The weekly Thibodaux sentinel and journal of the 8th Senatorial District. [volume] (Thibodaux, Lna. [i.e. La.]) 1875-1898, 1896-06-13
O FREE

A silver dollar now passes as the
equivalent of II gold dollar. because
the government has guaranteed its
parity with gold. hnt under a free
coinage SYSTEM at il legal ratio of 16
TO /, when the commercial ratio be-
the two metals is nearly as 20
to !, the silver dollar will fall to its
intrinsic value which as compared tG
the gold dollar. wi b some where
about sixty cents.
Now, gold is the recognized money
standard of the principal nations Of
world and as long as it remains such
standard, values Will be measured hy
it including the value of silver money,
just as tae silver money Of the conn-
tiles now on q silver basis is now
measured by the gold standard in all
the markets of the world.
T., be- sure, the United States Of
America. are tn day Il strong and
wealthy nation. but with all the energy
aud resources of this yonng nation. 1t
is not Net equal to the task 81 iegula-
ting iy itself the monetary system Of
tho world and to raise the price of
silver to that of gold by returning to
the system of free and unlimited
coinage at an arbitrary and fictitious
ratio between the two metals.
Under a well established law OF
commerce, the adoption Of the pro-
posed system of free coinage will at
once drive gold out Of circulation as
money. for no sane person will coin
his or her gold into money for use in
the United States at the rate of one
ounce of gold to sixteen ounces OF
silver. when that same gold would be
worth in the markets of the world
about twenty-nine or thirty ounces
of silver.
Free and unlimited coinage, then,
will at once put this country on q
silver basis, and We have inst seen
that money. as measured by the gold
standard, the standard of the principal
nations of the world, nv which all
values are measured to-day, will be a
little over n half what it is wortl,
urder our present spstem.
Such a result will certainly debase
the currency Of the country and bring
about a shrinkage of values which will
fall heaviest upon the middle classes
and the wage n
- This is a mere statement of the case:
to elaborate the points advanced
would take more time and space thar
a be devoted to the subject in a
single article; but the premises laid
will stand the test Of logic and the
conclusion drawn from them will
scarcely be questioned.
It these deductions be correct, and
we believe them to be. it is difficult to
see what the majority of the people
expect to gain by tree and unlimited
coinage. 1t is readily apprehended
why mine owners and repudiationlsts
want free coinage, for they will at once
profit by debaslng the currency in the
name proposed. The owners of
silver mines will have 4 new demand
created for their ware and debtors will
be able to scale their debts while the
rest of the people will pay for the
tiddling.
Some, hay many. people think this is
just the system which will revive tue
dormant industries of this country but
we confess our obtuseness in this
matter, for we view it in just the op-
posite light. If free and unlimited
coinage is to prevail in the end, may
these enthusiasts prove tue prophets,
which We fear much they will not.