The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1896-04-07


gold at the ratio of about sixteen parts
OF silver as equivalent to one of gold
Under this regulation and coinage we
were prosperous in 1873. When silver
was deprived of its debt-paying power
as an equivalent to gold at the ratio
stated, silver in the markets of the
world was at premium over gold.
u is useless to go into reasons why this
change was adOpted in our system or by
what unseen hands it was effected. The
true policy of this country is to return to
the system of our fathers. If the gov
ernment should now, as it ought to,
retrace its steps and provide for the
free coinage of silver as, it does of
gold and make 4l2 12 grains of stan
dard silver equivalent to % $40 grains
OF gold then silver would immediately
return to its original dignity in the
markets of the world in purchasing
and debt-paying power. This is the
real function of money and in this
country this equality in this function
at the ratio stated should be main
tanned
The debts and bonds of the United
States provides for payment in gold or
silver coin at the then standard value :;
IL was great wrong to the taxpayers
on whom rests the payment of the
public debts to strike silver from the
list of money as was done in 1873. 1t
was thai blow which changed the
value of the property OF the United
States. More than half Of the money
OF the world at that time consisted OF
silver. The whole amount in the world
In 1878 was estimated at $S, 600. COO, 600,
of these $4,500,000 were silver and
$4,000, 600, 900 were gold in round mum.
bers. The ruinous consequences which
attended this bad act OF administration
were seen in the failures of mercantile
houses and business men amounting to
more than half the public debt of the
United States within the last nine
years. Now, am for the free coinage
of silver bullion just as of gold. Gold
and silver should be put upon perfect
equality as of yore in the ratio of IL
L. This would not only add to the
value of real estate and all sorts of
property in the United States, but it
would greatly encourage and stimulate
the mining Of silver in this country.
In my view all the gold and silver
should be coined alike. The coin
should be kept in the vaults of the
Treasury and certificates given in all
cases where certificates are preferred.
These coin certificates should be the
currency of the country, it would be
the best in the world. In this age we
40 not wish to burden with the weight
OF either gold or silver in ordinary
business transactions extending to dis
tart places in the country, but we do
want paper currency which is re.
deemablc at the will of the holder in
coin dollar for dollar. Bank bills
which are so common in use are only
promises to pay in coin and are often
issued in amounts Of two and some
times to three for one of the coin in
the vaults; but under the plar advo-
Gated by me the certificates would in
no case represent anything but dollar
for dollar.
L haven't time to say more to YOU
now. l will barely add that the pres
ent depreciation Of silver bullion and
OF the silver standard dollar arises
solely from the degradation of silver
by the act of Congress in 1873. Let !
Congress declare, us it ought to- that
4l2 l-2 grains Of standard silver is and
shall be equivalent to % $40 grains OF
gold in its purchasing and debt-paying
power, and instantly silver will be on
a par, if not above par, compared with
gold.
TO increase the quality of silver in
the preseut dollar 4l2 | = grains up To-
$50 grains, to make it equivalent 10
oiS piSSChU Nhluc vi O-lO |
grains Of gold would be great wrong
to tho laboring masses in the Union |
whose taxes have to meet the public |
debt; tho holders Of the public debt |
at the time they received the bonds |
received them under the express |
stipulation that they were to be paid |
in United States coin, gold or silver,
at its then standard value, and all |
that is wanting to mako gold and silver
equal, to make Alp - grains of silver
equal in the markets Of the world to
% $40 gold, is for Congress to put
silver back on the list of moneys OF the
UHtcd States as twas in 1873 | have |
lately made a report to the House Of
Representatives upon our coinage, in
which | urge not only the restoration
OF silver to its dobt-paying power, but
also the adoption Of metric coinage
applicable alike TO gold and silver. !
will send you copy of this in few
days when it comes from the press.
Yours truly,
ALEX Fl STEPHENS