The Canton times. (Canton, Miss.) 1893-1906, 1895-05-17
Finance for Plain People.
New Orleans Plcayune

ayune that many plain people do not
understand many of the terms that
are used in the discussion of financial
questions, and that it would be valu-
able service to a large class to explain
in simple style the main facts of the
silver question and give the meaning
OF such terms as are puzzling to the
reader.
AS the Picayune has been discussing
rather extensively many matters con-
nected with the financial themes that
are now of absorbing interest to the
people, and as it has been writing prin-
cipally for the benefit Of the plain peo-
pie and the working classes, it willing
ly complies with the request men toned
above An these matters may be con-
sidered too simple and elementary for
advanced students for finance, they
are not expected to give them any at
tention; but the folk, for whom they
are intended, are requested to read
them.
If there is subject today upon
which the people Of the United States
ought to be informed it is that of f.
nance, which is the issue upon which
the great political parties are divided
and which threatens to cause a social
-, al Int in ha
try. In order to know for themselves
the force and meaning of the conflicts
now in progress in regard to the money
Of the country, SO as not to be carried
by any false doctrine and wild and
ruinous theories, the people should be
instructed in all the plain elements OF
finance and SO be ,able to judge for
themselves on all such matters.
"Gresham law" Of money is con-
stantly being referred to in financial
discussions. 1t is the statement of the
fact established by all experience that
bad money always drives out good
money. When two sorts of money
come together in circulation and one
sort is better and more desirable than
the other people will hoard the better
and use the least desirable. Thus
from 1852, when the first green backs
were issued, gold, being the better
money, was hid away and held as a
premium, while the greenbacks be-
came the sole currency in circulation.
and when gold was needed TO pay for
eign bills it had to be purchased at a
premium, which went so high that at
one time it took $2.s5 of paper to pro-
cure 81 of gold,
Gresham law was not named from
the present United States Secretary OF
State, but from Sir Thomas Gresham,
London merchant of the time of
Henry VIII and Elizabeth. Under the
latter he was financial agent of the
crown and was the adviser of the
government in financial affairs. He
was founder of the royal exchange.
The law of money which he first an
nounced has ever since held good.
Free coinage of silver is the real
burden of the financial controversy. /
Free coinage means the right of any |
person W ho has gold or silver to have
it coined at the mint. 1t does not |
mean coinage free of charge, for the
mint has right to exact a fee for all |
coinage, but the free and unrestricted
right to carry bullion to the mint and
have it coined. Free coinage exists
for gold only. The mint will coin any
body's gold just as country toll mill
will grind anybody's corn. But there
is no such privilege accorded to silver.
The mint will not coin private silver,
but only that which has been pur-
chased by the Government. If free
coinage of silver were lawful any sill
yer, whether the property of citizens
or foreigners, or whether mined in the
United States or foreign countries,
could be taken to the mint and coined
into dollars and those dollars, less the
fee for coinage, would be handed out
to the owner of the bullion.
That is what the silver men want.
but it is a privilege which congress
has always refused to grant, for it
would flood the country with depreci-
ated silver. The fact of the situation
are briefly these. The silver dollar is
of s7l.e5 grains of pure silver
and 4i.s5 grains of alloy of no
valne. .the total being 1880 grains. |