The Louisiana populist., 1896-10-16

Some of the stock arguments against
free coinage of silver are that:
Such a course would benefit no.
body but the millionaire silver mine
owner"
And:
Under free coinage the gold money
Of the country, amounting to about
$600,000,0 900. would be supplanted by
cheap silver money and thus the cur
rency would be contracted to that ex-
tent"
Let it be assumed that Senator
Stewart is one of the millionaire
mine owners" Under existing condi-
tions the output Of his mine is sent
to the market just as that much lead,
iron, copper or other commodity would
be under free coinage; his output
would be elevated from the position of
commodity to that Of a measure OF
the value Of all commodities. Now in
stead Of being a competitor with other
commodity sellers Mr.. Stewart be-
comes a competitor with other COM
modify buyers.
Suppose the product of one Of his
mines is sufficient in one year to coin
one hundred thousand silver dollars
and he carries the output to the mint
and receives fer II that amount Of
money. Is he the only man benefited
by the transaction? II so, how is he
benefited? What good are the hundred
thousand dollars to him?
Under the economic conditions
which exist the world over and which
specifically apply to money, the hun
dred thousand dollars which the mint
director would hand to Mr.. Stewart
would be, Just as that many gold dol
lars would, utterly valueless intrinsic
ally and could afford him no pleasure
or enjoyment until after they had left
his hands. Metal may be intrinsicaIly
valuable but money cannot be. Money
is creature Of law. Metal Is a pro-
duct of nature. Law may transfer but
1t cannot create value and the thing
that happened when Mr.. Stewart had
the value Of the silver as metal for
its value as money. Now having his
hundred thousand dollars instead of
his former silver ore what will he do
with them? Until he meets somebody
in possession of demand" for dol
lars his money will do him no earthly
good but will remain in his hands
simply as so much dead matter. The
minute that he comes across such a
person that minute he finds one whose
wants he can supply and who can re-
ciprocally benefit him by employing
his money to advantage.
Is it not plain then that instead of
free coinage benefiting no one but the
millionaire mine owner, 1t not only
benefits others but it can not benefit
the mine owner until 1t does benefit
others. The common mistake Of those
who argue differently is in the fact
that they consider money an end in
stead of a means to an end. 1t is not
money that people want, it is what
money, under the law, will buy that
everybody wants. II Mr.. Stewart didn't
know this he would not have his bull
lion coined into money, because as
money 1t would be without value, 9TH
erwise, while as bullion it would be
Of value in the arts and sciences. Mr..
| Stewards hundred thousand dollars
would be worthless to him until he put
them into circulation, and then they
would benefit others as much as that
amount of gold dollars. or diamond
dollars, If there was such thing
would, and the chance Of others get
ting dollars in exchange for their pro-
ducts would be increased to the extent
to which they increased the amount OF
money in circulation.
Now consider the other point, that
about free coinage contracting the cur
rency through the displacement Of
gold by silver money.
Let it be granted that the metal in
the gold money will be so much more
valuable than the money In the silver
metal that gold money will not circu.
late alongside of the silver money, the
question Is what will become OF 1t.
Over what route will 1t disappear o
These are plain, practical questions
and they deserve a plain. practical IN
swer.
Suppose John Smith Is a banker IL
one of our interior towns, or sea-coas
towns for that matter, who happen,
to have among his assets gold none!
to the value Of $4,000. Mr.. Smith, be
ing a banker, knows what money II
and how to employ 1t to get othel
money. He likewise knows the differ
ence between money and commoditie
and is well posted. as a rule, in tn,
value OF commodities, especially sucl
as he comes in contact with in hi
line of business-bonds, mortgages
etc.
Now suppose free coinage is adopte'
and the value Of his gold money in
creased thereby from its 1000 none.
value to $4,000 bullion value, wha
will he do about It! II he is like mos
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