The times. [volume] (Richmond, Va.) 1890-1903, 1896-07-22
THE NEW YORK JOURNAL rEEs. TOO.

4
We quote the following editorial from
Yesterdays Richmond Dispatch:
Senator Buckalew's Mistake. -Ex-Sen-
ator Buckalcw. of Pennsylvania, has
fallen into the same mistake regarding
/ the effects of froc-silver coinage that the
| mine-owncrs have. lie supposes that
/ under the new law the difference between
the coin and bullion value OF silver
will 20 into the pockets OF the bullion
owners. But the New York Journal cor
rects him, MS follows:
"Irndor free coinage there would be
no difference between the coin and the
bullion value OF silver. II is plain pro-
| position i'm the rule of three that If 81 IA
| grains make a dollar and $50 grains make
an ounce 1.29 dollars must equal one
! ounce Silver dollars are now kept above
| their bullion value because the manu-
! facture of them is a Government mo-
| nopoly. and the quantity Of them is linz
| tied. and the Government has pledged
| itself TO maintain them at par in gold.
! But If every one can exchange a pound Of
| bullion for a pound OF coins. the coins
| cannot bee worth more than their weight
| in bullion. The rupee was worth its
weight in bullion under free coinage.
] when tho Indian minis We're closed-when
| the Indian Government stopped their
| further production it was possible to
mnintain them at value somewhat
higher than that OF the metal they were
| made Of. The mine-owners would find
/ out. 10 their establishment if the expert
ment were tried that under free coinage
| their bullion would be paid for on the
| silver standard. and not the gold
! standard. they cannot by any possibility
! get Sl.29 I'm gold for an ounce Of silver"
| Here is another writer whose mind is
as much mixed as the writer in the Wash
| ington Post on whom we commented
yesterday. The mine-owner is not near
the fool that the New York journal
would make him out. lie knows per-
fectly well that he will not get 1929 an
ounce for his silver. but that will not
prevent his getting $L2O. lie may not
| get that. but every time he gets a cent
an ounce over the present price, which is
about 60 cents, he makes great big
profit Free coinage will at once start
speculation IN silver, and that will raise
its price for a while TO something very
near to sl.29 per ounce. The specula-
ton will soon play out, and then silver
Will sag down TO the value per ounce
that the law of supply and demand as
! signs to it, That is, an ounce of silver
Will rise. under the influence of free
coinage to something near $l.29 per ounce,
I'm gold. but it will gradually come back
to a point that will make an ounce Of
silver exchange for very little, II any,
more than 60 cents of gold.
While the rise lasts. If a mine-owner
exchanges a pound of silver bullion for
pound of silver coins. he will get coins
that will exchange for more gold and
more meat or bread than a pound of
The minc-owner knows this and he
hopes the same conditions will continue.
but they viii not though he viii always
have market for his silver. which is
a great thing TO him.
The Journal IS a frec-silyer paper. 1t
is. at least. gratifying to find free
silver paper admitting. as the Journal
does. that the silver dollar is kept up
TO the purchasing value Of a gold dollar
| by reason Of the fact that the number
of silver dollars is limited, and that the
| Government substantially gives a gold
dollar for silver dollar at all times
| When Senator Daniel holds up his silver
dollar again. as he did in the theatre
here. and asks if it will not buy as much
as q gold dollar, we hope some one
Will read this extract from the free-silver
Journal and inform the senator Of the
reason why this is so.