The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-07-01

cnltingu on private account, DO restored
to It's price before 1873, that would ben.
cfbno one but The producers OF silver.
| Az we nil know for more than n quarter
OF century before 1879, STANDARD Rll.
yer was not coined for purpose of cir
culatlOn.
'Vrhlri- hut the fundamental fallacy
on this point, land 1t seems to DO enter
tained even by some who do not believe
In the independent FREQ coinage OF ST..
yer), consists In taking II for granted
that free coinage wouldn create some
demand for silver II can easily DO
shown that Il would not create any de-
mnnd whatever, Let us examine the
matter
"Wkat does 'freo coinage rs II IL
called, mcan7 1t does not mean that
tho government would buy any OF the
silver, not an ounce. The government
would simply receive the silver from It's
owner, stamp It aud hand II bnck to
him. DOCB that create any donland for
silver? IlurkwheUt flour Is now used
to limited extent for food, Tho de-
manl for buckwheat Hour IN entirely
duo 10 this fact. Would opening new
huckwhoat flour mill create any de-
mand for buckwhGat? Certainly not,
my moro than the reaplng and thrCsh-
Ing did. These arc all slulply steps In
preparing the supply. Tho market
would still have 10 be found In compc-
tltlon with other kinds OF flour.
And similarly tho open mint" would
create no demand whatever for silver
any moro than the mining or smelling
does; these are all simply steps In pre-
pairing the supply. The demand Is IN
the need OF money OF various kinds with
nh In ~
OF tho coin would still have to 20 forth
and find market for this kind OF mo-
nGy In competition with other forms
OF money. The mintlng would, there
fore not create any demand for the
silver, but would simply put 1t into
shape to meet whatever real demand
there might be for silver coins, IN the
channels OF trade In competition with
other forms OF money.
"And, because OF the bulkincss OF sill
yer in proportion 10 It's value, the de-
mand for silver coin In actual business
is very limited. AS a matter OF .lct
there Is more silver coin In this cuun-
try to-day than can be used as coin.
Experience has shown that the husi-
ness Of the country needs about It!1,-
100000 In silver coin OF all kinds, IN
Guiding miner coins. But We already
have stock Of silver coin amounting
10 over $500 00O, 900. So there is absolute
~ no trade demand for more silver coin
age for some time 10 come.
And this the producers OF silver well
understand. Indeed, the men who irnm-
cd the free coinage amendment nave
embodied In It their admission OF this
fact. TTh4 very first paragraph OF the
amendment contains the following
clause:
"iAnd whenever the said coins here
In provided for shall he received Into
the treasury, certificates may be issued
therefor In the manner now provided
by lnw.'
what does this clause show? Why a
moments thought will reveal Its mean
Ing. Ii Is an open confession on the
part OF these most rampant advocates
of free coinage of silver that they fully
understand that no demand exists In
the channels OF commerce for more SILL
yer coin than We now have, and that X
more silver were coined 1t would soon
be returned to the treasury to be stored
at public expense. This clause. stultl!les
their whole contention"
Their Inconsistency.
The above explanation shows how
prone the silverltes are to use "catch
phrases" with which to fool the people
by irving TO ankle them believe they
know II all. But Il decelyinG the poo
ple in order TO get votes was the worst
phase of the situation, they might be
left to the common sense and good judS-
ment OF the American, voters. But
look ut this. another and worse Tea
ture OF the attitude of these govern
ment despUilers who profess TO be Snid-
ed by the constitution.
In one breath they want the money
OF the constitution" and In the next
they would violate one OF Its express
provisions.
Ex-Governor Boies. who Is the recog-
nIzed leader OF the western Democracy.
In answer TO the question propounued
by the World.-''If the adoption OF free
coinage should make all our paper and
silver money worth about sixty cents on
the dollar IN gold. would not the enor-
nous shrinkage produce the greatest
panic ever known In this country"
REPLIES that there would be no excuse
for a panic, unless It were preclpitated
voluntarily by the creditor class. II
this should be done, the people OF the
nation who do not belong 10 the credl-
Tor class would be fully competent 10
defend themselves, through laws
which they could easily make. and
which they would be entirely justified
In making, II q necessity therefor
should be crcated."
This means. in Other words, that II
the free silver advocates are successful.
and II Mr.. BoleS should be elected Pres
ident, and creditors through fear OF
loss by deprecated money should pro-
coed to collect what was due them,
these people (thc sllveritcs), would pass
laws prohibiting any such thing, |. e.,
collecting debts due upon contract. In
other words, they would violate that
express provision OF the constitution,
which reads:
mo state shall pass amy law I'm
pairing the obligation Of contracts
Cart. /. sec, 100
Such talk only shows to what length
these silver men win go In order to ac-
complish their purposes.
w. II. TeINEHART.
Wheeling, June %, 1896.