The times. (Owosso, Mich.) 1882-1897, 1896-10-16
FOR HOY
M'KINlEY's ABLE DISCUSSION OF THe
MONEY QUESTION.


To Debssemont ~ MoneJ-No' RepucEa.
tion Of Debts-Free Coinage Imperils
the Nations safety-workingmen and
Farmers Have Most AT Stake - sGood
Money Never Made Hard Times"
Major McKinley's letter of acceptance
Is as sound as a gold dollar. The fol-
lowing are some Of his best points:
What Free Coinage Means.
The character Of the money which
shall measure our values and exchanges
and settle our balances with one another
and with the nations of the world is of
such primary Importance and so far
reaching in its consequences as to call
for the most painstaking investigation,
and in the end a sober and unprecedented
Judgment at the polls. We must not be
inisled by phrases nor deluded by false
theories. Free silver would not mean
that silver dollars were to be freely had
Without cost or labor. 1t would mean
the free use of the mints of the United
States for the few who are owners OF
silver bullion, but would make silver
coin no freer to the many who are en-
gagged in other enterprises.
1t would not make labor easier, the
hours of labor shorter or the pay better.
It would not make farming less labori-
Gus or more profitable 1t would not
start factory or make demand for an
additional days labor. 1t would create
no new occupations. It would add
nothing to the comfort of the masses,
the capital of the people or the wealth
of the nation. It seeks to introduce a
new measure of value, but would add
no value TO the thing measured. 1t
would not conserve values. On the con-
trary, it would derange all existing val
ues 1t would not restore business con-
fidence, but its direct effect would be to
destroy the little which yet remains.
The meaning of the eoinage plan
adopted at Chicago is thai any one may
take quantity of silver bullion, now
worth 50 cents, to the minis of the
United States have it coined at the ex-
pense of the government and receive for
it silver dollar which shall be legal
tender for the payment of all debts, pub
Tic and private The owner of the silver
bullion would get the silver dollar. 1t
would belong to him and nobody else.
Other people would get it only by their
labor, the products of their land or
something Of value. The bullion owner,
ON the basis of present values, would re-
ceive the silver dollar for 80 cents
worth of silver, and other people would
Ios,,o 10 - q,,1 1oI1
in the payment of debts. The govern
ment would get nothing from the trans
action. 1t would bear the expense Of
coming the silver, and the community
would suffer loss by its use.
Silver Dollars Now on a Gold Basis.
We have coined since 1878 moro
than 400, 100000 of silver dollars,
which are maintained by the govern
ment at parity with gold and are full
legal tender for the payment of all
debts, public and private. How are the
silver dollars now in use different from
those which would be in use under free
coinage? They are to be of the same
weight and iineness. They are to bear
the same stamp Of the government.
Why would they not be of the same
value? l answer: The silver dollars now
in use were coined on account of the
government, and not for private account
or gain, and the government has SOL
EMMY agreed to keep them as good as
the best dollars we have The govern
ment bought the silver bullion at its
market value and coined it into silver
dollars. Having exclusive control of the
mintage, it only coins what it can hold
at parity with gold. The profit, rep
yesenting the difference between the