The record-union., 1896-09-21

culation, and fit it for all domestic use,
since the limitation of it's legal tender
capacity will make it more valuable at
home than for export or other use, and
will tend to raise it's price without driv-
ing out gold or interfering with 1t
as the medium Of exchange for all large
commercial uses.
It will serve much the same end as
is accomplished in France by the pre-
MUM charged for redeeming silver in
gold while maintaining its par value
keep it in circulation. But for convent
ence Of handling there ought, under
this plan, to be issued a silver note Of
say $40. But there would be no set
tlement Of the question if the plan
stopped here; it therefore proceeds to
provide that no coinage of gold shall
be made. nor any issue of paper based
on gold, in denominations of less than
$50.
The Santa Barbara Press" refer
ring to this plan, which the Record
moved by the conviction that there
should be enlargement Of the silver cur
rency volume, says:
That the solution of the silver ques-
ton does not lie in free and unlimited
coinage is agreed upon by nearly all
thinking men who have not been delud-
ed by the sophistry Of the silver mine
those who would be directly benefited
by 1t at the expense of the many. One
way of solving the vexed question, and
one that has many points to recon-
mend it, is suggested by the Record
Union
The Press then proceeds to point
out that for all the years prior to 1873
we had coined only SS,0OO,O0O Of sill
yer dollars, while since that date we
have coined 1897 100000 Of dollars, and
that all the time and to this hour the
silver dollar has been kept at the full 100
cents value, because the Government
has put and kept prop beneath every
coin Of that vast sum.
Since 1873, then, says the Press"
we have bought Of private hands vast
bulk of silver, the greater volume Of
which remains in the treasury. We
have as the ratio of coin to currency,
it adds, excluding national bank notes,
2O.5 per cent. of gold and GA of silver.
Now, the Republican party comedies
that the volume Of silver ought to be
enlarged, but objects to a sudden, vio
lent and purely experimental change Of
unlimited coinage at the fixed ratio Of
16 to l to private account as dangerous
and involving incalculable risk. 1t pre-
fers to labor to secure international
that Is the better solution, but mean
while closing no door Of legislation to
any wise and discreet method Of en-
larging the volume of silver coinage.
or in its place, and here is where the
proposition of the Record Union"
comes In, as a suggested measure
backed by sound financial judgment
osition approved by our contemporary,
the Press"
The only objection thus raised to the
plan-and it is significant fact that
much as it has been published and de-
bated there has been advanced no Sc
rious objection to it not based on sell
fish grounds, or flowing from the charge
that 1t is unreasonable or in the inter
ests of money power, or Of private or
mine scheming-we propose to con-
slider. 1t is now suggested: Suppose
the 10000, 900 Of coinage of the silver
owned by the Government falls into one
mans hands"
This is an absolutely silly supposition;
1T is ludicrous The silver referred to is
the property Of the Government, and in
It's vaults. 1t props nothing and is un-
represented In the market. Coined It
will be to Government and not to pri-
vate account as under free coinage.
Therefore 1t would be impossible for
any one person to corner 1t.
cumstances without value received be-
ing put up In some other exchangeable
value, nor could there be any induce
ment for such cornering were it posi-
BILE for one person to secure 1t. He would
have to bid for it's surrender from
among the people to whom paid out by
the Government In discharge of it's OBJ
legations, and it would be useless even
If bought at a premium except In $50
sums as legal tender. while the sub
sidiary coined silver now in circulation
and but S5 legal tender value at the
maximum would be raised in legal ten
der value to $50.
If anyone attempted to corner the en-
tire lot, therefore, of about $SO0,000,-
900 he would do so at a loss by enhanc-
ing the price of silver and inducing the
Government to coin more on the same
basis. Could the silver miner want any
thing better? So that puerile objection,
worthy only of idiocy. falls to the
ground.
But it is asked in that line. Suppose
all the silver were divided around so
that no person had more than $50. is
that desirable?" Certainly not. Busi-
ness would stagnate. But we have not
come to the communistic proposition to
divide every Saturday night as yet
Men will have of silver or gold just what
they earn by labor, skill or deserving.
Neither Government nor individuals d.
vide money or value of any kind on any