New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1896-07-22

Is never worth more than an equal weight
of gold bullion, for when the demand
for gold ID the arts is such IS to canse
the pTlce to rise q fraction above The
coinage rate the demand will be supplied
BY melting down the coins. ss.5
So under free coinage Of silver q
grains Of standard silver would be the
exact equivalent of the standard silver
dollar. Itwould be worth no more, no
less, for the owner Of silver bullion hay-
ing the privilege Of having it coined In
Ito full legal tender do HAIRS Of 41244g grains
FREQ of charge would not think Of selling
412aa grains of silver for less than sill
yer dollar. Nor could 4121a grains of
standard silver bullion become more val
liable than the silver dollar, for just as
soon as silver bullion rose, so that 41241:
grains of standard silver was worth more
than dollar there would be ii profit in
melting down the dollars. Sounder free
coinage the silver miner would not get a
silver dollar Tor fifty .three-cents worth
of silver. He would have to deposit,cne
hundred cents worth of silver bullion
just as the gold miner has to deposit one
hundred cents worth Of gold at the mint
for every dollar he gets in return.
But we are told that under free coin
age the gold value Of the silver dollar
would be but ifty-three cents. Grant
ing this for the moment, how would the
silver miner reap any great profit? For
the silver he took to the minis for coin
age he would not get gold in return; for
the silver deposited he would get weight
+ for weight in silver coin, If the silver
dollar was worth under free coinage but
fifty three cents in gold, the dollar the
silver miner got from the mint would be
worth but fifty three cents in gold. For
bullion worth fifty three centsin gold he
would geta silver dollar worth fifty
three cents in gold. The dollar he re-
ceived would be worth no more than the
bullion he deposited, the bullion before
coinage would be worth but fifty three
cents in gold, after coinage into the doll
lar 1t would be worth no more. So un-%
less free coinage resulted in raising the
price of silver and depressingsthe price
of gold from which all producers would
derive great benefit, for as gold fell. pri-
ces would rise, the silver miner would
derive no advantage from the opening of
our minis to silver.
AS matter of fact, the gold price of
silver would be higher, higher tor two
reasons; first, because with the increased
demand silver would rise; and, second,
because with the decreased demand for
gold as the result of restoring silver to
full money functions, thus sharingequal-
ly with gold the demand for money and
serving as a basis for our credit fabric,
gold would fall. From this higher prlce
the silver miner would of course benefit.
So also the farmer. the wage-earner, the
manufacturer and all other producers
would benefit, for as gold deprecated
prices would rise, the crushing burden
of debt would be lifted, the process of
confscat1on of the property of the deb
tor to the creditor that has gone on un-
der the approaching gold standard would
be checked, the profits Of industry no
longer eaten into by falling prices would
become certain, production becoming
again profitable would be increased, the
demand for the services of wage-earners
by those striving to increase production
would be enlarged, wages would rise and
hope and prosperity and progress would
every where take the place Of despair,
inertia and retrogression.-- Philadelphia
American.