Alma record. (Alma, Mich.) 1878-1928, 1896-07-24
What Free Silver "l6 to i
Means.

We are assured that there are a
good many excellent people of all par
ties-and of no party perhaps-Who
have given no especial attention or
study to the subject of the free coin
age of silver, and who do rot profess
10 understand the reasons for or
against it. but who are unsettled and
confused by the conflicting claims of
the opponents and advocates of the
Chicago platform adopted by the sill
yer faction OF the Democratic party.
1t is suggested that for the benefit of
any such we should state the case
simply and as plainly as possible.
In the first place then, what is meal
by the free coinage of silver Is to 1:
OF course, this has been stated many
rimes, and we have no hope of stating
more clearly than has been heretofore
Gone.
1t means that if we had free coinage,
at that ratio, any person whatever,
citizen or alien, having possession ofany
silver bullion, mined in any country i'll
The world, might bring it to the minis
Of the United states, and have it made
into silver dollars at the expense of the
people OF the United States, and the
same 0Ollars-or other dollars of the
same kind-rcturned to him, at the rate
Of 3il grains Of pure silver, or 4l2la
grains Of alleged silver, for each dollar
The dollar 50 given back to the owner
OF the bullion would be-accordng TO
the Chicago platform full legal
tender for all debts, public and private
that is, owing by the government or by
northumberland every person or corpor-
alton in the United States would be
obliged to receive such silver dollars,
rom the person or corporation for whose
benefit They are coined, and from all
others, in all payment, ut their full face
value. The same weight Of gold would
make rs gold dollars that is. it would
take rs times a. much silver to make
any given number Of dollars as it would
CT gold, to make the same, 50 it is called
coinage Is to /"
What are the principal objections to
this free coinage:
The great objection Is that the 31l1l
grains of pure silver Ger 4l2l grains of
alloyed silver are not worth as much as
the % grains of pure gold only just
about half as much Uncoined gold and
uncoined silver are bought and sold i'll
re markets Of the world like any other
commodities. The gold in the gold
collar is worth just as much before it is
coined as il would be after it is coined.
che silver dollar is worth only one-half
Us much before it is coined as it would
be after its free coinage and for which
You and | would be compelled to receive
IL i'll payments.
The profit Of the coinage-100 per
cent--under free coinage would 60 into
the private pocket of the spectators
in silver bullion, for whom it is freely
coined, and at our expense.
Under the single standard coinage,
which has prevailed since 1873, the
government has bought the silver in the
open market paid the market price, as
for anything else; coined ii into dollars
on its own account and put the profit
or "seigniorage" into the treasury of
the United States, for the benefit of all
the people.
Under this system the government
has purchased about 5000, 100000 of
silver bullion; the bullion owners and
silver miners have received the full
lue of their product; the people of the
United States have received a vastly
larger amount of silver money than in
all the previous history of the govern
ment, which they may take either in
the actual or in silver certifcates-and
this great body of money has been kept
at par-that is at face value-by the
single gold standard, and the mainte-
nance of the gold reserve.
In this way the people get the entire
benefit, and the rich mine and bullion
owners get the regular price for their
products, Just as the farmers, or the
miners of copper or iron get for theirs.
1t is not necessary TO say that no poor
men-only wealthy corporations as
rule-own silver bullion or would be
profited by its free coinage. IL is the
unlimited market and the 100 per cent
-. A..1.s.