The Republican. [volume] (Oakland, Md.) 1877-current, 1896-09-03

been coined by all the minis Of the
United States and net a dollar was
then IN circulation, for the reason
that it took 1903 cents worth of sill
yer to make a silver dollar; there
fore there was no crime or injustice
committed to anybody in the I'm
tied States; but a few years later,
larger and richer mines were dis
covered, and the cost Of separating
and refining silver by new processes
was cheapened and the silver mine
owners were enabled to produce
enough of standard silver to coin
into a dollar at a cost of % cents.
Then it was that it occurred to
them that q crime had been COM
mitted because there was no law to
allow them to take 90 cents worth
of silver and have it coined into 100
cents.
Mr.. Bland, of Missouri, intro
duced bill into Congress TO re-
enact the free coinage law. This
bill was defeated because it was
known to be an injustice to the peo-
pie to force them to allow an extra
profit Of s per cent. to the produc-
ers Of silver at the expense OF the
vast majority Of the people: instead
of that the law was enacted which
authorized the government to buy
silver at the market price and coin
it into dollars, the profit on which
went to the people through the
Treasury Of the United States and
decreased their tax burdens by the
amount OF profit which the govern
ment was able to make by the trans
action. Notwithstanding TINS law,
which IN 1873 required the purchase
Of two million ounces OF silver per
month and which in 1890 was IN
creased to four million five hundred
thousand ounces per month, thus
charging the market for the pro
ducers Of silver to that extent, the
price of silver steadily declined on
account Of new discoveries OF silver
and cheaper methods of refining, so
that to-day the silver III our stand
ard dollars Of 4123 grains is only
worth 50 cents; but even this price
affords an enormous profit to the
mine owners. | hold in my hand a
statement OF a silver mining COM
pany OF Colorado, dated Aug. y,
1896, addressed to the stockholders,
of which | am one. This shows
that the price received for silver
mined IN the previous four months
was sold at an average of ca cents
per ounce, and deductlng construc-
ton, operating, expressage, rail
reading, freight and smelling
charges, the net profit at the mine
per ounce was 253 cents showing
the net cost is only 39f cents, and
this is not equal to the average
profit If you take all the mines IN
the United States
Under free coinage instead OF
selling our silver at G43 cents an
ounce, we would sell 1t at l29 cents
which would more than double our
dividends and am not IN favor OF
taxing the people for the sake OF
increasing the dividends OF the
producers OF silver. we are told
that the free coinage of the silver
dollar should be authorized by law
Of Congress at the ratio Of IL to l.
The true definition is that IL ounces
Of SILVER would by law be made
equal to l ounce OF gold. Now
there seems to be mlsunderstand-
ing in various parts of the country
as to the meaning Of this expression
of l6 to l. Bryan gave this as his
definition of the 16 to l scheme, in
speech at ttsburgh:
"Sixteen to one means this, that
If you owe debt you can go out
into the market and buy silver and
have it coined, and use that silver
to pay your debts"
That is, If a man owes you ten
l. f. L, !