Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1896-04-02
Free Coinage of Silver Mr.. Battell's
Attack on Senator Morrill,.


In recent number of the Mlddlcbury
Register, Mr.. Joseph Battell who is the
most prominent among the few apostles
of free silver in Vermont, quotes the fol-
lowing from Senator MorrlIs speech de-
lvered on the LIST of last February:
Heretofore tho government has been
required to buy only fixed quantity of
silver that 1t did not want. and to pay no
moro for it than tho existing commercial
value. But under the free coinage sub
stitutc proposed by the bond bill of the
House of Representatives, the government
will be required to run in debt for what II
does not want, and to give it's notes for an
indefinite amount of silver, limited only
by the annual product of the whole world
and at fixed cost of twice its commercial
value.
This statement Mr.. Battell pronounces
to be false; and he even goes to the
length of insulting the Senator by an
intimation that 1t was Intentionally false.
He says that under tho substitute refer
red to the government does not undertake
to buy silver, at all, or to assume any
obligation whatever in the nature of
debt"
If we can understand the language of the
House bond bill Senator Morrills state
ment, as above quoted, is entirely correct.
The substitute requires the mints of the
United States to be open for tho free coin
age of silver, into dollars of 4l2ts grains.
on the same terms as gold Is coined and
provides that for the dollars so coined
certificates may be issued in the manner
now provided by law and the holder of
this silver may Immediately obtain such
certificates for the dollars into which his
silver Is coined.
Mr. Battell does not seem to understand,
that when the government buys silver. as
1t had to under the act of 1890, or
takes silver to coin, as 1t would have to
take all the silver offered to It, If the sub
stitute referred should become law, in
either case the government gives treasury
notes or silver certificates for the silver
which notes or certificates are legal tender
for all debts, public or private, and under
the policy of the government to maintain
the parity of the two metals are redeem
able In either gold or silver coin, at the
option of the holder or course the silver
mineminers never propose to take and
all the efforts of the u. S. Treasury to
put out silver dollars, 1t Is possible only
to keep in circulation n certain amount
of them which cannot be largely increased.
The silver man under free coinage, would
take to the mint his silver, now worth in
the market say 81 cents an ounce, and
would receive therefor certificates. at the
rate of sl.29 per ounce. This process would
leave substantially all the silver in the
treasury; and would place upon the gov
eminent the task of maintaining at par
the enormous amount of its certificates
which would soon be outstanding. In
practice it would be equivalent to buying
the silver outright, and would place upon
the government tremendous obligations
in the nature of debt. To say that since
the free coinage bill does not in terms
direct the purchase of silver the govern
ment would not have to buy tho silver,
is merely juggling with language. The
practical operation of the process would
be that the government would have the
silver, and the silver mine owners of this
and other countries, would have the gov
ernment's promises to pay them dollar
pouring from the treasury. would soon
be outstanding in volume past all power
of the government to sustain at par with
gold; and we should soon be on a silver
basis. with silver and paper dollars alike
at a tremendous discount
Some advocates of free coinage are frank
enough to admit that such an era Of
cheap money is what they are driving at
1t has been boldly asserted in the pres
ent Congress that Mexico is prosperous
because her finances are on a silver basis
with n dollar worth only fifty cents oil
Whereabouts whenever 1t is taken beyond
her boundary. But the American peopl,
are not very likely to go to Mexico or t
Mr.. Battell for lessons in finance; and tn,
majority of them prefer sound money
good everywhere at its par to cheaI
money and bankrupt treasury.