Evening star., 1896-09-26
SIXTEEN TO ONE, FREE and UNLIMITED


ductions of any bS orator of our common
schools. Washington. Adams. Jefferson.
Madison, Hamiitons and their associates
say the CONSTITUTION authorizes Congress
ssa ss that f0la hey a1d ms5 s
together simultaiSopsly serve as the cir
culating medium Afahe country they shall
be coined at thei hmercal ratio. That
stitution,"- II anySs1gnihcance whatever is
to be attached to the phrase.
1t is hardly posaikae to escape the con-
viction that cert4in disingenuousncss at
taches to all these appeals to the Constitu-
ton in behalf OF free silver" from which
every man in this nation who aspires to
the supreme office should be and should be
good and valid reasons for the rehabilita-
ton Of silver let these be fairly and hon
estly presented to the people. but let not
the sacred name Of the Constitution be in
would have been unhesita tingly and unan-
fmorsly rejected by the very authors of
the Constitution. The demand for free
silver IS to be justified, il at all, not by
any such misleading appeals. but by the
clear. logical presentation Of arguments
based upon existing economical conditions.
arguments that take into view not the
masses" only, nor debtors" nor farm
ers." nor wage earners' only, but the
whole population. and are gathered frcm
worldwide survey Of facts and tenden-
cies. as these relate to the material welfare
of our own country. Surely with such
broad field from which to draw sugges-
tons 1t is not necessary for it's supporters
to depend upon or to employ an appeal to
the Constitution. for which there is not the
remotest warrant, either in the Constitu-
ton itself or In cCntcmroraneous leaisla-
ton. XYZ
Difference in Values.
To the Editor of The Evening Star:
Before tho decentralization Of silver the
metal in the silver dollar was worth 100
cents-1OO cents in silver or in gold. A sill
yer dollar manged out of recognition by a
steam engine or melted into lump In a
furnace was still worth 100 cents: 1t did
not require any magic in the stamp Of the
government to make 1t worth a dollar.
This was the dollar Of free coinage
Under the existing gold standard the
gold in the gold dollar costs 100 cents in
gold: the silver in the silver dollar costs So
CENTS. the remaining Al cents is artificial
money. These are the dollars Of the gold
standard. Was there ever a time In our
history when there was a monetary sys-
tenn with such wide difference between
the values Of its coined dollars? Gold ad-
Vocates tell that these are honest dol
lars-dollars that need apology. Is the
present condition satisfactory? Is conf
dence which Is to revive prosperity likely
to be restored while the present expert
ment Is persisted in?
If human agents produced the present
condition as an experiment in finances. was
1t not unwise? If they produced 1t for ad-
vantage to themselves. was 1t not crime?
F. r. g.
Review by Mr.. Leech.
An interesting and exhaustive review of
the money question is that which appeared
recently in the New York Commercial Bull
letin. The contribution was by Mr. E. O.
Leech. well-known Washingtonian, who
was director of the mint for several years.
In the article in question Mr.. Leech deals
with the free and unlimited coinage of sill
yer at the ratio Of 16 to /. Commencing
with the constitutional provisions as to
the coming of money. Mr.. Leech presents,
briefly. the history of financial legislation
in the United States, touches upon the
metallic parity of gold and silver, which
Is compelled by the law, as 1t now is. and
then engages in a discussion of free COIN
age.
"Endsr free coinage" says Mr.. Leech,
amy one depositing silver at govern
mtnt mint or assay office, would, as soon
as its value was determined by assay. re-
ceive IN payment check on the United
States treH1e1ry for the exact amount of
money whiab. the silver would afterward
coin in silver dollars. This is the prac4ce
| under existing law in regard to gold. There
/ Is no practical difference, therefore, be-
| tween free coinage and unlimited purchase
! of silver. An ounce Of silver. now worth
| slxty-five cents. will coin $1.29 in silver
| dollars; hence, under free coinage. the
/ treasury of the United States would be
called upon to pay S1.29 an ounce for all
| the silver offered. just as 1t now pays 500 81
| an ounce for all the gold offered. The pro-
| cess of silver saturation would, therefore,
! not be limited to the coinage capacity OF
| the Mint but would be immediate, limited
| only by the general balance of the treas
| ury. How long could the treasury of the
| United States redeem it's checks in gold If
! the mints were thrown open to the un-
limited purchase of silver at the rate OF
| $1.29 an ounce?
Mr.. Bryan said at Madison Square Gar
| den: ANY purchaser who stands ready to
take the entire supply of any given article
| at a certain price can prevent that article
from falling below that price. So the gov
ernment can fix a price for gold and silver
| by creating q demand greater than the sup
| ply What is the entire supply Of silver
| which we would be called upon to take to
maintain the price at $1.29 ounce in
| gold?
"The annual product Of the mines is 175,
! 100000 ounces. worth at the present mar
| ket price $l13. 75O 900, for which our gov
eminent is to pay s226.O00.0OO in gold-a
| snug little profit to the owners of silver
mines Of $112,25O,OOO on the present annual
product only. II price Of s. cents an
ounce brings forth an annual product of
| 175.OOOOOO ounces 1t Is safe to say that with
| silver at $1.29 an ounce the output would
! be enormously increased This continent Is
ribbed with deposits Of lead and copper
ores in which silver is the metal Of chief
value many Of which ores cannot be profit
ably desilverized at the present CONNER
| cial value of silver.
The estimated stock Of silver in the world
| is $4,O1O, 100000. With the exception of our
own, silver and the European stocks. which
are kept at par by the gold standard, all of
this silver-the silver OF Asia, Mexico.
Japan and South America-has in settling
exchanges only the value of silver bullion
65 cents an ounce. The idea that 1t has an
enhanced value through coinage is errone-
Gus. Mexican dollars and the silver coins OF
South America and other silver countries
are bought and sold every day by bullion
; dealers exactly as silver bars, at the com
mercial price Of the pure silver contained
in them For all practical purposes the
entire stock Of Asiatic and South American
silver-aegregating the enormous sum OF
| $1,000, O,OOO,0OO-is just the same as a stock
of silver bars on the market. For this gov
ernment to maintain the gold price of silver