The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1896-04-29
Profit TO the Miner.

tfOHJ 10 tub iHIiIeTs
"a common fallacy which, on the
surface, seems plausible, is the
idea that under the free coinage of
silver miner can take go cents
worth of silver to the mint and get
a dollar for it. This claim is based
upon the supposition that condi-
tfons under free coinage would re-
main the same as without free
coinage, and that silver bullion,
aftssf free coiAage has been restoFs
ed, will continue to bear substant-
tally the same relation to coined
silver as before. But free coinage
at once make coin and bullion
equal, ounce for ounce, nnd nobody
can then buy bullion for less than
its coinage value. For instance, a
bar of standard silver weighing a
hundred ounces, will make 116 sill
yer dollars of 4129 grains each and
leave few cents over; consequent
ly, if it costs nothing to convert
bullion into coin the value any
where of hundred ounces of
standard silver will be little over
11G dollars. This is the case now
with gold. 1t costs nothing to
have gold bullion converted into
gold coin, and consequently there
10 no flifference between the value
of given weight of gold bullion
and the same weight of gold coin.
An ounce of gold bullion nine
tenths fine is worth $500, because
it will make that into coins. This
is the value of the bullion at the
mint and hence is called the "mint
price," OF course, whatever it costs
to transport bullion to the mint
must be deducted from the mint
price, to get the actual price OF
bullion in coin at any point distant
from the mint.
From these facts is derived the
law of the value of either gold or
silver bullion, under free coinage.
If the stamping of bullion and
thus turning it into coin is done
free.of all expenses, at thewill of
any one who chooses to present it
to the mint, 1--WE have" says Mac
leod, "this fundamental principle
of coinage"
"Any quantity of metal in the
form of bullion must be of exactly
the same value as the same quanti-
ty of metal in the form of coin"
Whether the coins of the two
metals will remain at par, one with
the other, depends on another law
but that there can, under free coin
age, be no difference between the
value of given weight of bullion
and the same weight of coin of the
same metal, is too plain to be dis
puted, and hence the claim that the
minor of silver or anybody else, un-
der free coinage, can take less bull
ion to the mint than is required to
make dollar, or that is worth less
than dollar, and get a dollar for
| it, must stand among the exploded
fallaciea o. the advocates of the
gold standard; and for one 10 iSsl ESl
peat this fallacy is simply to ex-
pose profound ignorance on one of
the simplest principles relating to
coinage. OF course, if any one has
bought silver bullion at its gold
price while it vas onlva commodi
ty, he could after free coinage has
been restored, make a profit on
such bullion. But free coinage
once established, profits to bullion
dealers would disappear. The mi
ner of silver thereafter would make
somewhat more and the miner of
gold somewhat less. The object of
the free coinage of both gold and
silver, however, is not especially to
give profit to the miner of either
gold or silver, hut to supply the
world with primary money.
The gold mines in Alaska are
sometimes claimed to be the rich