Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1896-10-24
SANTA FE, N. NJ SATURDAY, OCTOBER "a,
ounce. Under these conditions 81 a
grains of pure silver is worth 81.

\ ounce. Under these conditions 37l
grains of pure silver is worth 81.
Sterry: Is it not true that the ooina
act of 1873 was in congress three yes
pending its passagef
Webber: Yes, it is true, and also tr
that the majority of our statesmen,
cluding Grant and Blaine and many hi
in the authority and councils of the n
tion did not know that the silver doll
had been dropped from the coinage
that there was ever any intention
dropping it.
Sterry: At the time of the lntroductic
of the coinage act of 1873 in congres
were there in circulation any silver dc
lars coined under the coinage act of 1873
1887 at the ratio of 16 to L?
| Webber: Yes; in 1885 there were 1,Ot
silver dollars coined. In 1884 the amour
of gold in a $40 piece was changed fro
247 4 8 grains to 232 grains. In 1887
was provided that the weight of the silv,
coin should be 41219 grains. This was
ratio of 16 to l.
act of 1873 was pending in congress, an
at the time it was passed, was there IA
or an hour in which the holder of aaEe
bullion could have coined the same int
silver dollars at the mints of the Unite
States without losing money on each do
lar coined at the existing ratiof
Webber: No. In 1871 the value O
81 a grains of pure silver was 1.025; il
1872, 1.022; in 1873, 1OO4, showing tina
the bullion value was almost exactly il
harmony with the coinage value at tn
ratio of 16 to l. And still gold was no
driven out of the country.
Sterry: At the time of the passage o
the act of 1873 was there any reason II
the history of all time prior to it, of thi
or any other country, for believing tina
silver could be, or would be, proftably
coined at the ratio of 16 to in the flu
ture? If 80, please state the reason.
Webber: France prior to this time
was proftably coming her silver at 1917
to l. The wealth of nation has largely
to do with the ratio that can be main
tanned. The United States is great
enough to dictate the ratio to the world
Sterry: Do you believe that the pres.
ent gold dollar has appreciated too much
in value! If SO, is this fact proved by
its present purchasing power?
Webber: believe that in proportion
as the number of dollars are diminished
just in that proportion does it take m ore
property to secure one. This is what
under these circumstances is called 200
cent dollar.
Sterry: If you answer the above ques-
tion in the affirmative, would not the sill
YER dollar, If silver bullion was brought
mp to the value of $1.29 per fine ounce,
purchase just as mnch in any market as
the gold dollar would purchase, and if
not, why nots
Webber: The silver dollar is 200.
cent dollar to-day in the same sense as
the gold dollar is, and if it were given
free access to the mint and gold driven
out of the country and the silver volume
not increased the disasters would be just
as great from one system as the other.
Sterry: How soon will it be possible
after Bryan's election (if he is elected) to
have free coinage act become lawf
Webber: Sixty days after March 4,
providing both houses are with him.
Sterry: How soon after Bryan's elec-
lion (if he is elected) will it be possible
70 have any greater mint capacity by
which the government could coin more
shan $60,OOO,000 annually of silver?
Webber: That depends upon the sys-
;em TO bring it about. Senator Stewart,
IF Nevada, says he will take contract to
,oin ($50O, five hundred million
dollars in twelve months.
Sterry: Would not the mere fact of
3ryan's election cause gold to at once 60
10 premium?
Webber: No. The effects of the future
lave already been discounted. No matter
Who is elected you will not see rifle
,pon the financial waters; but if Mckinley
8 elected, unless he abandons his plat
orm and assists in bringing about none
ary reform, you will see more misery
han this country ever before knew.
Sterry: If Bryan was elected, would
lot everyone having money in banks on
leposit, or due to them from other
ources, be desirous of drawing it out, or
It once collecting it, in order to make
uch money as might be made by either
he premium that would come to gold or
n the purchase of silver bullion, or in
he purchase of such other commodities
10 it is claimed would rise in value under
rec coinage of silvsrs
Webber: If Bryan is elected there will
,e no disposition to draw out money
rom the banks, becsuse.the people know
hat his election will lead to more money
md thus to restoration of property
'alues; but If Mckinley is elected and an
Ittempt made to maintain existing con-
litions the people will be compelled to
lraw what little they can get and lose the
balance by reason of the general insol-
'ency of the banks.
Sterry: Gould any bank pay all of it's
lepositors within any short period of
ime upon demand?
Webber: No, the banks are all in.
olvent. Nine Thousand eight hundred
md eight banks in the United States only
lad, on July II, $63l, ,OO0, 900, and they owe
heir depositors $685., 100000, less than
Il in eight to pay with.
Sterry: If under the free coinage act
be business of the Atlantic d Pacific rail-
Dad would increase to the extent of re-
Iuiring double the train service it now
las, would that require the company to
'ay increased wages to the employees who
'perate the present train service? In the
ase put in the last question, would it not
ather require the COMPANY to employ
ufficient additional operatives to run the
xtrs trains, and in such case, how would
he present operatives be benefitedi
Webber: 1t might, unless they im.
'rove their road-bed and rolling stock.
The present operatives would be bene-
ted by ths general enhancement Of prop
rty that would take place, as many Of
hem own their own homes, and by the
till further fact that when ont Of a lob
hey could more readily secure another
nd would not have to contribute so lib.
rally TO many Of their brother workmen
ow out of employment.
Sterry: Is there any railroad in the
'orld that pays as high scale of wages
. the Atlantic q Pacitci
Webber: There should not be, as 1
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