The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-08-16


amount and cost of the silver bullion pur-
chased under the acts of 1878 and 1880. ana
its value at the present market price,
showing a shrtnksge of over sl45.oc. 90.
"'Hon. John Sherman. Mansfield. o.
Sir: / have the honor 70 state. in reply
70 your letter OF the 18th inst. that the
aggregate amount and cost OF silver bui-
lion purchased under the act of February
Is. 1878. and July IA. 1850. was a. follows:
Fine ounces Cost :,
Act Feb. r. 1878. 81. q, IS 80. rs, $50 q
Act July IA. 3d.. les. esq., 50 i5s,sSl. COZ %
Totals $50. =. .4ss. ~. 7m 90 s4s4. so. $50 -
worth at todays market price
for silver. namely $.69A2 Per
hne ounce ..........".........$0S .osc siO.fo
Loss In purchase ND. 81. So q
RESPECTFULLY yours,
".R' Il, PRESTON. Director Of Mint
I'VE had on July / last in actual circu-
htfon among the people OF the United
States s., 500. rs 30. as stated by the report
OF the treasury department.. which l viii
read:
Gold coin ACKNOWLEDGEMENTS ass 12s, 4S
Standard silver dollars 52.lso.seS
Subsidiary silver ................. 5SsJs,suo
Gold certificates ................. 42.S1O. Io9
Treas Treasury notes notes act July II. 80 ss2is,ssl
currenoy cert. act june s. lisa a.s4o.oOo
National bank notes ............ 3i5.Ssl,eY
Total g. 500. 525. 200
1--WE had also at that date s6Si. 6ls. 96i in
the treasury. mostly gold and silver. held
for the redemption OF United States notes
and silver certificates. a. follows:
Gold codn Observation-Disclosures jill ~, so
Standard silver dollars ........... s7ssl4.oI3
Subsidiary silver .........-......... L. 10 s.o
God ceruhcates ....-..'...'.'.. a. $500
SrsssuF esr notes &C. july IL isso sis
c cnisd s's eers notes sst Jun. s ises
National bank notes ...........-.. lococ,oN
IAN these forms Of money have been
maintained by the government on q par
with gold. and they travel the circle OF the
world without diminution of their pur-
chasing power. Though silver bullion has
fallen TO nearly one-hah its former value.
yet we have used IL and maintained silver
coin made from II at . parity with gold
at the ratio OF 1s to 1 But We are now
brought face TO face with a proposition
which II agreed to. viii make silver tbs
sole standard OF value for all debts and
credits, for the wages Of labor and the
purchase and sale Of property.
What Would Follow Free Coinage.
The Democratic party at It's recent
convention at Chicago adonted resolu-
ton I'm favor Of the free coinage of silver
at the ratio OF Is parts OF silver 10 OF
gold We know that in the United States
and in all countries In the world thirty
ounces or more OF silver can be purchased
by one ounce OF gold. With the free coin
age OF silver gold viii be demonetized
Nothing can be more certain than that
the cheaper money only VIII circulate.
The United States has thus far maintained
its silver coins at parity with gold coins
only by its exclusive monopoly OF coinage
and by limiting the amount, but with free
coinage there could be no limitation. ST.
yer bullion IN every form VIII be pressed
upou the minis and with the mandatory
duty OF free coinage silver dollars VIII
soon fl the channels OF circulation and
the gold dollar will be hoerded or VIII be
sold as commodity al about 1874 cents OF
the silver coin Silver viii stand as the
par OF value and gold viii be quoted at
tts commercial value.
LET us contemplate for q while the in
evitable result OF the free coinage OF
silver even II I repeat what ! say. II
would violate every contract for the pay
,nent Of money made since January /.
1872. The resumption act which went into
operation on that day provided for the
n-rnent IN coin on demand OF all United
States notes presented for redemption.
All forms OF money. whether OF silver or
gold or paper. were then maintained at
maintained ever since. During all this
period gold and silver coins at par with
each other have been the standards OF
value of all loans. contracts or purchases.
and the faith OF the United States was
pledged fer their maintenance at parity
with each other. Although silver bullion
declined tn market value, the coins made
from It have been kept at par with
gold coins az the legal ratio of Is 70 /.
But II the free coinage of silver Is author
tied. then the market value OF silver bal-
lion will become the standard for pay
E-S2ts on all contracts made fin the past.
the present or the future -Four hundred
and twelve and one-half grains Of stand
ard silver bullion. worth now = cents.
can. with free coinage be coined into a
dollar upon the demand of any holder of
such bullion This dollar is delivered 10
the owner 81 the bullion. and is not sup
ported by the fiat OF the government. The
government does not undertake 20 MAIN
tain its relative value with gold. The
government stamps Il This IS a dollar
Its purchasing power IS s. cents It's debt
paving power Is 81 OF debt. bur in the
purchase OF any article Il IS worth g
cents for the seller Os the article can
fix his price according 70 the kind OF
money offered. Il is the doctrine OF the
Pouulists and the anarchists. but is in
direct opposition 20 the traditional policy
OF Thomas Jefferson. Andrew Jackson
and the Democratic party.
The Dishonesty Of Free Coinage.
when We contemplate the great amount
% debt ard credit that Is unavoidable fn
vast BAT new country Ike ours. We
naturally shrink from any uea sure that
viii either rob the lender or do Injustice
20 the borrower. II IS impossible TO e.
innate the wrong and Injustice that viii
30 done - creditors by the scaling Of
nearly one-half % the debts due them
The very threat 20 90 u viii Lead 70 me
pro.nDt sa1 harsh collection OF debts b.
fore free coinage can become a Jaw II
Is certain that before a free coinage hfli
car become a law the wide Gsstrssst cau<aH
~ the pending % such n measure win lead
% the rapid collection OF debts ard the
sacrifice ~ property. and deepen the *
isrgnx financial difficulties growing out OF
insufficient revenues FOR the national as
well as Cor msny state governusaN II
Is sometimes said Of creditors that they
are hicodshIrsty Shylocks, ars<fosrsts
bloedsuckeTs. ext0rtioufsts II nay D.
that there ere among money lender. soma
mea @ho rlsrlt spirhets bat the rrsa.
6o4E % the creditors % car country arr
an1aag the thrifty, Industrious s-4 INTEL