The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-06
/ THE FINANCIAL FORUM /
THERE is MUCH AT ISSUE.
The Monetary Gain or Loss by Free
Coinage Discussed.

To the Editor of the Globe.
In your paper OF the I'd inst, discussing the
greatest financial fnduceemnt. on the side Of
free coinage or against it," You want to
know on which side there is to be found the
greatest amount Of men having money stake
in the issue, and on which side is there likely
to be the greatest fund with which to hire
men who will prostitute themselves in behalf
OF an infamous cause. Proceeding you say
that last year was produced 46 million ounces
OF silver worth, at the rate of SO cents an
ounce, $50, 000, 600; that in case of free coin
age the mine owners would get $1.29 per
ounce and thereby levy tribute of go cents
per ounce upon the people of this country
over and above the price of silver at the pres
ent time; that 1t is this enormous consider
alton which Is likely to induce the silver min
ers to spend money Iavishly in hiring sup
porters, and that Ii there were a disposition
TO debauch the peoples morality there is no
lack OF incentive on the silver side.
Now, while 1t is likely that there are in
JUDGEMENTS on the silver side to spend money
In bringing about free coinage, is it not more
likely that there are stronger inducements on
the gold side to spend money to continue the
gold standard. which is extra favorable to
gold, inasmuch as gold monopolizes the field
OF money. having the market for itself? I
would like to know whether if gold were
demonet1zed 1t would be as high as it is now
whether 1t would not fall in price in proper
ton as silver fell from the same effect.
whether when silver is demonetized it is not
more favorable to gold, and in so far en-
nances the price of gold; whether that en-
nahcoiieHI uoes MOI make the percentage OF
the rise OF gold comparatively enormous
whether it therefore does not pay the gold
owners to spend large sums to keep gold up
at the present rate; whether if there were
Tree coinage gold would not come down as
much as silver went up, and whether silver
would not, in consequence of it's greater de-
mand due to free coinage, rise in price?
DO not see how the silver owners could
exact tribute of so cents per ounce since
no one would be compelled to give them gold
for silver at the rate of 16 to 1. If they could
q hat rnfn I1oSr ILL
1t would bring them SIP instead of 50 cents
per ounce, assuming of course that silver did
not rise in consequence Of free coinage. But
no one being compelled to give gold for silver
at the rate of Is to i, there could be no tribute
levied as you claim there would be.
1t seems to me that free coinage gain
ence the extra demand might make in the
price of silver. This, it appears reasonable
must be their sole inducement to spend
money; If they do SO at all. They are iusti-
fed to seek market for their silver as the
gold people are for their gold.
You say what man is there among the cap
itailsts VINO has one dollar to gain in the de-
feat OF free coinage. 1t seems to me that
every one Of them has much to lose in case
OF free coinage which if prevented is equiv
aient to gain. Is it not evident that since
silver dollars Will be legal tender, the credit
or will have to accept silver money in pay
ment OF debts based on gold money con-
tracted under the gold standard. and that the
creditor will lose as much as the silver will
fall short in amount in relation to gold
money. If the silver will be worth only so
cents, as the gold people claim, creditors will
lose half of their capital. 1t is evident then
that the moneyed classes have a good deal
at stake in the money issue and must accord
Ing to business principles try to oppose free
coinage, which they do, and spend large
sums to accomplish its defeat
DO not see who will lose by free coinage
outside OF creditors, possessors of cash
money, and owners Of gold. Producers will
certainly lose Eothing since if the dollar
viii be worth only so cents everything will
De doubled in price. The same may be appIi-
ed TO labor. Those who have cash will lose
as much as less cash will buy in commod-
tiles. Gold will certainly depreciate as much
as silver viii appreciate, and silver will ap-
prec1ate as much as this country is a factor
IN the world In the creation of a demand for
silver
All this seems very clear to me- There is
no getting around 1t, and see much reason
for the capitalists to oppose free coinage IL
also seems to that what has been gained
by the gold owners in consequence Of the
rise in gold through the gold standard has
been lost by the producers.
In my mind the rise of gold has taken
place at the expense of the one who borrowed
before the rise. This, it seems. accounts for
the perpetual debt the producer is in Free
coinage increasing the volume of money will
II appears, cause a better circulation better
business, more work and higher wages
In my opinion the argument that there is
plenty of money in the country but it is
no. away does not hold good. There Is
$z0 business done on dollar cash There
Is one chance in twenty that the dollar OUT
standing will return to its rightfuI owner
and it is this fact which causes Indirectly tho
hord1ng away of money. l am not biased I
speak the way do, thinking I am right. II
am wrong 1 shall be very glad to be set
Alright. -Isidor Weisnan