The Republican journal. [volume] (Belfast, Me.) 1829-current, 1896-08-13

ness, but by so doing it does not add one
1.-THE to the real value of the coin by call
ing it dollar, excepting as an agent OF
reputation, and although, by this means,
you may be enabled to despoil your credi-
tor of one half his honest due, it by no
means follows that by SO doing that you
will be that amount enriched, as I shall
attempt to convince you later.
Consider these facts! From 1902 until
1873 laws authorizing free coinage of both
metals were on our statutes. The earliest
coinage law in this country placed the
ratio at Is to l. but at that ratio gold
proved the most valuable and was sold
out of the country, as bullion, as fast as
coined. In 1884 the ratio was changed to
16 to l, and at that ratio silver proved the
more valuable, making the silver dollar
worth some two or three cents more than
the gold dollar, causing but very little OF
it to be presented for coinage, and what
was coined to disappear as money and be
sold as bullion. This was the state of the
case in 1873 when the miscalled demone-
tization. of silver took place.
Now what lesson does this inevitably
teach? 1t teaches two things; one is, that
the face value stamped upon coin does
not govern its marketable value, unless
its face value comedies with it's bullion
value. 1t also teaches the fact that when
coins of the same face values but of differ
ent bullion values are attempted to be
circulated side by side that the coins
having the greatest bullion value will dis
appear from circulation and become only
mmodity, even when the difference in
bullion values is small. [ might cite
dozens of instances in the world where
like tests have been made with like re-
suits, but what is the use? Where re-
suits and common sense coincide to such
an extent that it has passed into an axiom
with the political economists of all civil
cation it is useless to carry it farther.
But even should the above conclusions
prove wrong in the end, yet it is so wide
ly believed among business men, not
only in this country but in all others,
that in the event OF an election of an adj
minstration pledged to the free coinage
Of silver, doubt, dstrust and uncertainty.
to an alarming extent, must surely follow
Foreign as well as domestic Creditors
would press their claims to the extent of
their abilities, not only against the gov
eminent, but against their private debt
ols, and as the financial sky would be
clouded by uncertainty, they would be
likely to do SO wildly and unreasonab bly,
All enterprise would cease, excepting in
the business of the sheriff and attorney.
for much l doubt if the strongest silver
fanatic would care to advance a dollar,
excepting in the purchase of silver mines,
and their time would be fully occupied in
securing their outstanding credits under
gold contracts, as Senator Stewart and
other prominent silver men are said to
have already done; and debtors of every
class would be crushed to the wall. So
strong is the apprehension in the minds
of most business men of the disasters to
follow the free coinage of silver, that it
will take more than ordinary proof to dis
abuse them of their mistake in the matter.
if mistake exists.
Should such an improbable thing occur
as the election of a free coinage Admins
tration, House and Senate, year. at least.
must elapse before they can hope to enact
such law, and what year that would
be, and after its enactment at least an
other year would be required to cleal
away the wreckage the previous one
would make. All this would happen, in
my Judgment, should it eventually be
proved that coins of the same face value
but OF widely different bullion value can
be made to float side by side, without the
cheaper coin being made exchangeable by
law into the higher priced coin, and d
government, both willing and able to en-
force it. But should an administration Of
that complexion be chosen yet be unable
to control both houses of Congress, then
this uncertainty will be prolonged for an
indefinite period, which might prove in
finitely worse for business interests than
quick and thorough lesson to the people
showing them the folly they had been led
into, and giving them possible chance to
recover themselves within the present
generation.
But suppose these silver mems theories
are wrong, and the teachings of genera
tions are right? We shall not only meet
the same uncertainty portrayed above,
but we shall at once come face to face
with the certainty that whatever the law
may declare upon the subject, the fact
will remain that gold has ceased to be
money and has become commodity that