The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1895-07-11

by way of legislation is that, notwith--
standing the low price for which it has.
| been selling, the fabulous fortunes that
have been accumulated from its produe-
ton. From 155 mines producing silver
it was ascertained by the director of the
mint in 1887 that the cost of producing an
ounce of silver was only 52.4 cents. The
price is now about GO cents and the
owners of mines wish us to appreciate the
value until they can realize $1.29.
In view of all the evidence we have be-
fore us does any one believe that to open
our minis would have any other effect
save TO debase the value of our silver coin
and force us to q silver fasis?
| What would be the result of such
policy? Our silver dollar, which is now
worth 100 cents all over the world, would
instantly drop to its bullion value, now
about 30 cents, and our 100000 of
gold would instantly disappear from cir
culation. No argument is necessary to-
prove that gold and silver would not cir
cuate side by side when one was worth
outside of our limits twice as much as the
other.
Look over the face of the earth today
and see what nations pay the lowest wages
to their labor and have the smallest cireu-
lation per capita. Mexico is one of the
greatest silver producing countries of the
world. She has free coinage of both gold
and silver, and yet her per capita circu-
iation is only SAL; Al cents being in
gold and IL CENTS in paper. India, that
only recently suspended free coinage, has
a per capita circulation of 1898. Com
pare the circulation of these free coinage
countries with that of the nations which
limit coinage. The United Kingdom has
$141S in gold and $2.SS in silver; France,
$2154 in gold and $12.S5 in silver; Ger
many, $12.65 in gold and$4.35 in silver;
Belgium, SS.S7 in gold and $3.50 in silver,
while we have 5000 in gold and $9.0S in
silver. Mexico coins about $25,000,000
of silver every year-her coinage during
the last three years has been largely in,
excess of her present circulation. The
reason is this that her coin is only domes-
tic money; its commercial is equal and;
sometimes greater than its monetary
value; hence, it Is nothing after all but
a commodity, and is dealt with as such.
1t is not apparent that the free coinage
of silver means change of standards
with us; yea, it means more! 1t means
am abandonment of the standard and the
adoption of fuctuating base by which
to measure domestic commerce. Who can,
contemplate the decentralization, the wide
spread ruin that would result from such
a policy? Let it once be definitely set
tied that such is to be THE policy of this
government, and every creditor will de-
mand payment of the obligations due him.
Every depositor in a bank will hasten to-
check out his balance, and every
bank will be driven to resort
to the most radical measures to-
collect its loans. The consequence would
be such a sacrifice of securities. such u
shrinkage of values, and such distrac-
ton of credit as would entail universal dis
tress and suffering. The benefits which
debtors see skirting the edges along the
pathway of this storm would be swallowed
up in its vortex and dashed to pieces
amidst the universal wreck and ruin that
would mark its course.
1t is said that the bankers are opposed
to free coinage and therefore every other
class ought DO favor it. There is no class,
in the country that would be so much ben
efited-that would reap such a rich har-
vest-as the bankers, if we could pass
from a gold to silver STANDARD with as
little disturbance as the friends of free
coinage would have us believe. That one
dollar of gold would instantly become
worth two in silver no one can seriously
doubt. As an illustration of the beneiifSe
bankers would receive by transiEioG.
from the gold DO the silver standard. ac-
c0mpanied by no other evils than the mere
changing of the money, take the Indiana
National bank of Indianapolis: VI has
within its vaults $1,000,000 in gold The
moment free coinage should be adopted
the. owners of that bank could convert
their $1000,000 in gold into $4,000. 900.
of silver of equal debt-paying power--pay
off $l.000,O0O of deposits with silver and
have the other $1,000,000 left as a clear
profit. Why, then, some one may ask.
are they not in favor of free coinage? 1t
is because they know that the moment
IT is ascertained that we are likely to go =,