The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1896-09-04

400 600, QUO silver dollars which are nair-
tanned by the government at parity with
gold and are full legal tender for the
payment of all debts, public and private
How are the silver dollars now in use diff
ferent from those which would be in use
under free coinage? They are to be of the
same weight and fineness; they are to
bear the same value? l answer:
The silver dollars now in use were coined
on account of the government and not for
private account or gain and the govern
ment has solemnly agreed to keep them as
good as the best dollars we have. The
government bought the silver bullion at
money. Having exclusive control of the
mintage it coins only what it can hold at
a parity with gold. The profitrepresenting
the difference between the commercial
value of the silver bullion and the face
value Of the silver dollar, goes to the gov
eminent for the benefit of the people.
The government bought the silver bullion
contained in the silver dollar at very much
less than it's coinage value 1t paid it out
to its creditors and put it in circulation
among the people at it's face value of 100
cents or full dollar. 1t required the
people to accept it as legal tender and is
thus morally bound to maintain it at a
parity with gold which was then Las now
the recognized standard with us and the
most enlightened nations of the world.
The government having issued and circu-
lated the silver dollar it must in honor
protect the holder from loss. This obliga-
ton it has so far sacredly kept. Not only
Is there moral obligation but there is a
legal obligation, exprdssed in public
statute to maintain the parity.
They Would Not BE Kept at Par.
These dollars, in the particulars I have
named are not the same as the dollars
which would be issued under free coinage,
They would be the same in form but diff
ferent in value The government would
have no part in the transaction except to
coin the silver bullion into dollars. 1t
wauld share in no part of the profit. 1t
would take upon itself no obligation. 1t
would not put the dollars into circulation.
1t could only get them as any citizen
would get them, by giving something for
them 1t would deliver them to those
who deposited the silver, and it's connec-
ton with the transaction would end
there. Such are the silver dollars which
would be issued under free coinage of sill
yer at ratio of 16 to 1. Who would then
maintain the parityp What would keep
them at par with gold? There would be
no obligation resting upon the govern
ment to do it, and if there were, it would
be powerless to do it. The simple truth is
we would be driven to a silver basis
to silver recommendation. These dollars,
therefore would stand upon their real
value. If the free and unlimited
coinage of silver at ratio of 16 ounces of
silver to l ounce of gold would, as some of
its advocates assert, make 30 cents in sill
yer worth 100 cents and the silver dollar
equal to the gold dollar, then we would
have no cheaper money than now, and it
would be no easier to get. But that such
would be the result is against reason, and
is contradicted by experience in all times
and in all lands. 1t means the debase-
ment of our currency to the amount of
the difference between the commercial
and coin value of the silver dollar which
is ever changing, and the effect would be
to reduce property values, entail untold
financial loss, destroy confidence, impair
the obligations of existing contracts, fur
ther impoverish the laborers and pro-
ducers OF the country, create a panic of
unparalleled severity and inflict upon
trade and commerce a deadly blow.
Against any such policy am unalterably
opposed.