The Louisiana populist., 1895-05-24
FIELD TALKS PLAIN.
HE SHOWS UP THE NEFARlOUS
COLDBUC SCHEME.
Standard, and All Debts Payable In
and Issue Gold Bonds for Them.

The free coinage OF silver at the
ratio 16 to /, with gold is not oil OF
the money question. Tho name OF
the new party, the Silver party. is not
broad enough 10 represent the posi-
tion OF the true patriot on this ques-
tion. which is: Q) That all money
shall be issued by the government
and none by the banks. (2) That the
volume OF money shall be increased
until prices are restored to fair basis,
and (3) That thereafter, from time to
time or continually, additions shall be
made to the volume of currecy, suffi-
cient to meet the increasing needs OF
increasing population, production and
commerce.
The free coinage OF silver is a
means to these ends. BY it the
amount OF money in circulation would
speedily be very largely increased,
and it is probable that for many
years silver would be coined in large
quantities, IL the mints of Europe re-
mained closed to it. Under asystem
of free coinage the lower the market
be coined, for the simple reason that
every man who owned 4l2l grains OF
silver would carry 1t to the mint aud
have it coined into dollar. rather
than sell it for so, 75 or 80 cents. Ii
he could sell his 412l grains of
silver on the market for 81 he would
not trouble himself to go to the mint
and have it coined, II he could sell it
for 81. O5 he would certainly not have
it coined into dollar. So with gold; {;
whenever 25.S grains Of gold are
worth less than q dollar on the mar
ket gold will be coined. when worth
just dollar. very little, if any. will
be coined, aud when worth more than
q dollar, none will be coined. These
are the three contingencies that may
happen under the free coinage OF Ell
ther gold or silver, that is, the metal
may be O below par. or (2) at par,
or (3) above par.
And it is self-evident that in the
first contingency the metal will be
largely coined; in the second. little or
none of 1t will be coined; and in the
third, none will be coined; and not
only so, but should the metal go
much above par. that already coined
will be melted down and sold as bull
ion. To have the free coinage Of one
metal only. as at present, means
whenever that metal is above par, no
coinage at all. that is, no addition to
the volume of metallic money, but, on
the other hand, an actual decrease.
Suppose gold at q premium of 20
per cent, or in other words, the COLO
in a ten-dollar gold coin worth $3.50
on the market, q rich man could get
together $4,000 in gold coin and
make $4,000 by melting it and selling
1t for bullion.
Would not this be done? Doubt
less, 1t has been, and this accounts in
part for the hundreds of millions of
gold coin. which the treasury officials
say are in circulation. but the larger
part of which cannot be found.
This is the goal before their eyes.
They don't say SO. but the measures
they advocate do. The measures are:
Q) To have gold declared the uni
versal standard. (2) To make all OBJ
legations. public and private. payable
in gold. (S) To retire all the treas
ury notes now in existence (supposed
20 be several hundred millions) and
70 have bonds OF the United States to
that amount issued, payable, princi-
pie aud interest, in gold.
These considerations show the i'm
portance of = double standard. the
free coinage of both gold and silver,
under which there would be continual
additions to the amount OF metallic
money: for it is not probable that
both metals would be at q premium
at tho same time, but when one goes
above par and ceases to be coined. the
other will be below par and largely
coined. The supply from these two
sources would not depend upon thu
will OF either congress or bank di
rectcrs, but would be sels-adjusting
and in 90 far as it might fall shor
of the needs, the deficiency could bt
met by the issue OF treasury notes
These three kinds Of money 60 int
circulation without any middlemsn''
profit Gold and silver coin 60 =
once into circulation. the owner take
his gold or silver bullion TO the mint
the government coins 1t into dollar
and the owner takes the coin ava,
with him, and the treasury notes. .
fast as issued, can be paid out In dis