The morning times., 1896-08-08
Argued From a silverite Standpoint.

tion from sound money standpoint sincerely believing
that the safety of and the welfare OF work.
ing people demand that policy In following out that
belief, attempt has been made to show that
debased monetary standard would involve serious imam
cia disturbances and that breadwinners would be the
principal sufferers. Our present financial system is the
only practical illustration of bmetalsm possible under
existing conditions and with all the great commercial
nations opposed to free silver would be freak of
financial folly adopt that standard under the pretense
that it is bmetallism At the present time we not only
circulate but maintain parity 5000 900 in gold
600 900 in silver and $685. in paper every
dollar of which is unHuctuatng in value and possesses
equal money power in all business transactlons and
there could be better illustration of bimetallism
This parity could not be maintained with the financial
policy advocated by the silvertes Silver is cheaper
gold, and when given full legal tender power
would naturally force the valuable metal out of
as money. Gold would go to premium and be with
drawn from circulation in order to make it object OF
speculation Such of it is doing duty money
in and deposits would be replaced by silver
legal tender Our monetary system would IN that way
contracted to the of its entire gold money
But the object of this editorial is argue for free
silver from the silvere side of the question: for the
better purpose of showing its utter inconsistency Let
that Congress had enacted free coinage law
and that the silver policy in full force The hrst
thing be considered then is ability to force silver
parity with gold and provide for increase OF
inadequate coinage facilities, could the country
dure the long wait necessary to increase intage
pacity Therefore, it would be absolutely to
establish purchasing depots and issue silver certificates
against the purchase Of bullion This would not be free
coinage, approach to that policy, but it
would satisfy the demands of silver producers and be
exaggerated and unlimited reenactmen of the Sherman
silver purchasing of 1890 1t would also have another
feature that will commend itself to siverites. By the
lavish of silver certificates market could be made
for the worlds surplus silver and its price forced to
gold parity. The worlds entire silver product of 1894
amounted in coinage value to s216, 946 400, of which
S106 945, 740 nnted by the different nations and
s3 $40 6S1 used in the industrial arts. Estimating
from these figures it would be imperative for to
chase the unmarketable surplus of 400 of bullion
to bring silver to parity with gold. But it is more
than likely that when mine Informed that
the United States had contracted by act of Congress to
purchase the worlds silver supply at its coinage value
S129 they Would largely increase their output
and this surplus would at least. be doubled To be
tirey fair, must calculate increase and will
place the amount of the surplus at $780, OOO For
prudential gold would not remain circulation
although silver would be at parity. Capital would
gard the silver purchase scheme chmerca and short
lived and would therefore, gather the gold for specu
aton. Prices would not RISE because would be
parity basis, which continuation of the present
gold value Consequently there would be business
revivals. money would not be easier to obtain and it
would take FIVE years of bullion purchase $00 600
year, replace with silver certificates the of
gold contraction. The fear that could long
the strain of purchasing the worlds silver at
inflated price would also prevent investment, and the
depression would be made by this increased
loss of public confidence. One class of people, however
would in the financial swim clear the tips of their
The added profits of the silver barons would be
s47 OOO 900 year, created by the sale of their bullion
the United States for S1.29 ounce, instead of its
present price of 81 cents in the worlds markets.
Let us see how this kind of free silver would affect
wage 1t is frequently claimed that the gold
standard has impoverished the mining States and thrown
most of their working people out of employment. The
report of 1890 gives 444 the total number
of wage employed in the gold and silver indus
of this country Of this number 22 025 work above
ground and a. 19 employed beneath the earths
face and to properly separate them and ascertain how
many engaged in producing silver is necessary to