The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-07-22
THE is TO l ISSUE.
HOW FREE SILVER COINAGE
WOULD BRING RUIN.

The Wage-Earner Ought TO study
the Matter-He Is Profoundly In
terested-ImpossibIe to Maintain
Parity-Other Points of the cues
ton.
Editor Morning News I am in full
sympathy with any intelligent well-di-
rected movement 70 remonetize silver. /
am bmetallist.
The proposition Of undertaking TO bring
about the result Of bimetallism, by the
'passage of law, authorizing the free
and unlimited coinage Of silver, on
basis of 16 to /. would insure a failure
on the part OF the government to re-es-
tahlish bimetalllsm.
What Is bimetallism? 1t Is using gold
and silver on parity. one with the other,
as the circulating medium. How can this
be inaugurated2 How can II be perpet-
uated? 1t can only be done by keeping the
metals of equal, intrinsic, and inter
changeable values. The question may be
asked, How, then. can you resume the
coinage of silver on basis of 42lk grains
representing a dollar?" In answer to
this, the government places its stamp
eminent may be safe in plscing its stamp
upon a silver dollar, suiiicienoy of bull
ion, together with that which enters into
the dollar, must be owned by the govern-
ment to represent one dollar in gold II
a silver dollar is worth 50 cents. then the
government must reserve in the treasury,
or in its possession sufflcency of silver
bullion, added TO the 50 cents, TO make 100
cents. In other words, 1t must reserve a
sufticiency of silver TO be worth 47-1O0 in
gold.
The proposition to allow miners and
| other owners OF silver bullion TO bring
to the minis 4i213 grains, and that the
| government shall place its stamp thereon,
making 412lk grains of silver one dollar,
| In effect places the government in the
| attitude of an indorseF to the extent OF
| 47-l00 dollars, on every dollar coined, for
/ which 1t has no security.
The free and unlimited coinage of sill
| YER under the provisions embodied In the
| Chicago platform, would make the gov
| eminent of the United States the dumping
| ground for all of the free silver in the
\ world. Silver which is now manufactured
/ into works of art would come to swell the
| volume. The bullion held by private in
| dividuals, corporations and governments
| would alike seek a market here. The
| stimulus in the way of fresh production
| would receive an impetus, such as this
| ili2ed nations have not witnessed. No
/ man can estimate with any degree of ac-
/ curacy the amount of silver which would
| be offered at the minis of the United
/ States government for coinage during the
! first year of free coinage.
| The government of the United States,
| under the purchases of the Bland, Allison
| and sherman bill, is out of pocket some
| thing like $3.50 10000, basing values of
| coined and uncoined silver upon the bull
lion value of silver to-day.
| Placing itself in the position of taking
| all of the silver which would be rendered
/ to IL, what would eventually be the effect
| In the public estimation as to the ability
| of the government to maintain silver
| dollar upon a parity with "a gold dollar?
! There would undoubtedly be an advance
| In silver bullion, and that advance would
| probably last long enough TO enable the
| try, but elsewhere, to get rid of 1t
| through the United States government
| and they would be equally as eager 10
| rid themselves Of the money into which
| 1t Is coined in anticipation of the decline
! in purchasing value, which would newt
| ably come. What would be the final re-
| suit? 1t would be this; That the coined
| money of the country would be the same
| as the bullion value of the silver. Moth
| ing more. Nothing less.
| During this transition period. from the
! time that silver would begin TO be coined
| unlimitedly until 1t declined simply to
| bullion value, there would be violent auc-
| tuations, probably, in the purchasing pow
er of money, and no one could give anv
| idea one day as to what to-morrows val
ues would be, because, being based upon
silver coin and the circulating medium be-
] ing a huetuating one, the value of prod