Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1895-10-18
DIR. HILLS PAMPHLET
SUPPOSED sILveRiTe WRITES
AGAINST FREE COINAGE.


1t Would Lower Our Standard OF Value
and Would Not Give Us 10 tot Coinage.
A Pamphlet Which Hns Dumfoundcd
the Free silver People.
DR.. w. P. Hill of st. louis has just
written pamphlet entitled Argument
Against Free Silver Coinage Mt 10 to
J." which has dumfoundcd the FREQ sill
yer people. DR.. Hill is the Youngest son
Of the lato Britton A. HILL one of tho
ablest champions of fiat money of tho
old Greenbacll party. DIR. Hill was edu-
1t has been generally supposed that ho
would follow in the footsteps of his
father and advocate cheap money. There
is little doubt but that he mado u
special study of finance for tho purpose
of securing arguments against tho gold
standard. Study changed his opinions,
as is apparent from tho following quo
taton from his excellent pamphlet:
Many people innocently imagine that
the free coinage of silver is simply u
proposition to opcn our hints more
freely TO silver and to maintain our
money ut its present standard of value
on the gold basis, and that by adopting
free coinage w6 are not going to tebaso
and lower Tho raluU of our money. but
raise tho price of silver all over tho
world TO II lG to ratio with gold.
There could he no greater mistake.
They fail to SEQ that il also involves q
change i'll our unit standard or meas
urc of value.
If the proposition was that tho United
States should give n gold dollar for ev-
cry 37lA grains of pure silver brought
to the mints, then that would really be
All attempt on the part of Our govern
mcnt to raise the price of silver, and
how long wo could raise it would do
pend on how much silver there was in
tho world and how much gold we had.
But this is not thc proposition. Tho free
silver idea is that We must stop insult
ing the silver dollar 10y rcdccming it
and giving ~ gold dollar for it, and
their proposition is simply to stamp us
II dollar every 4l2ia grains of standard
silver brought to tho mint, and that
this piece of silver SO stamped shall DO
our unit or measure of value
Is it possible to bolicvc, when tho
the new law shall say that 412ia grains
of standard silver shall constitute the
value of our dollar, that the dollar will
be worth amy more than that? Under
tho present system wo have issued mil
lions of silver dollars on tho ratio Of 1G
to /. The world has steadily refused to
accept onr dictum us to their valuo, and
wo are compelled to maintain Il largo
gold reserve, and not only stand ready
to redeem all those dollars, but also
constantly to redeem many of thom in
gold to maintain tho'r valuo.
We aro staGgcl ny un'ler our load
how with our pre- sent silver circulation
and have difficulty Ga mniltain onr gold
reserve. Will our load be lighter when
we undertake to coin tho worlds sur
plus of silver? Will tho world accept
our dictum moro readily, when, on tho
ono hand, We will loudly assert tho / G
to ratio, and, OH the other hand, rcso-
lu,oly give tho lie to our own words by
refusing to exchange them at tho ratio
of 10 tn !, which is tho only way VIC
can mako our words count for anything
The director of the United States
mint estimates tho coined silver money
of tho world ut $1,000, roo, 900, which
is about b3 per cent of the total OF the
coined silver money more than s., 900,
600, 900 passes current at exactly the
same valuo ms the silver bullion i'll the
market, and would flow just like sc
much bullion to any place where il
could obtain n higher price The
worlds annual production amounts tc
: 5000, 900, 900; the annual production in
this country alone to $SI 600, 900. Oul
gold reserve amounts to barely 500,
900, 600
Suppose that by free coinage wo could
possibly raise the price of silver in this
country to double what it is now-wc
need not say double, but even fraction
moro than now-docs any mani need to
be told that that would start flow OF
| silver to this country, and that our lit.
tie gold reserve would be completely
overwhelmed, and that tho mighty
strenin would never stop flowing unit
all vestigo of higher price had beer
completely annihilated? And when thai
had been accomplished, does any mal
need to DO told that our dollar woult
simply no worth what 4l2l5 grains OF
standard silver would be worth in the
market as bullion? This fact is unan
swerable-therc is no FREQ silver country
in tho world where tho dollar or unit q
value is worth ono particle more than
tho silver i'll it as bullion in the market
Our attempt would bo about us ride
ulous us if we tried to stop the ebb ant
flow of tho ocean tides by an net of con
gress, or to regulate the movements O
the planets.
"Defuelized" Wood.
LIBERALIZATION" is new word added