The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-05-21
FREE COINAGE FATAL.
continued Ion SO Page.

Continued from Sixth Page.
,,-.-. would the silver dollar itself be
-4 That it will not be equal 10 our
--- unit and standard OF value is not
omitted but openly urged as one of
- chief arguments IN favor OF its free
sra Everywhere the people are be-
-7ld that under free coinage Il viii
hire twice as many dollars 10 procure
- given quantity OF commodities as are
,i-sl now. and this means, Of course.
d. -ra money will be only one-half as
/ -.shfs as Il is now. When the public
r-rert is finally passed upon this sub
~. think it viii be found that the peo-
(, y the United States are determined
-. p, have "A deprecated dollar. whether
/. ID. gold. silver. or paper. They are I'M
s-.bfesly entitled 10 have for use in their
F-s.ress just as good money as any other
4 ..,-.. i'm the world have. and no political
,--r hat attempts to deprive them OF II
. v.T ever enjoy their confidence or receive
,faf- sunrages.
Those Of us who oppose the free coinage
4 NJ silver at the ratio Of Is TO / are propos-
ir- no change in the measure or standard
n value now existing, nor are we propOs-
ID 10 discontinue the use OF silver as
money. I have never been, and am not
NOW unfriendly to silver in the sense Of
& 1s-irfng to see il excluded from the none
. O.
ann other country. but 1 know that 1t can
nj be kept in circulation along with gold
by means Of any ratio the law OF any one
4 country may attempt to esta blish between
rio TWO metals and that the only way to
secure the use Of both at the same time is
10 make one of them the standard of
value and so limit the coinage OF the
other that the government which issues
rram and receives them for public dues
T,e d Mt II times mn a baf.
IsNrhangeability, either directly or indf-
rectly through the operation of its fiscal
system / am. therefore. in favor Of the
preservation of the existing standard of
value with such use of fun legal tender
silver coins. and paper convertible into
coin on demand. as can be maintained
without impairing or endangering the
credit of the government or diminishing
8the purchasing or debt-paying power of
the money i'm the hands of the people. This
|is what ] mean by the terms sound
hucuey." and, in my opinion, II is what is
Hmeant by an overwhelming majority of
+ the opponents of free coinage at the ratio
f OF 10 to l. This is neither gold monomet-
|ausm, nor silver recommendation, but
10 means that one standard or
measure Of value shall be maintained.
and that an forms Of standard coins in
use shall be kept equal TO that standard in
the purchase of commodities and in the
Il lyment Of debts. Any policy which would
discontinue the use of silver as money, by
direct legal enactment or by undcr-valu-
ing It relatively TO gold in the coinage
laws, would certainly result in practical
Eoll monometallism, and, on the other
hard, it is equally clear that any policy
which would discontinue the use of gold
as money, by legal enactment or by under
valuing that metal relatively to silver in
the coinage laws, would result in practi-
cal silver monometallism. Free and I'M
limited coinage at the ratio of IS to /
would at once establish silver monometal-
Ism, pure and simple. for, as already
hoWn, the coins of the over-valued metal
VIII ultimately drive the coins of the other
out Of circulation and out of the country.
even when the legal ratio varies but a
small fraction form the commercial ra-
i', but the expulsion of the under-valuei
tn from circulation would be instan-
''nfojs when its value is really dodble
the value OF the other. How long do
you suppose the {6Z5. OG0. 900 of gold in this
country would remain here and be used
as money under such a policy? The bank
in" and other great financial institu-
TONS, which own and hold in their re-
serves much the greater part of this gold.
would at once sell it at a large premium
Tor s.iyer-about two dollars for one dol
| .eI-or they would exchange it for silver
bullion In the market at the ratio of about
81 pounds of silver for each l pound of
gold have the 80 pounds of silver coined
INTO collars at the expense of the peo-
l!e and with this cheap money pay the
demands Of their depositors and other
creditors The masses of the people can
not do this, for they have no gold nor
nave they any silver bullion to be
coined at the expense of the govern
ment.
But it is said that although the masses
o. the people have no bullion, many Of
mem are in debt and that the free coin
age Of silver would increase prices and
give them more money. thus enabling
them to discharge their obligations more
easily. The merit of this argument will
be judged by each individual according
70 the view which he may take Of the
nature OF his obligations to the people
VINO nave loaned money or sold property
70 him If man who has borrowed a
thousand dollars in gold, or its equiva-
ienl' ana has promised TO pay it. or has
purchased a thousand dollars worth of
aHotner mans property and promised to
pay Tor II IN the standard money recog-
Mica By law at the date OF his contract
neHeVes That it would be just and honest
~ uscnarse his obligation in new
e''HuaFu worth only half as much as the
."oHtE ne borrowed or the property he
bNl chased he would appreciate and in
use inns argument and it would be use
Iss 10 discuss the question with him.
,'t H. as l have already endeavored to
s"oW' the immediate effect of the adop-
1oH Oh a free coinage policy at the ra-
uo OIL l5 10 l would be to contract the
CCNlithcy TO the extent of about s625. OOO.-
pl the withdrawal of that amount
u eold from circulation and from use
o. IAe OASIS of notes and other forms of
~ cult prices would not even nominally
%"'anee. On the contrary, for the time
ms al least, this contraction would
si'duF reduce prices because it would
' ar III the country, destroy credit, and
e..1ouDledIy produce. the most serious
,-''a"eIdl disturbance this country has
N,ety witnessed. Every depositor in the
TasIngs and other banks, fearing that he
,.ii9I ultimately be paid in FIRE silver,
5'i1 Ultimately be paid in deprecated sill
80 would Immediately demand the return
~ ms money and this would compel the
an -N ~ 10 call at once for the payment of
H. me notes and other securities they
,t discounted for their customers. and
c tohtraction of the currency would
A. - an increased demand for currency
lg very time when it could not be OBJ
,,steI' and thus the difficulty of the sit
TIN n would be increased by both causes.
-