The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-07-23
THE 10 TO / RATIO.
One Who Believes the Gold Dollar
and silver Dollar Would Circulate
on "A Parity at That Ratio.

On "a Parity at That Ratio.
Americas. Ga, July 21-Editor Morning
News-I have read with interest the edito-
rial in the Morning News the 18th inst.
explaining to a correspondent the mean
ing Of the free and unlimited coinage of
both silver and gold at the present legal
ratio Of l6 to l." / am an old time demo-
GRAFT There has not been year IN more
than a third OF a century that my name
has not been recorded as voting for some
democrat for office. And IN the list of
those voted for are the seven democratic
candidates for president. 1S6S-1Sg2.
have always regarded the free coin
age OF both gold and silver as one of the
fundamental principles Of the democratic
party.
Desiring above all things to be right I
have studied closely the financial ques-
ton, reading carefully all phases OF the
issue.
The result of my Investigation of the
subject leaves me stin honestly and earn
estly In favor OF making the free. unlim-
tied and independent coinage Of both silver
and gold at the present legal ratio Of 16
70 J. part of the financial system OF the
United States government.
In the able editorial above referred to I
hnd the following paragraph
But would the price of silver remain
stable2 II Is quite certain Il would not.
1t would rise and fall in accordance with
the supply of 1t and demand for it, There
fore, the value of the silver dollar would
have a constantly changing value-that IS
constantly changing purchasing power
1t may be asked II the credit of the
government would not keep the silver dol
lar on parity with the gold dollar as Il
does now. 1t would not. The government
would not undertake TO keep II on a par
ity with a gold dollar. 1t is able to do il
now, because II coins only a limited num-
Der OF silver dollars, but If the coinage
OF silver dollars was made unlimited the
silver dollar would circulate at the exact
market value of the silver II contains
that Is, about SO cents"
How does the government maintain the
parity you speak or between the gold dol
lar and the silver certificates and stand
ton?
Is it not true that silver certificates are
only redeemable at the treasury in stand
ard silver dollars?
Mr. Dingley, chairman of the WAYS and
means committee of the present repubn-
can House OF Representatives in his ma
1ority report against the passage of the
bond bill, says: "Of the 1854 900 600 al
yer dollars In the treasury all but SIS OOO -
uOO are held for the redemption of OUT
standing silver certificates. This majority
report was signed by the thirteen republi-
can members of the committee. and con-
! CURED in by two democrats-Turner OF
| Georgia and Cobb of Missouri
So far as my information goes ~ the
holders of any of these 1864 200. 600 silver
certificates should present them at the
! treasury and demand gold they would not
| be accommodated
As additional evidence, I have the word
| OF bankers of this city that they have
| been offered s. per $1,000 premium for the
exchange Of gold treasury notes for sill
| yer certificates.
The evident purpose of the New Yor,,
| bankers who made the offer was to use
the coin notes in drawing gold from the
! treasury.
| When Mr.. Carlisle was charged with re-
fusing to pay out silver coin for gold coin
! on demand, his defense was that Mt the
time he had I'm the treasury no silver dol
! lars he could use for that purpose: that
! all the silver dollars then in the treasury
were held to redeem the outstanding sill
Yer certificates 20
If gold and silver is INTERCHANGEABLE at
the treasury this argument of Mr.. Car
| isles is certainly purile
ana II the two are not Interchangeable
| what FUNSTON does the gold dollar per
form in aiding the government in main
tanning, equal to gold the purchasing
power of the silver dollar?
| You say that If we had free coinage
| the government would not undertake ia
keep the silver dollars on a parity with
the gold dollar" and that ut is able to do
so now because ii coins only q limited
number of silver dollars"
FROM the facts above cited fail TO see
| how, or in what manner, gold is used nv
the government to maintain the present
! purchasing power of the silver dollar
am more inclined to believe that. because
II Is a iesdl tender IN the payment OF
| debts, fully explains why the PURCHASING
! powers of the silver dollar is greater than
the commercial value of the silver in IL.
The advocates of free coinage take no
stock in the claim of the advocates of the
| single gold standard. that If we had free
coinage there would be a flood of silver
rushing In on our mints demanding coin.
age They firmly believe that the supply
i of gold and silver in the world obtainable
for coinage into money is limited to fig
ures below the actual needs of Commerce
conducted on hard money basis.
And they believe in a currency redeem
able in coin, gold or silver. at the option OF
the government, and when it is understood
that this option is impartially exercised
and that both gold and silver is a legal
tender in the payment of all debts at the
| option of the debtor there Will be no trou-
bic in maintaining the parity between gold
and silver dollars in the payment of re-
| munerative prices for all products of the
| fields, the factories the mines and the
marts OF trade, as well as living wages 10
all who labor. w. p. Burt.
| Cornelius Vanderbilt receives hundrede
| of letters every day, most of which are
| answered by his secretary but about fiftv
| of which he must look after himself.
| s@-----l~---~-----