The Indianapolis journal., 1896-08-28
QUESTIONS OF THE TIME.

and probably other larger cities our silver
dollars are said to pass at their face value.
because brokers can dispose of them to
immigrants and others coming 10 the
United States; CD The government does
directly, but IL keeps the two at parity by
accepting both for all taxes and dues and
by paying out both TO meet all obligations
except bonds.
j. r. Y. Columbus: o. Gold is with
drawn at the present time by those who
fear the election of Bryan in order that
they may hoard It. CD The balance of
trade. on the face has been in our favor
very decidedly the past few months. but
there are many securities held abroad
which have been put upon the market be-
cause OF the silver scare, which takes gold
from this country. CD Over so per cent.
of our foreign trade is with gold-standard
nations. and the trade with silver countries
Is on the gold basis. IL happens that our
exports to gold countries largely exceed our
imports. while from silver countries pro-
ducing sugar. hides end raw materials, our
imports are very largely in excess of our
sales to them. a. liz is the belief of more
that ninety-nine out of every one hundred
intelligent men in the country. outside OF
those who interested In silver mines.
that the free coinage of silver would injure
the farming and every other industry. The
reasons are given I'm Major McNinley's let
ter (5.) The mints of India We're closed
because the purchase power OF the rupee
was fast lapsing 10 the level OF its bullion
value. India saturated with depre-
ciated and depreciati:.g silver coin. 90
Your assumption OF the growing scarcity
Of gold is not sustained by the figures. AS
matter OF fact. the increase OF the out
put OF the gold mines OF the world has been
nearly 100 per cent since 1851, when n u was
,sos II - ss,in,st tsd that bv isG1 The ontnnt
OF the gold mines will reach $500. .O0c. 900
year. 1t can make no difference with the
- - L. a
Prices have faller because of the revolu-
tion In the cost and amount of production.
The reaper and binder have taken the place
OF the cradle In the wheat field and in
has wonderfully Increased the quantity and
decreased the cost Of production. If gold
fallen alike. and gradually. On the con-
trary. some prices held their own until the
Democratic tariff OF 1894
Il. s., London: CO. Since 1884. when the
ratio was changed from 10 to l to 16 to l. the
treasury. so far as coin Is concerned. has
been on a gold basis. CD The act of 1884,
changing the ratio. and the act of 1853.
withdrawing the free coinage of silver
bullion into halves and quarters, practically
demonetized silver. so that there was none
to demonetize in 1879. but the law of that
year made the gold dollar the unit of value.
worth at that time cents less than the
silver bullion In a standard silver dollar.
(3) There are many reasons given for do
ing IL. but that OF Senator Stewart now
q leading silverite. namely. that gold is
the worlds measure OF values" Is the best.
a. The silver dollar was dropped from
the coinage because little or no silver was
brought to the mints TO be coined into dol
lars. (5.) There Is not, proportionally.sa as
much silver bullion I'm halves and quarters
in the standard silver dollars, two half
dollars weighing Ss4 grains of standard
silver while the standard dollar weighs 4l2A
grains The weight was reduced in 1888
because the silver in the half dollars was
worth more than 80 cents. At that date
full legal tender was taken from subsidiary
legal tender limit is $40. (6.) The coinage
OF standard silver dollars was resumed un
free but limited coinage for which the gov
ernment Is responsible. Cd The) story OF
the bribery Of Congress saE by Ernest si Sgd is
biiity at best. but. several years ago.
letter was read which Mr.. Seyd wrote at
the time in which he urged the Director of
to retain the silver dollar i'm the coinage
system. No reliance can be placed on any
thing the Sentinel prints at the present
George r. Edmupds, Charles Sumner,
Henry Wilson. Roscoe conkling, Simon
man. A. c.. Thurman O. II. Morton, Ly-
man Trumbull. John A. Logan. Carl
shur and wam NJ william Mere wn
the more prominent men, In the House
James G. Blaine. w. p. Frye. b. r Butler
-Hoar. Henry l.. Dawes. ]. r. Hawley S.
S. Cox. Fernando Wood. s. j. Randall. W.
ID. Kelley. l.. ID. Campbell. J. a. Garfield,
Charles Foster. J. Ii. Beck. W. L. Niblack
NJ c. Kerr. w. s. Holman. John Coburn
d. w. VOORHEES,. Charles Il. Farwell, Alex
ander II. Stephens and Austin Blair were
among the large number OF able Repre-
sentatives AT that time.