The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-05-21

in silver-standard countries as well as in
gold-standard countries, and II Ii worth
just as much before It Is coined as after-
wards; but the 4l2lt grains Of standard sill
YER contained In n silver dollar are not
worth anywhere in the world more
than about 80 cents. Or, to put the state
ment in a different form. 16 pounds Of sill
yer cannot be exchanged for / pound OF
gold anywhere In the world, but 1t requires
about SO pounds Of silver to procure /
pound of gold everywhere. But some one
may say that this is not a fair statement
because It measures the value of silver by
gold. The answer to this objection Is that
the statement does not attempt to measure
the value of either of the metals, but
simply to compare them, one with the
other, and that for the purpose OF making
the comparison the value of gold Is deter
mined by Its purchasing power In the
markets Of the world. and the value of sill
YER Is determined In the same way. Six
teen pounds of silver bullion will purchase
only about One-half the quantity of COM
modities anywhere than 1 pound of gold
bullion will purchase. and this purchasing
power Is the true test of their actual and
relative values. In the United States IS
pounds OF silver coined into dollars. will
now purchase as much as pound of gold
a system Of free and unlimited coinage on
individual account. The coinage Of silver
dollars here has been limited by law for
the purpose Of preventing an excessive is
sue. and they have been coined by the
government on Its own account and paid
out for public purposes as dollars Of full
value. and consequently the government
Is bound by every consideration OF good
faith. to say nothing of the positive decla-
rations contained In the statutes. to keep
them as good as gold, or. in other words,
to maintain the parity of the two metals
and this 1t has done and will continue 20
do as long as the present system exists.
But. II the present system is to be abol-
ished and new one established, so that
private individuals and corporations can
have their own bullion coined at the pub
lie expense and have the coins delivered
to them for their private use. the govern
ment would be under no obligation what
ever legal or equitable, to keep them as
good as gold. and in fact. 1t would be i'm
possible for 1t to do so, because the COIN
age would be unlimited and the volume of
silver in circulation would become so
great in proportion to the gold the govern
ment could procure that the attempt
would necessarily fail. The most extreme
advocates of free coinage have not yet
ventured to suggest that the government
would be under any obligation to guaran-
tee or maintain the value of silver dollars
coined without charge for private parties
and without such guarantee 1t Is clear
the dollar would be worth no more than
the commercial value of the bullion con-
tanned in II, just as the Mexican dollar Is
now. l admit that If the United States
could coin without charge to the owners
all the silver In the world available for
coinage purposes, 4l2la grains of standard
silver, In bullion. would be worth as much
in this country as silver dollar: but the
reahquestion is, what would the silver dol
lar itself be worth? That it will not be
equal to our present unit and standard CT
value is not only admitted but openly
urged as one of the chief arguments in
favor of Its free coinage. Everywhere the
people are being told that under free
coinage 1t will require twice as many dol
lars to procure any given quantity of COM
modities as are required now. and this
means, of course that the money will be
only one-half as valuable as it is now.
When the public Judgment is finally
passed upon this subject think 1t will be
found that the people of the United States
are determined. not to have a deprecated
dollar. whether it be gold, silver, or paper.
They are undoubtedly entitled to have for
use in their business just as good money
as any other people in the world have,
and no political party that attempts to de-
prive them Of 1t will ever enjoy their con-
fidence or receive their suffrages.
Says lie Is Friendly to Silver.
Those who oppose the free coinage of
silver at the ratio Of 16 to are proposing
no change in the measure or standard of
value now existing, nor are We proposing
to discontinue the use of silver as money.
have never been, and am not now, un-
friendly to silver in the sense of desiring
to see 1t excluded from the monetary sys-
tenn of the United States. or Of any other
country, but I know that it cannot be
kept in circulation along with gold by
means of any ratio the law of any one
country may attempt to establish between
the two metals, and that the only way TO
secure the use of both at the same time
Is to make one Of them the standard of
value and so limit the coinage of the other
that the government which issues them
and receives them for public dues may be
able at all times to maintain their ex-
either directly or indirectly
through the operation of its fiscal system.
/ am, therefore, in favor of the preserva-
tion of the existing standard of value
with such use of full legal tender silver
coins, and paper convertible into coin on
demand, as can be maintained without
impairing or endangering the credit or
debt-pay!ng power of the money in the
hands of the people. This is what mean
by the terms Sound money" and, in my
opinion, 1t is what Is meant by an over
whelming majority of the opponents CT
rntv af 70 81 n nf 1e IN This ic
neither gold monometallism nor silver
but 1t means that one
standard. or measure of value shall he
ma.ntained, and that all forms of stand
ard coins In use shall be kept equal to that
standard. in the purchase of commodities
and in the payment Of debts. Any policy
which would discontinue the use of silver
as money, by direct legal enactment or by
1t relatively to gold In the
coinage laws, would certainly result in
practical gold monometallisn, and, on the
other hand. 1t Is equally clear that any
policy which would discontinue the use of
gold as money, by legal enactment or by
that metal relatively to sill
yer in the coinage laws, would result in
practical silver, monometallism. Free and
unlimited coinage at the ratio of 16 to 1
would at once establish silver monometal-
lism, pure and simple, for, as already
shown, the coins of the over-valued metal
will ultimately drive the coins of the
other out Of circulation and out of the
even when the legal ratio varies
but small fraction from the commercial
ratio, but the expulsion of the UNDER
valued coin from circulation would be in
when its value Is really
double the value Of the other. How long
do you suppose the $625, 100000 of gold in
this country could remain here and be used
as money under such policy? The bank
ing and other great financial institutions,
which own and hold In their reserves
much the greater part of this gold, would
at once sell 1t at a large premium for silver
about two dollars for one dollar-or they
would exchange 1t for silver bullion in the
market at the ratio Of about 80 pounds
of silver for each pound of gold, have the
80 pounds Of silver coined into dollars at
the expense Of the people. and with this