The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-04
IN A NUTSHELL,

To the Editor of the Globe
There being a wide difference of opinion
upon the following questions will you please
answer them in plain, easily understood
words? First-Should the free and unlimited
coinage of gold and silver at the present ra-
ito of 16 to T. be carried into effect, could
the owner of a quantity of silver bullion
take his bullion to the United States govern
ment mint and in exchange for each 1925
grains of standard silver (31.25 grains of
pure silver receive a coined silver dollar
without giving the mint any equivalent for
the difference between the market value of the
silver bullion and the fiat value stamped on
the dollar coin he receives, or would he be re-
quired to give the mint a sufficient quantity
of silver bullion. in excess Of the 371.25
grains of pure silver, to be at the market
price worth the one dollar stamped on the
coin?
Second-If the owner of silver bullion be
enabled to obtain, from the mint, a coined
silver dollar for 81. 25 grains of pure silver,
worth at the present market value 90 cents,
without giving an equivalent for the differ
ence of AZ cents: will not every farmer and
| labofing man. whose source of income is his
brain and muscle be compelled to contribute
his share towards making up that difference,
by paying higher prices for what he buys,
or in other words, be compelled to submit to
giving the owner of silver mines and bullion
| an additional profit of AZ cents on each dol
| lar, by legislation, instead of by the natural
| law of supply and demand?
e. E. Hughson.
st. Paul. Aug. 8, 1896.
| We are indebted to Mr.. Hughson for
|
the foregoing communication, which
expresses in very terse form the facts
of the situation. Thus badly stated, it
makes the reader rub his eyes to see
if it be possible that anybody outside
Of those directly interested in the sill
yer mining industry can support a
proposition SO hostile to the public
good and to fairness between man and
man.
Answering the first question, we say
that the owner Of silver bullion can
deposit BIN grains of pure silver at
any United States mint and receive in
exchange, without any charge what
ever, q coined silver dollar, which
any creditor of his must accept in
payment for a dollar of debt. The
difference between the bullion value
of the coin and the value STAMPED
upon its face represents the private
profit Of the owner of the bullion, and
not one dollar of it, under free coinage
as now proposed, would go to the gov
eminent. The fiat Is a gift to the
bonanza mine owner
Answering the second question, Mr..
Hughson is perfectly correct in his
understanding that the difference of
AZ cents in each dollar, which now ex-
lists between market value and fiat
made up by the labor and capital of
this country. The difference would
probably be not quite so great, for sill
yer would be likely to rise a little in
price. There would still be, however.
great gap to be filed Every work
ing man would pay his share Of the bo-
nus in the increased price that he
must pay for everything purchased.
Every capitalist would pay his share
In the uncertainties and disasters that
must fall upon the business world.
We do not believe that any more
monstrous proposition was ever pre-
sented to a people than this one which
contemplates an enormous bonus to
few hundred individuals in this co11n-
try; among the leaders being million
aires who put a gold clause into all
their private contracts, and who re-
quire this bonus to be made up prin-
clpally out of the increased expenses
OF the wage workers of the nation. If
these come to understand the situation
thoroughly, as it is so simply and
forcibly stated in the above letter, and
as we believe they will see it before
next November, there will be precious
little left of Mr.. Bryan and his free
silver balloon