
all vestige of n higher prico had been
completely annihilated? And when that
had been accomplished, does any man
need to DO told that our dollar would
simply DO worth what 4l21a grains of
standard silver would be worth in the
market as bullion? This fact is unan-
swerablc-there is no free silver country
An tho world where tho dollar or unit of
value Is worth one particle moro than
fho silver in it Us bullion in the market.
Our attempt wonld be about az ride
Nous as II wo tried TO stop the ebb and
How OF tho ocean tides by an act OF con-
Bress, or 10 regulate the movements of
the planets.