The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-08-27


he legal tender for the payment of al!
debts, public or private. The owner
OF the silver bullion would get the
silver dollar 1t would belong to him
and nobody else. Other people would
oct IL only by their labor, the products
Of their land, or something of value.
The bullion owner on the basis of
Dresent values would receive the silver
dollar for fifty-three cents worth OF
silver, and other people would be re-
ouired to receive it as full dollar in
the payment of debts. The govern
ment would get nothing from the
transaction. 1t would bear the ex-
pense of coming the silver and the
community would suffer loss by its
use.
We have coined since 1878 more than
four hundred millions of silver dollars
which are maintained by the govern
ment at parity with gold, and are
full legal legal tender for the payment
of all debts, private and public. How
are the silver dollars now in use diff
ferent from those which would be In
use under free coinage. They are to be
of the same weight and fineness; they
are to bear the same stamp of the
government. Why would they not be
of the same value? / 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 solemnly agreed
to keep them as good as the best dol
lars we have. The government bought
the silver bullion at it's market value
and coined it into silver dollars. Hav-
ing exclusive control of the mintage,
it only coins what it can hold at
parity with gold. The profit, repre-
senting the difference between the
commercial value of the silver bullion
and the face value of the silver dollar,
goes to the government for the benefit
of the people. The government bought
the silver bullion contained in the sill
yer dollar at very much less than its
coinage value. Tt paid it out to its
creditors and put it in circulation
among the people at it's face value of
one hundred cents or a full dollar. 1t
required the people to accept it as
| legal tender and is thus morally bound
to maintain it at parity with gold,
which was then, as now, the recog-
nized standard with us, and the most
enlightened nations in the world. The
government having issued and circu-
lated the silver dollar, it must honor
and protect the holder from loss. This
obligation it has so far sacredly kept
Not only is there a moral obligation,
but there is legal obligation, express
| ed i'm public statute, to maintain the
parity.
A PROPHET OF EVIL.
These dollars in the particulars l
have named, are not the same as the
dollars which would be issued under
free coinage. They would be the same
| in form, but different in value. The
government would have no part in the
transaction, except to coin the silver
bullion into dollars. 1t would share
| in no part of the profit. 1t would take
| upon itself no obligation. lit would
not put thes~dollars into circulation.
1t could only get them as any citizen
could get them by giving something
| for them. 1t would deliver them to
those who deposited the silver, and its
connection with the transaction there
ends. Such are the silver dollars
which would be issued under free coin
age of silver at ratio of 16 to /. Who
would then maintain the parity?
| What would keep them at par with
gold? There would be no obligation
resting upon the government to do it,
| less to do it. The simple truth is we
would be driven to silver basis-to
silver monometalism These dollars,
therefore. would stand upon their real
value. If the free and unlimited coin
age of silver at ratio of is ounces Of
silver to one of gold, as some of its
| advocates assert. makes fifty-three
Ecents in silver worth one hundred
cents, and the silver dollar equal to
| the gold dollar, then we would have
no cheaper money than now, and il
would be easier to get. But that such
would be the result is against reason,
and it is contradicted by experience
| in all times and all lands. 1t means
| the debasement of our currency to the
amount of the difference between the
commercial and coin value of the sill
yer dollar. which is ever changing,
the effect would be to reduce property
values, entail untold financial losses,
destroy confidence, impair the oblga-
| tions of existing contracts, further
| impoverish the laborer and producers
of the country, create panic OF un-
paralleled severity, and infiict upon
| trade and commerce deadly blow.
Against any such policy am unalter-
ably opposed.
L B1-mGJdIlSln CdIlnOU DC SdCulSd Ny
| independent action on our part. 1t
| cannot be obtained by opening our
| mints to the unlimited coinage of the
| silver of the world, at ratio of sixteen
ounces of silver to one ounce of gold,
| when the commercial ratio is more
| than thirty ounces of silver to one
ounce of gold. Mexico and China have
| tried the experiment. Mexico has free
| coinage of silver at ratio slightly in
| excess of 16R ounces of silver to one
| of gold, and while her mints are freely
| open to both metals at that ratio, not a
single dollar in gold bullion is coined
| and circulated as money. Gold has
/ been driven out of circulation in these
countries, and they are on silver
basis alone. Until international agree
ment is had it is the plain duty of
| the United States to maintain the gold
standard. Tt is the recognized and sole
standard of the great commercial ma
| tions of the world with which we
trade more largely than any other.
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