The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1896-08-14
THE b3-CENT DOLLARS.


We are in receipt of a communication from
a prominent business man of town, asking
certain questions bearing upon the currency,
and taking exceptions to a ~six-linc editorial
that appeared in Wednesdays HERALD. We
give the communicate ton in full:
EDITOR HERALD In an editorial yesterday
OF your paper you say that the silver mine
owner would be a fool to sell his bullion in the
market for SO cents, under free coinage, when he
could take it to the minis and receive in return
silver dollars worth 100 cents. Now how do
YOU account for it that the silver dollar under
fg'e coinage would be nothing but a Scent
dollar, as the people would receive it, while nc
curdiug to this the silver mine owner would
receive a lO0-ccnt dollar Who is going to
make up the difference between the peoples
53-cent dollar and the iCO-ccnt dollar Of the
mine owner Also where do you get the idea
that the government is going to coin the i'm
lneuse output of the silver mines into dollars
which gives the mine owner "a profit of n cents
Would not this idea have "a tendency to induce
every one to melt up all their household silver
ware into these same dollars, and when that was
gone would they not create a demand from
some other country for silver bullion to melt up
into these same silver dollars" And would not
this great scramble for silver bullion soon run
the price up to "A higher figure than gold is now
bringing?
An answer TO ahoye queries would obligo
= Republican Of twenty years standing, who
now believes ,hat the grand old party is fast
drifting away from its moOrings, when they de-
SILVER REPUBLICAN.
Shenandoah, Pa, Aug. l3, 1895.
Our correspondent should first understand
that history fails to show an instance Of the
creation Of value by legislation, while on the
other hand every attempt Of this nature has
been a failure. Mr.. Bryan said in New York
that free coinage would raise the bullion
price of silver 10 tie face value Of tie
dollar dcfyiug all natural laws and CON
49, e., u ,r...I.,t. mi. ,u.,.;t:.,, e
the man who said 81 AN no Democrat, " is
the same as that proclaimed by our core
spondent who 10 doubt has been captiyated
by the sophistry and catch phrases Of the
Boy Orator.
The intrinsic value Of a silver dollar TO-
day is 50 cents, and our correspondent
could, with $3.50 in gold, buy enough silver
to make 1000 silver dollars. The govern
ment credit represents the other A cents in
the silver dollar.
Mexico is on a silver basis but the intrinsic
value Of the white medal has not advanced,
aud the Mexican dollar is worth about fifty
cents in this country.
The adoption of free coinage Of silver
would drive gold out of circulation, and ac-
,cording to the Chicago nominee for Presi-
dent a panic would certainly follow. The
price Of gold would not change, but it would
command u premium, which would be about
the same thing. From 1890 to 1893 the
United States government bought 4,O0O,O 600
ounces of silver each month to help the silver
producers, but in spite of these heavy
purchases the price, after a short squirt in
1890, steadily declined.
The contention that the silver mine owner
woald reap the benefit derived from the free
coinage of silver has never been denied. 1t
is also acknowledged that "A deprecated
currency-which the Chicago platform tayors
affects the workiugmau TO a greater extent
than any other class. The moneyed men can
stand IT,. while the man who works for days
wages bears the burden. If wages were in
creased in proportion to the depreciation OF
the money, the Bryan theory might meet
with some approval at the hands of the work
ingmen. But such is not the case.
Under the free coinage of silyertho govern
ment would be compelled to coin all the
bullion presented at the minis at the present
ratio of 10 TO /, The intrinsic value of the
silver contained in a dollar, as we have
previously stated, is SO cents, thus the
mine owners would reap a clear profit Of A
cents NThe,free silvcrites are endeavoring L
raise the price of silver by lava clear east
OF steal under the cover Of an act of Con
eress. The market value Of a silver dollar
under free coinage, may be less than it is To
day; there is no reason to suppose that 1t vii
be greater, and therefore our correspondent
is Jumping at conclusions. 1t is robbery
pure and simple, to l~egislate the marke
value Of any commodity, and it is surprising
that men of the intelligence our friend ha
should be- led astray by the Western mint
owners and their Eastern dupes.