The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1895-07-19
some FACTS ABOUT SILVER
Free Coinage at l6 to | Means
MonometalIism.
The Purchasing Power the True Test
of Actual and Relative Values.
The Duty of The Govern
ment in Maintaining Par
itY Of Gold and Silver.

his Coyington speech on May 20, stated
plainly and concisely 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
( 16 to 1 means that our law shall be so
changed that any owner of silver bull
lion may send it TO the minis and have
it coined, Mt tho public expense, into
dollars each containing 412js grains of
standard silver, tho dollars when coined
90 be delivered to the owner of the bull
lion, and all the people of the United
States to DO compelled by law to receive
them as dollars i'll the payment of debts,
although not intrinsioaOy worth more
than 90 cents each. Tho 25 $40 grains
OF standard gold contained in gold dol
lar is worth 100 cents, or the equivalent
of 100 cents, all over the world, in sill
yer standard countries rs well MS III gold
standard countries. and it is worth just
as much before it is coined as aftorward,
but the 412I1 grains of standard silver
contained III silver dollar are not
worth anywhere in the world more than
in different form, l6 pounds Of silver
cannot be exchanged for pound of gold
anywhere in the world, but it requires
about SO pounds of silver to procure
pound of gold everywhere. But some
one may say that this is not fair state
ment, because it measures the value Of
silver by gold. The answer to this OBJ
lection is that the statement does not at
tempt 70 measure the value Of either of
the metals, but simply to compare them,
one with the other, and that for the pur-
pose of making the comparison the value
of gold is determined by its purchasing
power in the markets of the world, and
the value Of silver is determined in the
same way. Sixteen pounds of silver bull
lion Will purchase only about one half
the quantity of commodities anywhere
that one pound of gold bullion will pur-
chase, and this purchasing power is the
true test of their actual and relative
values.
In the United States l0 pounds of sill
yer, coined into dollars, will now pur-
chase us much as :. pound of gold coins.
bnt this would not be the case under n
system of free and unlimited coinage on
individual account. The coinage of sill
Yer dollars here has been limited by law
for tho purpose OF preventing an excess
i've issue, and they have been coined by
the government on its own account and
paid out for public purposes rs dollars
of full value, and consequently the gov
eminent is bound by every consideration
OF good faith, to say nothing of the posi-.
tive : declarations contained III the
statutes, to keep them as good as gold,
Or, IN other words. to maintain the par
1ty OF the two metals, and this it has
done and VIII continue to do as long ms
the present system exists But if the
present system is to be abolished and a
new one established, so that private in
dividuals and corporations can have their
own bullion coined at the public expense
and have the coins delivered to them for
their private use, the government would
be under no obligation whatever, legal
Or equitable to keep them MS good as
gold, and, in fact, it would be impossi-
BILE for it to do so, because the coinage
would be unlimited. and the volume of
silver in. circulation would become so
great In proportion to the gold the gov
eminent could procure that the attempt
would necessarily fail The most OK.
treme advocates Of free coinage have not
yet yentured to suggest that the govern
'meht would be under any obligation to
guarantee or maintain the value of sill
YER dollars coined without charge for
private parties, and without such guar
antee 1t is clear the dollar would be
worth no more than the commercial val
ne CT the bullion contained in it, lust as
the MEXICAN dollar is now. Iadmit that
If the United States could coin without
charge to the owners all the silver in
the world available for coinage purposes.
4I2}e grains of standard silver, in bull
hon, would be worth as much in this
country as silver dollar, but the real
question Is, What would the silver dol
Lar itself be worth? That it will not be
equal to our present unit and standard
or value Is not only admitted, but open
ly urged as one of the chief arguments
in favor of its free coinage
Everywhere the people are being told
that under free coinage it will REQUIRE
twice as many dollars to procure any
given quantity Of commodities as are re.
qulred now, and this means, of course.
that the money will be only one-half ms
valuable as it is now. When the public
Judgment is finally passed upon this
subject, think it will DO found that
the people Of the United States are de-
termlned not to have deprecated dol