The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-10-21
Az EXPERIMENT IN FREE COINAGE.

The experiment "a AiAt INV @1e
coinage OF silver dollars has been triea
once by the United States and within the
Drssent generation II happened at
time. however, when all of the United
states. exeep; those on the Pacific sea-
beard. were doing business with depre-
cIated paper money. 50 that the disas-
trous result OF the experiment to the peo-
PIE who did use the money. was not known
ell over tie country. although II Is re-
membered, aud with bitterness. by such
people as were resident on this Coast
The very act OF 1878. which. as the Popu-
lists assert, demonetized silver. as a mat
ter Of fact dia open the m.nts to the free
and unlimited coinage of silver dollar
which contained ia grains more OF stand
ard silver than the present dollar. Not
only that. but the same act made the
same dollar a fun legal tender for precisely
the same amount as the subsidiary silver
coined on government account.
As the price OF silver commenced to de-
cline very shortly after 1873. several MIL
ions OF these dollars were coined by specu-
iators and set afloat on the Pacific coast,
the only part OF the United States which
then transacted business on coin basis
The reading OF the law. and the stamp
on the p.ece. should. according 10 al Popu-
listie logic. have made the coin circulate
a, par Not only that. but the fact that
the uilnts were open 10 the free and unllm-
In me-
ought, according 10 the same logic, 10 have
prevented the bullion price OF silver from
ever dropping below the coinage value o.
the dollar. Here was present every ele-
men. -sh.ch the Popaists calm was neces-
ssry 20 bring silver bullion 10 parity with
gon Here was the open mint. the free
coinage and ;he lesal-tender law-hence
TIE unlimited defaand.
Yet the trade dollar was a. discount
In all COMMERCIAL transactions from the
raosnen. silver commenced 70 decline. and
silver DID decline steadily. notwlthstand-
Ing that TIRE rnints acre open 70 free coin
age II trade dollars. The principal use of
Tia trad. dollar on ;hls Coast. where alone
IN tho United States Il circulated. was 70
sv,;r.s,a fahorlnx men. They rapidly de-
ei,,es n p,l,e because merchants world
Mt ascent them for more than their bullion
va,ne TIE min companies bought them
sr,ss epe,al,tors Who hsa their bullion
r,.,e., IN mat form. and raid or their
uorkluErnen with these dehssed dollars.
v-eeo the latter came TO purchase any
eating w,th these free coinage. legal ten
De- dollars thnv vere no, accepted except
a. heavy discount. Or course. n Pay
,.,.ws ~ a small back BIB. merchants lad
=, s,-er,. thsn,. bat they looked upoa the
man MO BAD passed the money as n
ssts.ller. Al this same time. RhGe trade
cellars were alscret3set ard discounted.
White merchants refused to receive them.
ana wo~kfnern.n we're compelled - 30 SO.
tho Subsidiary suvcr colns. - FAR less sul-
1lan value ana - no greater legal tender
esparity. we're reserved ancucs;,oaea IA
anv reasonable amount. No merchant hest
tatsa 10 accent payment @, hundred
dollars o. mare "a silver Aa,s dollars.
whna re wea.8 rotas- % accept a single
,-,ss Aef,s- n ANYTHING mere than y.
hs.ren value.
Finally. c~saxres. pazsea (. ioint r-sa,s-