Middletown transcript., 1896-08-29


value. The bullion owner, on the
basis Of present values, would receive
the silver dollar for 50 cents worth of
silver, and other people would be re-
sqnired to receive it as a full dollar in
the payment of debts. The Govern
ment would get nothing from the trans
action. It would bear the expense of
coming the silver and the community
would suffer loss by its use.
THE DOLLARS COMPARED.
We have coined since 1873 more than
400, ,oo0, 600 silver dollars, which are
maintained by the Government at par
ity with gold, and are fulllegal ten
der for the payment of all debts. public
and private. How are the silver dol.
lars now In use different from those
which would be in use under free
coinageP 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
valuef I answer: The silver dollars
now in use were coined on account of
the Government, and not for private
account or gain, and the Government
had solemnly agreed to keep them as
good as the best dollars we have. The
Government bought the silver bullion
at its market value and coined it into
silver 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
silver bullion and the face value of the
silver dollar, goes to the Government
for the benefit of the people.
The Government bought the silver
bullion contained in the silver dollar
at very much less than its coinage
value. 1t paid it out to its creditors
and pat IL in circulation among the
people at its face value of one hundred
cents, or full dollar. It required the
people to accept it as a legal tender, and
is thus morally bound to maintain it at
parity with gold, which was then, as
now. the recognized standard with us,
and the most enlightened nations of the
world.
The Government having issued and
the silver, it must in honor
protect the holder from loss. This OBJ
legation it has SO far sacredly kept. Not
only is there moral obligation, but
there is legal obligation, expressed
in public statue, to maintain the
party. Al
COULD NOT BE KEPT AT PAR.
These dollars, in the particulars 1
have named, are not the same as the
dollars which would be issued under
free coinage. They would be the same
In form, but different in value. The
Government would have no part in the
transaction, except to coin the silver
bullion into dollars. 1t would share in
40 part Of the profit.
1t would take upon itself no obliga-
ion. 1t would not put the dollars into
circulation. Itcould only get them,
as any citizen would get them, by CIV
ng something for them. 1t would de-
iver them to those who deposited the
'ilver, and its connection with the
transaction there lend. Such are the
Iilver dollars which would be issued
lnder free coinage of silver at a ratio
# 16 to l. Who would,then maintain
he partyp What would keep them at
,ar with gold.
There would be no obligat ion resting
lpoD the Government to do it, and if |
here we're it would be powerless to do
t. The simple truth is we would be
lriven to silver basis-to silver mono
meta llism. These dollars, therefore,
would stand upon their real value. If |
he free and unlimited coinage of silver
It ratio Of 16 ounces of silver to one
'unce of gold would, as some of it's
.dvocates assert, make So cents in silver
worth 100 cents, and the silver dollar
quail to the gold dollar, then we would |
ave no cheaper money than now, and |
would be no easier to get. But that
uch would be the result is against rea-
on and is contradicted by expei ience
q all times and in all lands. 1t means
he debasement Of our currency to the
mount of the difference between the
commercial and coin value OF the silver
ollar, which is ever changing, and the
fleet would be to reduce property
alues, entail untold financial loss, de-
troy confidence, impair the obligations
existing contracts, further impover-
sh the laborers and producers of the
ountry, create panic of unparalleled
everity and inflict upon trade and
ommerce q deadly blow. Against any
uch policy ! am unalterably opposed. /
Bimetallism cannot be secured by in
ependent action on our part. 1t can
ot be obtained by opening our mints
the unlimited coinage of the silver
the world, at a ratio of 16 ounces Of
liver to ! ounce Of gold, when the
ommerciai ratio is more than thirty
unces Of silver to one ounce Of gold.
fexico and China have tried the
experiment..
Mexico has free coinageof silver and
old at ratio slightly in excess Of six
ZEN and half ounces of silver to one
unce Of gold, and when her mints are
reely open to both metals at that ratio,
OF a single dollar in gold bullion is
oined and circulated as money. 1.
Gold has been driven out Of circula-
ION In these countries and they are on
Il