The silver messenger. (Challis, Idaho) 1890-1912, 1896-04-07

n COhluIOH ldiltCy WulCll, vi
the surface, seems plausible, is
the idea that under free coinage
the miner can take go cents worth
of silver to the mint and get q
dollar for it. This claim is based
upon the supposition that condi-
tons, under free coinage, would
remain the same as without free
coinage, and that silver bullion,
after free coinage has been re-
stored, will continue to bear sub
stantially the same relation to
coined silver as before. But free
coinage at once makes coin and
bullion equal, ounce for ounce,
and nobody can then buy bullion
for less than it's coinage value.
For instance, a bar of standard
silver weighing a hundred oun-
ces, will make 116 silver dollars
OF 4121 grains each and leave q
few cents over; consequently, if
it costs nothing to convert bull
lion into coin the value anywhere
of a hundred ounces of standard
silver will be little over 116
dollars. This is the case now
with gold. 1t costs nothing to
have gold bullion converted into
gold coin, and consequently there
is no difference between the val
ne of given weight of gold bull
lion, and the same weight of
gold coin. An ounce of gold
bullion, -tenths fine, is worth
$500 because it will make that
coins. This is the value of the
bullion at the mint and hence is
called the mint price" OF
course, whatever it costs to
transport bullion to the mint
must be deducted from the mint
price, to get at the actual price
of bullion in coin, at any point
distant from the mint.
From these facts is derived
the law of the value of either
gold or silver bullion, under free
coinage.
If the stamping of bullion and
thus turning it into coin is done
free of all expense, at the will of
any one who chooses to present
it to the mint, 1--WE have" says
Macleod, "this fundamental prin-
ciple of coinage"
"Any quantity of metal in. the
form of bullion must be exactly
the same value as the same
quantity of metal in the form Of
coin "
Whether the coins of the two
metals will remain at par, one
with the other, depends on anoth-
er law, but that there can, under
free coinage, be no difference be.
tween the value of a given
weight Of bullion and the same
weight of coin of the same metal,
is too plain to be disputed, and
hence the claim that the miner
of silver or anybody else, under
free coinage, can take less bull
lion to the mint than is required
to make a dollar, or that is worth
less than a dollar, and get a dol.
lar for it, must stand among the
exploded fallacies of the advo-
Gates of the gold standard; and
for one to repeat this fallacy is
simply to expose profound ig,
norance on one of the simplest
principles relating to coinage,
OF course, if any one has bought
silver bullion at it's gold price
while it was only a commodity
he could, after free coinage has
been restored, make a profit or
such bullion. But free coinage
once established, profits to bull
lion dealers would disappear
The miner of silver thereafter
would make somewhat more anc
the miner of gold somewhat less
The object of the free coinage Of
both gold and silver, however, i;
not especially to give profit tc
the miner of either gold or silv
er, but to supply the world will
primary money!.