The Yale expositor., 1896-09-18
what Free Coinage Means.

changes and settle our balances with
one another and with the nations OF
the world is of such primary import
ance and so far.reaching In its con-
sequences as to call for the most pains
taking investigation, and in the end
a sober and unprejudiced Judgment at
the polls. We must not be misled by
phrases nor deluded by false theories.
Free silver would not mean that silver
dollars were TO be freely had without
cost of labor. 1t would mean the free
use of the minis of the United States
for the few who are owners of silver
bullion, but would make silver coin
no freer to the many who are engaged
in other enterprises.
1t would not make labor easier, the
hours of labor shorter or the pay bet
ter. 1t would not make farming less
laborious or more profitable. 1t would
not start a factory or make demand
for an additional days labor. 1t would
create no new occupations. 1t would
add nothing to the comfort OF the
masses, the capital of the people of the
wealth Of the nation. 1t seeks TO intro
duce a new measure of value. but
would add no value to the thing meas
ured. 1t would not conserve values. On
the contrary, it would derange all ex-
listing values. 1t would not restore
business confidence, but its direct eff
feet would be to destroy the little
which yet remains.
The meaning OF the coinage plan
adopted at Chicago is that any one may
take a quantity of silver bullion, now
worth SO cents, to the minis OF the
United States, have it coined at the ex-
pense of the government and receive
for it a silver dollar which shall be
legal tender for the payment OF all
debts, public and private. The owner
of the silver bullion would get the sill
yer dollar. 1t would belong to him and
nobody else. Other people would get
IT only by their labor. the products of
their land or something of value. The
bullion owner, on the basis of present
values, would receive the silver dol
lar for SO cents worth of silver, and
other people would be required to re-
ceive II as a full dollar in the payment
of debts. The government would get
nothing from the transaction. 1t would
bear the expense of coming the silver,
and the community would suffer loss
by its use.
Silver Dollars Now on n Gold Basis.
We have coined since 1878 more than
400, 00O, 900 of silver dollars, which are
maintained by the government at par
ity with gold and are full legal tender
for the payment of all debts. public
and private. How are the silver dol
lars now in use different from taose
which would be in use under free coin
age? They are to be of the same weight
and fineness. They are to bear the same
stamp of the government. Why would
they not be of the same value?
answer: The silver dollars now in
use were coined on account of the gov
eminent, and not for private account
or gain, and the government has SOL
emily agreed to keep them as good
as the best dollars we have. The gov
eminent bought the silver bullion at
its market value and coined 1t into sill
yer dollars. Having exclusive con-
troll of the mintage. it only coins what
it can hold at parity with gold. The
profit, representing the difference be-
tween the commercial value of the sill
yer bullion and the face value of the
silver dollar, goes to the government
for the benefit of the people.
Farmers and Laborers Would Suffer Most.
If there is any one thing which
should be free from speculation and
fiuctuation, it is the money of coun-
try. 1t ought never to be the subject
of mere partisan contention. When we
part with our labor, our products or our
property. We should receive in return
money which is as stable and un-
changing in value as the ingenuity of
honest men can make it. Debasement
Of the currency means destruction of
values. No one suffers so much from
cheap money as the farmers and labor
ers. They are the first to feel its bad
effects and the last to recover from
them. This has been the uniform ex-
perience of all countries, and here as
elsewhere. The poor, and not the
rich, are always the greatest sufferers
from every attempt to debase our
money. 1t would fall with alarming
severity upon investments already
made, upon insurance companies and
their policy holders, upon savings
banks and their depositors, upon build
ing and loan association members, upon
the savings of thrift, upon pensioners
and their families, and upon wage
earners and the purchasing power of
their wages.
Good Money Never Made Times Hard
1t is a mere pretense to attribute
the hard times to the fact that all
our currency is on a gold basis. Good
money never made times hard. Those
who assert that our present industrial
and financial depression is the result
OF the gold standard have not read
American history Alright or been care
fnl students of the events Of recent
years. We never had greater pros
perity in this country. in every field
of emnlavmant and fpducfrv 49,. -