San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1896-09-12


MonometaIlism--Cred Would BE De-
frauded and Savings Bank Depositors
Robbed of Half Their Property-Work-
ingmen Would Find Their Wages Re-
duced Nearly Fifty Per Cent-A DECEASED
Dollar Would Degrade the United States
In the Eyes of the World.
The Republican campaign was opened
in Ohio ON Aug. 10 with monster
mass meeting at Columbus. The prin-
cipal address was made by Senator John
Sherman, the financial leader of the Re-
publican party, who said:
We are brought face to face with
proposition which, if agreed to, will
make silver the sole standard of value
for all debts and credits, for the wages
of labor and the purchase and sale of
property. The Democratic party at its
recent convention at Chicago adopted
resolution in favor of the free coinage
of silver at the ratio of 16 parts of sill
yer to 1 of gold. We know that in the
United States and in all countries in
the world 80 ounces or more of silver
can be purchased by l ounce of gold.
With the free coinage Of silver gold will
be demonetized. Nothing can be more
certain than that the cheaper money
only will circulate.
The United States has thus far
maintained its silver coins at parity
with gold coins only by limiting the
amount, but with free coinage Of silver
there could be no limitation. Silver
bullion in every form will be pressed
upon the minis, and, with the mandatory
duty of free coinage, silver dollars will
soon fill the channels of circulation and
the gold dollar will be boarded or will
be quoted and sold as q commodity at
about 1914 cents of the silver coin. Sill
yer will stand as the par value, and gold
will be quoted at its commercial value.
Let us contemplate for awhile the
inevitable result of the free coinage Of
silver. 1t would violate every contract
for the payment of money made since
Jan. l, 1879. The resumption act
which went into operation ON that day
provided for the payment in coin ON de-
mand of all United States notes present
ed for redemption. All forms of money,
whether of silver or gold or paper, were
then maintained at par with each other
and have been SO maintained ever since.
During all this period gold and silver
coins at par with each other have been
the standards of value of all loans, con-
tracts or purchases, and the faith Of the
United States was pledged for their
maintenance at parity with each other.
Although silver bullion declined IN
market value the coins made from it
have been kept at par with gold coins
at the legal ratio of 16 to l. But if the
free coinage of silver is authorized, then
the market value Of silver bullion be-
comes the standard for payments on all
contracts made in the past, present or the
future. Four hundred and twelve and
one-half grains of standard silver bull
lion, worth now 50 cents, can with free
coinage be coined into dollar upon the
demand Of any holder Of such bullion.
This dollar is delivered to the owner of
the bullion and is not supported by the
fat Of the government. The government
does not undertake to maintain it's rela-
tive value with gold. The government
stamps it "This is a dollar" Its pur-
chasing power is So cents, but its debt
paying power is 81. It is to be legal
tender for 81 Of debt, but in the pur-
chase of any article it is only worth SO
cents, for the seller Of the article can
fix his price according to the kind of
money offered.
Great Injury to Creditors.
When we consider the great amount
of debt and credit that is unavoidable
in vast but new country like ours, we
naturally shrink from any measure that
will either rob the lender or do injus-
tice to the borrower. 1t is impossible to
estimate the wrong and injustice that
will be done to creditors by the scaling
of nearly one-half Of debts due them.
The very threat to do it will lead to the
prompt and harsh collection of debts
before free coinage can become law. |
am advised that already debts that
would have remained uncalled for have,
in fear of such law, been enforced.
1t is certain that before free coin.
age bill can become law the wide dis
trust caused by the pending of such a
measure will lead to the rapid collection
of debts, the sacrifice of property and
deepen existing financial difficulties
growing out of insufficient revenues for
the national as well as for many state
governments.
The free coinage of silver will
greatly injure the depositors in savings
institutions and kindred organizations,
who, according to official statistics,
number nearly 5000, 900 people, and
whose deposits amount to more than