The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-07-18

Every one who has given the least intelli-
gent attention TO the silver question will ad-
init that the profits which the owners of
silver mines and silver bullion would derive
in the event this country should adopt free
and unlimited coinage of silver would be
immense indeed fabulous compared with
any speculation that the world has ever
known. Figures are almost inadequate to
give conception of it.
1t was shown yesterday. by competent
testimony, that the business of mining sill
at so cents ounce The worlds output
of silver in 1894 was l67. 1921 ISL ounces. At
the present price. about 30 cents an ounce
the value Of the whole output would be
Sill. 426, 161. AT 80 cents an ounce, which
seems to be high average, the cost of
the worlds silver bullion of 1894 was $685.
S6.25S. II Congress should adopt the free
coinage policy. about which the mine own
ers have succeeded in fooling so many peo-
pie. they would receive $3.50 200 for the
silver output of 1894 in the silver dollars il
would make. with 3714 grains Of fine silver
each. or certificates representing that fig
ure. This is at the rate Of Sl.29 per ounce
in round numbers. Thus. under free coin
age the silver mine owners of the world
largely British capitalists. would make 20
cents an ounce over the cost price of their
silver. or 15s per cent. On the output of
1884 the profit would be $685. O15.942 on what
cost them $50, 7S6 25S. Thus the profits of
one years output of the silver mines would
create 135 millionaires, many of whom. it
seems necessary to remark after Mr.
Bryan. are British.
a suggestion: The silver mine owners
the only beneficiaries of the free-silver
movement, claim TO be such friends of the
people that they would sacrifice their dear
est interests TO promote the general hap
piness and prosperity. Let them show that
their professions are genuine. To that end
let them so TO Congress. if Mr.. Bryan shall
be elected. and say: I'VE make a good
thing out of mining silver at so cents an
ounce. and it will be very great profit if
we shall be allowed 20 cents by the govern
ment. Therefore. we present the following
proposition in the form of a BILL with q
preamble. to Congress:
Whereas. The profit which can be de-
rived from the sale of silver bullion at 80
cents an ounce is adequate: therefore.
Be IL enacted, etc, That the Secretary
of the Treasury is hereby directed 10 issue
legal tender certificates which shall be ex-
changed for all silver bullion brought to
the minis in quantities not less than fifty
ounces at the rate of 80 cents a fine ounce.
Section p Upon the reception of such sill
yer the Secretary OF the Treasury shall
proceed TO coin the same into standard sill
Yer dollars of il212 grains. at the rate of
Sl.29 an ounce. And il is further enacted
that the difference between the price paid
or 10 cents an ounce. and the value of the
silver dollars into which each ounce is
coined. namely. 81 cents shall be turned
into the treasury a part OF the revenue
OF the government.
Under such a law the limited number of
silver mine owners in the world would be
given a profit OF 25 cents an ounce. and the
government which stamps the silver and
makes it legal tender. will receive "a cents
an ounce. The mine owners. British in
cluded. would get aggregate profit of
$i1 600 year on the basis Of the output
of 1894, and the treasury would realize over
$50. 100000 year. II fifty thousand share
holders In producing silver mines get $s2,-
coo 900. they should be willing that the 70,
00o eco people who must bear the burdens
OF free-siiver coinage should have the bene-
its Of seo.oo0.Oo0 year
This proposition is suggested TO the b.