The Union times. [volume] (Union, S.C.) 1894-1918, 1896-09-04


would get it only by their labor, the
ot value. The bullion owner on the
basis OF present values, would receive
the silver dollar for tifty-three cents
worth OF silver, and other people will
he required to receive it as II full
dollar IN payment OF debts. The gov
ornmcnt would get nothing from the
trnnsuction. 1t would bear tho ex
pens. nf coming the silver and the
COM rwnity would suffer loss by IT.
Use.
We have coined since 1873 more
thnn t"u- hundred millions of silver
do'inrs which are maintained by the
government ut parity with gold, and
are full legal tender for the pay
ment of all debts public and private.
How arc tho silver dollars
now in use different from those
which would be in use under free
coinage? They arc to be OF the same
weight and iirencss they are to bear the
same stamp OF the government. Why
would they not he of the same value?
l anuwer: The silver dollars now in
use were coined on account Of the gov
ernment and not for private account or
gain and tho government has solemnly
agreed to keep them M bullion at its
market value and coined it !hto silver
dollars. Having exclusive control of
the mintnge, it only coins what it can
hold at IL parity with gold. The profit,
representing the difference between
the commcrcInl value Of the silver
bullion and the face ruiuc of the
silver dollar, goes TO the government
for the benefit Of the people, The
government bought tho silver bullion
contained in the silver dollar Mt very
much less than its coinage value. 1t
paid it out To its creditors and put it
in circulution among the people nt its
fncc value OF one hundred cents or n
full dollar. 1t required the people to
accept it rs legal tender aud is thus
morally bound to maintain it mt pnri
ty with gold, which was then, ns now,
the recognized standard with us and
the most enlightened nations in the
world. The government having issued
and circulated the silver dollar, it must
honor and protect the holder from loss.
This obligation it has so far sacredly
cation but there is II legal obligation,
expressed III public statue to maintain
the parity.
These dollars in tho particulars j have
named. are not the same aS tn" dH!!arS which
would he issued under free coinage. They
would bo the same in form. hut different in
value. The government wGuld have no part
in the transaction. except to coin the silver
bullion into dollars. 1t would share in no
part OF the profit. Ii would take upon itSeli
no obligation. 1t would not put the dollar
into circulation. 1t could not only get them
rs any citizen would get them by giving
something for them. It would deliver them
to those who deposited the silver and its con.
ncctiOn with the transaction there end. Such
are the silver dollars which would be issued
under free coinage OF silver at Il ratio OF 1t
to !. Who would then maintain the parity:
What would keep them Ht par with goldi
There would be no obligation resting upon
the government to do it. and il there were
1t would be powerless to do it. The simple
truth is we would be- driven to n silver basis,
to silver monometailism. These dollars
therefore. would stand upon their real value
II tho free and unlimited coinage OF silver at
ratio of sixteen ounces Of silver to one
ounce OF gold would. as some of its advocates
assert. make flfty-three cents in silver worth
one hundred cents and tue silver dollar equal
to tho gold dollar, then we would have nc
cheaper money than now, and it would be nc
easier to get. But that such would be the re-
suit Is against reason and is contradicted by
experience In nj times and all lands. IL
means the debasement Of our currency to IN
amount OF the difference between commercial
and coin value OF the silver dollar, which is
ever changing and the effect would he to re.
duce property values, entail untold nnancia!
loss, destroy confidence, impair the oblisa.
tions OF existing contracts, further impover.
ish the laborer and producers Of the country,
create u panic OF unparalleled severity, and
inilict upon trade and commerce deadly
blow. against any such policy, am unalter.
ably opposed.
Bimctalism cannot be secured by indepcn-
dent action on our part. 1t cannot too OBJ
taincd by opening our mntS to the unlimited
coinage Of the silver of tho world. at n ratio
4 SlNtecn ounces OF silver to one ounce Oi
Did, when the commercial ratio Is more
than thirty OnrcS of silver to one ounce OF
gold. Mexico and China have tried the cNprrI.
m"nt Mexico has free coinage Of silver AMI
gold nj ratio slightly in excess of sixteen
ah! 4 halt ounces OF SILVER to ON" ounce Oi
gold. and whii" her mntH are freely open t,
Both metals ut that ratio. not unly Il single
dollar in gold bullion l. coined and circu-
iat"d a. money. Gold has been driven out
of circulation in thc~r countries and they are
pn Il silver basis alone. Until international
agreement il had. it is the plain duty of tn,
United States To maintain the gol! standard.
II i3 tho recognized and sole standard Of the
great commercial nations of the world with
which We trade more largely than any other.
Eighty-four per cent. Of our foreign trad,
for the fiscal year 1895 was with gold stand
ard countries and our trade with other coun.
tries was settled on gold basis.
After pointing out that the United States
has now more silver than gold i'll circulation,
Major Mckinley continues:
On tn" 22d Of August, 1891 in public al
dress, | said 'If we could have an inter
national ratio. which all tn" leading nations
of the world would adopt, o:.d tie true re-
latiOn bc fixed between the two metals and
all agree upon the quality If silver which
should constitute Il dollar. thcn silver would
hc lis free and unlimited in its privileges OF
..pinu,,, ~ cold IL tninv Rnt IA, I'm ",