The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1896-11-01
TO TRUST TO A THEORY.


before Washington audience with a
silver dollar in his hand. What is
that Worth?" he asked. A voice re-
Piled Zone hundred cents" Correct.
Now suppose it to be a disc of silver of
that size and thickness, what would be
Its value?" About SO CENTS replied
some one Correct again. Now what
makes it of 100 cents value?" THE
stamp of the Government" replied the
voice. Correct again." shouted the
speaker. Great appIause.)
1t is with such stuff as that that the
attempt is made to fool the people. The
silver disc would be WORTH as stated,
b5 cents. The stamp of the Govern
means add to the actual worth. 1t
would be just so much silver bullion
STILL But its purchasing power as a
legaltender is increased by the promise
Of the Government represented by the
stamp?
What is that promise?-to keep the
silver dollar as good as a gold dollar.
How is that done?-by keeping gold be-
hind 1t. How else may 1t be accom-
plfshedP By the agreement Of the
great nations with which we deal to re-
cognize and receive the silver dollar
With that promise backing it, precisely
as we receive 1t to-day. That is inter
national agreement. Without 1t the
silver disc will have dts bullion value
only in the commercial world and we
are off the earth when we get out of the
commercial world, If history teaches
truth.
The radical silver men-not true BIZ
metalnsts-seek TO impress people with
coinage the Government stamp will
make less than 100 cents Of real value
a dollar. When they use the words
zone hundred cents" they admit away
a promise, since the words mean prac-
tica.lly 100 gold cents, for 1t Is by COM
parison with gold only that they meas
ure the gold dollar.
Suppose we had free coinage to-day at
is to 1, would the bullion value or price
of silver be increased? The reply of
Mr.. Bryan is, 1--WE believe that 1t would"
But the American people are not likely
to decide a great financial question upon
the belief Of political orators and advo-
Gates. They want to know, not to theo
rize 1t is claimed In the dialogue
quoted that to take a certain amount of
re- -
thereby double its worth; that the
mint mark increases its value as a legal
tender coin. It Is not claimed that it in
creaSes its intrinsic worth, because If
that were true all uncoined silver could
be doubled in worth by a mint stamp,
and the same rule ought to operate in
the same way with everything else on
which the mint stamp may be i'm
pressed.
The difference between the bimetallic
system Of to-day and the system the
radical silverites would enforce is this,
that the Government coins to it's own
account; whatever profit 1t makes in
doing so is the profit of all the people.
Under free coinage the minting will be
on private account, and the profit viii
be to the owners of the bullion only.
The Government does, for its own use,
aff1x a stamp to bullion and give it legal
tender quality on the basis of a solemn
agreement to hold and keep 1t as good
as another kind of bullion similarly
stamped, and which is accepted by the
commercial world because Of it's in
trinsic value.
In the one case the Government pays
out TO its creditor, great or small, bull
hon really worth 100 cents, according
to the worlds values. In the other it
pays out bullion worth 50 cents only,
but guaranteed for 100 cents by the
promise to back it with coin of the
other. of 100 cent value In the COM
mercial world. The AZ cents of promise
IS really At cents of acknowledged in
debteiness by the Government to the
person to whom it pays it
This agreement or acknowledgment
means the maintenance of the parity
between the two orders of coin. 1t
involves the obligation to receive either
coin back when offered to the Govern
ment as 100 cents. AS long as the
Government is able to keep that prom
;se. maintain It's credit to that extent,
tha silver 53-cent dollar Is current for
100 cents. It is confidence in that Gov
eminent that 1T will keep its promise
ard maintain the fertilization about
the silver dollar that gives to it 100
cent price and tender value, and re-
o,,,rez 100 cents worth Of commodities
to buy 1t.
When a menace comes, such as the
poss,ble election Of Mr.. Bryan, that
,veakens the defense and shakes con-
fdence in governmental ability, that
moment the silver dollar VIII fali TO
q. real value. Under free coinage the
silver disc will go out upon its own
face. 1t will not have Government for
t,fication. It win be PAID out Dy the
oustomsr who brings the silver N It's