The Caucasian. (Clinton, N.C.) 188?-1913, 1896-09-03

PuDiIC. now are the silver dollars
now IN use different from those
which would be in use under free
coinage. They are to be OF the same
weight and tineness; they are 70 bear
the same stamp Of the government.
Why wonld they not be Of the same
value? | answer: The silver dol
lars now IN use were coined on ac-
count cf tho government and not for
private account or gain, and the
government has solemnly agreed to
Keep them 81 good as the best dollars
We have. The government bought
the silver bullion at its market value
and coined il into silver dollars.
| Having exclusive control Of the
| mintage, it only coins what il can
hold At party with gold. The
| profit, repre- seLt!ug the difference bG-
tween the commercial value of the
| silver bullion and ths face value of
| the silver dollar, goes 10 the govern
ment for the benefit of the people.
The government bought the silver
bullion contained in the silver dol
| lar at very much less than It's coin
age value. II paid il out to its crodi-
tors and put IL IN circulation aln0rg
the people at its face value OF OF one
hundred cents or full dollar. 1t
required tho people to accept it as a
legal tender and Is thus morally
bound u maintain it 1T parity with
gold, which was then, as now, the
recognized standard with us, and
the most enlightened nations IN the
world. The government having is
sued and circulated the silver dollar,
it must honor and protect the holder
from loss. This obligation it has 50
far sacrediy kept. Not only is there
Il moral obligation, but there is Il
legal obligation expressed ia public
statute, to maintain the parity.
a PROPHET OF EVIL.
These dollars in the particulars
| have named, are not the same rs
the dollars which would lie issued I'M
der free coinage. They would be
the same il form, out different in
value. The government would have
no part In the transaction, except
TO coin the silver bullion into dollars
1t would share III no part of the
profit. 1t would take upon itself nc
obligation. 1t would not put thi
dollars into circulation. 1t could
only get them rs any citizen couiC
get them by giving something fol
them. 1t would deliver them t.
those who deposited tho silver, ant
its connection with the TRANSACTION
| .,lc Sob
dollars which would be issued IN
der free coinage Of silver at q ratit
OF l6 to |. Who would then main
tain the parity What would keer
them at par with gold? There woult
be no obligation resting upon thu
government to do it, and if there
were, it woald be powerless to do it
The simple truth is we would D
driven to q silver basis-to silve
recommendation. These dollars, thore
fore, would stand upon their rea
value. If the free and unlimite,
coinage OF silver at ratio of Il
ounces of silver to one Of gold, q
some of it's advocates assert, make
fifty-three cents in silver worth crt
hundred cents, and the silver dolla
equal to the gold dollar, then ".
would have no cheaper money thal
now, and it would be easier to get
But that such would be the result i
against reason, and 1t is contradict
ed by experience in I'll times and al
lands. Itmeans the debasement 0
our currency TO the amount OF the dit
ference between the commercial aut
coin value OF tbs silver dollar, whiol
is ever changing, the effect would b
: to reduce property value, enta1
untold financial losses, destroy con
, fdence, impair the obligations 0
existing contracts, further lmpoy
: erish the laborer and producers c
the country, create s. panic Of ur
= paraileled severity, and intijct upo
: trade and commerce a deadly blow
S Against any such policy l am una
terably opposed.
a Bimetalhsm cannot be secured b
: independent action on our part.
4 cannot be obtained by opening on
f minis to the unlimited coinage Of II
: silver Of the world, at d ratio Of ST.
s teen ounces Of silver to one ounce {
t gold, when the commercial ratio
n more than thirty ounces OF silver
d one ounce Of gold. Mexico and Chin
t have tried the experiment. MexiC
y has free coinage of silver at a rat
r slightly in excess 16a ounces OF 81
s yer to one of gold, and while h,
It minis are freely open to both meta
g at that ratio, not q single dollar
gold bullion is coined and circulate
# as money. Gold has been driven Q,
@ of circulation in these countrie
y aud they are on silver basis alon
= Until international agreement is az
n it is the plain duty of the Unite
" States to maintain the gold standar
70 1t is the recognized and sole stan
q ard of the great commercial ratio
g. of the world with which we ira;
l. more largely than any other. Eight
Of four per cent. of our foreign ira
Id for the fiscal year 1895 was wi
lie gold standard countries, and O
or trade with other countries wss 81
ks tied on 3 gold basis.
le' THE DOUBLE STANDARD.
y After pointing out that the Unit
I1 States has now more silver than e
~ in circulation, Major Mckinley &C
6 tlnues:
- - On the 22nd of August. 1891, ii
W public address, l said: ''If we cot
have an International ratio, which
the leading nations of the wo
at would adopt, and the true relatl
a be fixed between the two metals, g
tn all agree upon the quantity Of sill
he which should constitute doll
he then silver would be as free and |
re- limited in its privileges of coinf
ch as gold is to- day. But that We hs
NY not been able to secure, and W
te. tho free and unlimited coinage
on SILVER adopted in the United Sta
I'D st the present ratio, we would
Sc. sill further removed from any
by teruational agreement. We Il
cir never be able to secure it If we en-