The Canton times. (Canton, Miss.) 1893-1906, 1895-05-17

not counted, making total weight of
25.s grains. Therefore the relation of
the silver dollar to the gold dollar is
nearly, but not quite, as l6 to /. That
is gold is about 16 times as valuable as
silver, and so silver dollar, to be of
the same value as gold dollar, has to
be about 16 times as heavy. That
makes the ratio of 16 to which is SO
much talked of and, therefore, by the
mint standard, 16 ounces of silver are
reckoned to be worth one ounce of
gold.
An ounce of pure gold is worth at
the mint $2067. 1t is worth that in
the commercial market of New York,
and it has value corresponding to
that in the mints and commercial mar
kets of London, Paris, Berlin and other
European countries. There is no fuc-
tuation in this value 1t never changes
and is always the same. Far differant
are the conditions of silver. In order
that 16 ounces of silver shall be equal
to one ounce of gold which has the
value of $20.67, one ounce of silver
must be worth 81 80, and this is its rat
ing at United States mint. But it has
no such value in the commercial mar
ket of New York, nor in mints or
markets of any European countries.
An ounce of silqer can be bought for
about 70 cents or less in any market,
and, therefore, it's mint rating is
wholly artificial.
1t makes DO difference SO far as a
statement of the situation is concerned,
what has caused so great decline in
the commercial value of silver. The
actual fact is that while the white
metal is rated at the United States
mint at $l29 an ounce it is worth in
the markets of the world about 60 to
90 cents. or less, and If free coinage
were allowed, it would be possible for
any person to purchase silver in the
market, after having it coined into
dollars, pay it out at the rate of S1.29
an ounce.
Now, it is evident that every silver
clared by the mint stamp to be worth
100 cents, contains somewhere about
SO cents worth of silver, and, by con-
sequence, the remainder for which il
stands is fictitious value, which
ould have no existence if were not
guaranteed by the United States
government. BY the government
guarantee is just like that of any indi-
vidual. 1t depends on the ability of
the government to make it good, A
government has no other means of get
ting money except by levying taxes on
the people. The power of taxation is
limited. 1t can be carried no farther
than the endurance of the people will
permit.
When taxation becomes mere bur-
densome than the people will bear
they rise in revolution and refuse to
pay. This has been done in many
cases and by the people of many ma
tions, and, therefore, the expression SO
glibly used by the silver Sc ocialist that
the government practically owns all
the property of ali the people is wholly
false and fallacious The government
owns nothing but its public buildings
and its public lands. The buildings
are absolutely necessary for the carry
ing on of the business of the country,
and bring in no income. The proceeds
of the sale of the public lands are too
small to be seriously considered, and,
therefore, the government of the Unit
ed States possesses no means of getting
a revenues except by laying taxes on
the people and, as has been said be-
fore, the limit of taxation is the will
ingness of the people to pay.
The government. besides what it
OWES for borrowed money, amounting
to some S5s5, 100000, guarantees $685. |
O00, 900 in old issues of treasury notes
and gold certificates, all of which must |
be paid in gold, if gold be demanded.
This large aggregate of 100000, 900
does not include sl5O,ooO, 600 of treas
ury notes of 1890, issued for the pur-
chase of silver bullion and which may |
be paid in either silver or gold, nor
does it embrace s33O,O0O of silver GER
which call only for silver.