The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-08-20
Another View of Free Coinage.

took q bushel basket of Confederate
money TO buy loaf of bread at the end
of the war.
2. Sudden contraction of currenoy
means business depression and general
bankruptcy. You can't feed multitude
on ga few loaves and fishes" to day.
8. An overstooked market of money or
produce is dead capital. It is dem and
and circulation which ma kes the min
bic sixpence."
4. All money must be circulated
through the banks, and the ban kers, not
the people. Will reap thu money profit.
When you try to hit the bulls eye"
don't shut your own.
s. A dry fact is worth more than a
wet vote.
HERE ARE A FEW OF THEM.
Since 1878 the United States has
bought. for monetary purposes, over $780,
600, 600 worth of silver, of which there
Is only $50, 900. 600 in circulation; and
this amount, 500, 600, 600. is all that is
needed for business purposes. Ninety
five per cent. of the whole business Of
this country is done without the use of
metallic, or paper money. Notwithstand-
Ing this-that we now have ten times as
| m CHI silver in the United States as we
can use-the mine owners, or 1.-THE
National Silver League" propose to In
| crease this to an amount equal to the full
production of their mines, or of the
mines of the world. This production
amounted, in 1898, TO $197, 900, 900. Is
there any more sense in this proposition
than for the wholesale clothing mer-
chants Of the country to ask the public to
adopt the fashion of wearing wooden
overcoats during the summer in order t o
reduce their surplus stocks? The mine
owners mean either to accomplish this
flood the country with silver by calling
on government to practically buy their
bullion when sent to the mints through
the exchange of bullion for silver already
cotned-or to have silver notes issued in
its place; or, If the output of silver be
limited to the capacity OF the mints
(about $40. 600, 600 year, the effect would
be aa bad, or worse, as IL would produce
such scontraction of currency the
country would not hive enough to do
business with, because the silver would,
inevitably drive out the gold. The
banks and other great financial institu
| money, and who hold in reserve the
greater part of the gold in the country
would sell it for silver at the rate of one
dollar for two. or by the bullion at
ratio of SO to l. There is plenty of coined
silver to be bought enough to almost
equal the amount of the gold reserve
$685. 600, 0O0), which gold, would disap-
pear and be replaced by silver of half it's
value All the profit to be made in the
transaction would be made by Athose
terrible bugbears of the Populists the
bankers and capitalist mine owners, and
the people would, inevitably. be the los
ers. The withdrawal of 1925. 900, 000 of
gold means the contraction of currency to
bat amount; fol as a reserve and basis
o. the whole financial system, gold stands
behind paper currency, the bank check.
and every other form of credit The sys-
tenn of free coinage would practically re-
move this enormous amount from oirou-
lation, and, il limited to the capacity of
the mlnts, it would take twelve or fif-
teen years to replace this gold with silver
coin. The amount of money, of all
kinds, in circulation in the United
States in 1894 was 81, 726 100000. Is it
possible to replace this with silver and
if not, what can it mean but contraction,
instead of initiation, which many free
coinage advocates and old greenbackers
believe to be the secret of good times,
because, perhaps, of the enforced infa-
ton during the war and the free oircula-
uiUu "a nA eilOTiuOuS hluOQuu VI CuTE6uGy
because Of an enormous increase in GOV
eminent expenses2 We have no such
condition today. Initiation may be an
effect, but demand, active circulation,
the cause Of good times.
Many people imagine that the mere
declaration of government that silver is
on parity with gold must, necessarily,
make silver dollar Of equal value with
gold in the market. This, however,
yUnrld not mr. hQDHprc nd Mt
from buying silver bullion OF tho mine
OWNERS and virtually buying of govern
ment for fifty cents what government
declares to be worth one dollar. The
mere fixing of ratio of Is to /, however,
would not oblige governments to redeem
silver with gold unless 10 promised to do
SO as plainly as 1t promises to redeem q
silver certificate or greenback. Free
coinage means silver monometallism and
nothing else. as government cannot re-
deem in gold, and it means, also, de-
ba sed coin and n debased standard.
The theory of 'high prices" under free
coinage is based on depreciation in no-
tnal value. The workman or mechanic
says, in fact, though perhaps he doesn't
see it: II shall get more dollars for my
days or wesk's work, because there will
be more of them Imitation and, thers-
fore. depreciation, more in quantity be-
cause less in value" The employe, as
well as the business man. fails to see
that if he gets more for his labor, or
goods, he must pay more or what he
buys.
One of the most seductive AMI delusive
arguments Of the free silver advocates ia
that free coinage would be of immense
benefit to the debtor class, in enabling
them to ''soale down" their debts. They
would, perhaps, be the first to feel the
unpleasant and disastrous results. Lit
orally, the payment Of debts with cheap
dollars would apply to the whole system
of business and circulation. as a debt is
contracted on the moment of purchase
and delivery. In the payment of old
debts, notes, or other forms of obligation
such a law would be hardship, not to
say an outrage on the individual who.
by all laws Of business, equity and right,
il entitled; to a full equivalent for every
dollars worth of goods, or other COM
modify, he has parted with. 1t by no
means follows that because man Is in
debt that the man he owes is not the
poorer If the two. A rich man may owe
his employees and take advantage of the
law to cheat them. But what would be
the effect on the public, generally IL