The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1896-07-18
EFFECT OF FREE COINAGE.
Mint Director Preston Gives Some prac-
tical P0lnts-We Should Get the
Worlds Surplus FOreignerS
Could buy our Goods at

Half Price.

Half Price.
New YORK, July IA despatch from
Washington to the (Herald) gives an inter-
view with Director of the Mint Preston on the
effect of free coinage. He said:
l can only explain generally what the
routine would be. based on experience gained
before the repeal of the Sherman law, and
upon what free coinage of silver is generally
interpreted to mean. In the first place. silver
in any form, if not too base for the operation
of the mints, will be received from anybody
and coined into silver dollars or bars free of
charge, except the cost Of the alloy employed
which is two cents per ounce.
THE SURPLUS SILVER OF THE WORLD.
The word ''unliraited,' as used in the
Chicago platform. means that there shall be
no restriction as to the amount of bullion
permitted to be received and coined. Unless
by legislation the coinage of silver should be
limited to American product our minis
would be open to all the silver in the world,
and it may safely be stated that, without such
a restriction. the United States would, with
in few years, have the surplus silver of the
world. BY surplus mean all the silver not
used by other nations as subsidiary coin.
Under free silver law any one possessing
old silver spoons, silver ware, or anything
else containing silver, would have the privi-
lege Of taking such articles to the minis and
having them coined into silver dollars 1t is
not to be expected, however. that the minis
will I,n al lad 30,
character. 1t will be the smelters and reGners
who will do most of this work.
WHERE THE BULLION COMES FROM.
There is a mistaken notion as to the class
Of people who take bullion to the minis to be
coined. 1t is generally supposed that mine
owners do this. As Il rule they do not.
Their work is confined to taking ore from the
mines and selling it to the smelling and re-
filming establishments. There are about a
dozen Of these establishments now in opera
ton, and. with free coinage law, of course
the number will greatly increase. From
these establishments would come 80 per cent
of all the bullion that would be sent to the
minis to be coined
PAPER WOULD STILL REPLACE THE COIN.
1t is not to be presumed however, that I'M
der free coinage law Il person presenting
bullion would have to wait for his money I'M
til the material which he had presented had
actually been coined. All that will be neces
sary will be to wait until the actual value of
his bullion is ascertained. Nor is it to be pre-
sumed that any great number Of people will
go to the minis for their silver dollars. The
chances are that you will not find any more
cartwheel dollars in circulation under free
silver law than there is now. The coin is too
cumbersome. The people may want free ST.
YER but they would rather have Govern
ment paper equivalent for it than its actual
weight in metal.
THE PRESENT RATIO 80 TO /.
AT the present time the value of silver in
the markets of tho world is about thirty
pounds of the white metal to one of gold.
Our people would, therefore. under the ratio
OF l6 to l, have 53-cent dollars, which might
circulate for their face value in the United
States, but which would only be accepted at
their bullion value abroad
INV TRADE WOULD BE INJURED.
Unless Congress enacts some special pro-
vision preventing it. the nations of the world
in case free coinage law is placed on the
statue books, can ship all their bullion to the
United States for coinage. Here it will re-
ceive the Government stamp, and will be
used to buy American goods for shipment
abroad. The result will be that foreigners
will get all American goods at half price,
while Americans will have to pay the full
rate for them.
There is this danger Of our trade being in
jured. At present silver is admitted free of
duty in the United States. Treasury officials
say that unless Congress placed high tariff
on the white metal so as to prohibit its i'm
portation, the nations of the world would
make the United States the dumping ground
for their silver, retaining only sufficient
quantity of the metal in their circulation to
act as subsidiary coin.