The Dalles daily chronicle. [volume] (The Dalles, Or.) 1890-1948, 1896-09-29
FOR HONEST MONEY.
M'KINLE>0s ABLE DISCUSSION OF THE
MONEY QUESTION.

No Debasement of Money-NO Repudia-
tion of Debts-Free Coinage Imperi1s
the Nations safety-workingnnen and
Farmers Have Most at Stake = ''Good
Money Never Made Hard Times"
Major McKinley's letter of acceptance
is as sound as a gold dollar. The fol-
lowing are some of his best points:
What Free Coinage Means.
The character of the money which
shall measure our values and exchanges
and settle our balances with one another
and with the nations of the world is of
such primary Importance and so far
reaching in its consequences as to call
for the most painstaking investigation,
and in the end sober and unprejudiced
Judgment at the polls. We must not be
misled by phrases nor deluded by false
theories. Free silver would not mean
that silver dollars were to be freely had
without cost or labor. It would mean
the free use of the mints of the United
States for the few who are owners of
silver bullion, but would make silver
coin no freer to the, many who are en-
gagged in other enterprises
It would not make labor easier, the
1t would not make farming less labori-
Gus or more profitable. 1t would not
start factory or make demand for an
additional days labor. 1t would create
no new occupations It would add
nothing to the comfort of the masses,
the capital of the people or the wealth
of the nation. 1t seeks to introduce a
new measure of value, but would add
no value to the thing measured. 1t
would not conserve values On the con-
trary, it would derange all existing val
ues. It would not restore business con-
fidence, but it's direct effect would be to
destroy the little which yet remains.
The meaning of the coinage plan
adopted at Chicago is that any one may
take a quantity of silver bullion, now,
worth 53 cents, to the mints of the
United States. have it coined at the ex-
pense of the government and receive for
it silver dollar which shall be legal
tender for the payment of all debts, pub
lie and private. The owner of the silver
bullion would get the silver dollar. It
would belong to him and nobody else.
Other people would get it only by their
labor, the products of their land or
something of value. The bullion owner,
on the basis of present values, would re-
ceive the silver dollar for 53 cents
worth of silver, and other people would
be required to receive it as full dollar
in the payment of debts. The govern
ment would get nothing from the trans
action. 1t would bear the expense of
coming the silver. and the community,
would suffer loss by it's use.
Silver Dollars Now on a Gold Basis.
We have coined since 1878 more
than 400, 900, 900 of silver dollars,
which are maintained by the govern
ment at parity with gold and are full
legal tender for the payment of all
debts, public and private. How are the
silver dollars now in use different from
those which would be in use under free
coinage? They are to be of the same
weight and fineness. They are to bear
the same stamp Of the government
Why would they not be of the same
valued I answer: The silver dollars now
in use were coined on account of the
government, and not for private account
or gain, and the government has sol
emnly agreed to keep them as good as
the best dollars we have. The govern
ment bought the silver bullion at its
market value and coined it into silver
dollars Having exclusive control of the
mintage, it only coins what it can hold
at parity with gold. The profit, rep
resenting the difference between the
commercial value of the silver bullion
and the face value of the silver dollar,
! goes to the government for the benefit
of the people.