The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-02-12
SILVER COINAGE.
an Open Letter to Scnntor John w
Daniel.
Norfolk. Va, Feb. 10, 1886.


Editor Nirginlan:
Honorable and Dear Sir:--It is per-
fectlS apparent from the presen, status
OF the silver question that no practical
results are to be reached by the pres
ent Congress, except by way OF COM
promise, and it appears that some effort
may be made in that direction. AS Il
citizen of your State, by no means an
expert, hut strongly attached to the
cause Of silver coinage. | have the honor
OF addressing to you the following sug-
gestion:
Let II law be enacted allowing every
man who viii bring to Government
mint the amount Of gold necessary for
coming gold dollar, to bring also the
ainoun, OF silver necessary for coming Il
silver dollar, these amounts to be in the
ratio of l6 to ], and when coined to be
OF equal value and legal tender in the
payment of public and private debts.
The result OF such an act would he
First. TO bring large amount OF gold
bullion from foreign markets to our
mints to be coined. inasmuch as by so
doing the owner OF the bullion would Sc
cure the privilege OF coming a proper
tionate amount of silver. the cheaper
metal, whose value would be increased
by coinage. TO equality with his gold
by this process foreign gold bullion
would be continually coming to ourmnts
for coinage, because the purchaser could
AFFORD 10 buy gold bullion at highest
market prices abroad for the sake OF
having silver bullion coined with 1t.
Second 1t would give an immense
impetus to the silver coinage, because
owners of silver bullion would coin lust
as much of their metal as possible the
only limit being the amount of gold bull
lion that they might be able TO secure
for coming along with their silver. and,
Sta fnl -
buy gold at highest prices for the sake
of getting their silver coined
Third. The demands of the people and
of commerce for more money in circula-
ton would he complied with. a S is appar-
ent without argument. and the fact that
such demands exist should be quite as
apparent to any intelligent and candid
mind.
Fourth. The cry Of gold leaving the
Treasu would cease. because gold
would be ever coming into the country
for the sake of securing the coinage OF
silver by our mints
Fifth. The depreciation of silver coin
would be impossible, because it would
be absolutely on footing with gold
actment of the most prosperous and
powerful Government on earth and
upon the basis of most careful estimates
as to the relative intrinsic values of
these metals.
Sixth. The danger of flooding the
country with silver. from the extensive
mines of the West. would be Impossible.
because the amount coined would be
limited, only equal to the amount of
gold presented at our mints for coin
age"
Only one difficulty seems to present
itself in connection with this scheme,
namely: The possibility that men might
convert their gold coin into bullion
of a like value Of silver bullion and nv
repeating the process secure the coinage
Of many silver dollars by the use Of
only one dollars worth of gold Til,
difficulty, however. is only apparent
and Is obviatcd by laws % imposing
severe penalties for mutilating or de-
stroying coin on which Is the Govern
ment stamp or seal, and from which
stamp 1t receives a part Of it's value:
(2). making the rate of seigniorage such
as 10 render IL more profitable to buy
gold bullion in the markets than to melt
coin and have II rccoined. y gold dol
lar would buy more than Its own weight
and quantity in bullion.
AS to subordinate questions, such as
retiring greentacks.na tional bank notes
tie issue OF gold and silver certifica les.
ti,esS ara minor Considerations that
would adjust themselves readily in the
presence of the solution OF the colossal
problem OF the coinage of silver.
Such legislation as is here proDosed
to stand on it's own merits aud at the
same time make each the complement
of the other.
(SiRned) ObRSRRVER