Kansas agitator. [volume] (Garnett, Kan.) 1890-1905, 1896-08-07
FALSE INIPRES&y :, Ms.
The Claim il Made that Free Coinage OF silver
WOmld Create n Panic.

Will the free coinage of silver bring on a
disastrous panic asks the Canton News-Dem-
ocrat. The gold contractionists say that if
BRYAN and free coinage congress are elected,
panic would seize the European holders OF
American securities that European investors
would throw up their holdings Of American lail-
road bonds, stocks, aud other securities, on our
markets for sale at any price; that consequent
lv prices of all securities on our markets would
be greatly depressed, and the country would
experience an unexampled period OF industrial
staenation Such is the assumption of the
spectators who believe or feign to believe that
the unlimited coinage of silver would give us
"6fty cent dollar and result in cutting the
value of all American securities i'll half
But free coinage of silver would not give us
"6fty-cent dollar" Under free coinage the
value of silver bullion and silver coin would be
the same Such thing as dollar containing
but fifty cents worth of silver would be I'M
possible, for 3724 grains of silver bullion be-
inq convertible into silver dollar by the gov
ernnent free of charge would be the exact
equivalent of the dollar, just as at this time
232 2 grains Of gold is the equivalent OF gold
eagle 1t is clear no one will sell 2322 grains
of gold for less than $40, so long as he has the
privilege to take it to the mint and receive
GOLD eagle in return And so it is clear that if
the same privilege was given the owner of sill
yer bullion as the owner of gold bullion now
enjoys, no one would sell 37IA grains of silver
for less than 81. Therefore, under free and un-
limited coinage, the silver dollar would be hon
est and good money, for after being melted
down it would be worth just as much as before.
The unlimited coinage of silver would restore
the parity between gold and silver, and the
silver dollar would be just as acceptable i'll pay
ment of interest and principal to the foreign
holder of American securities as the gold dol
lar.
But it is not with the silver dollar that we
would pay our foreign debts ; neither is it with
GOLD. We would pay our debts abroad after the
opening of our mints to silver, just as we pay
them now, with exports of merchandise, chiefly
farm products. The only difference would be
that we would get better prices for our exports.
The lower the price at which we export our
wheat and other products, the greater is the
burden of our interest charges and the greater
is the real income of the holders of our Sc
cu1ities, who practically receive, owing to the
fall in prices, double the quantity of products
IN payinent of interest charges that they are en-
titled to receVe'
The gold monometalists also tell us that the
frAe coinage of silver would contract our cur
rencv hv one-third through forcing gold and all
is credits based on gold out of circulation and
thns cause prices to fall proportionately. If
8, then he fall in prices would result in in
creasing the actual income of the foreign hold
ers of American securities, who would receive
three bushels of wheat and three pounds Of