The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-05-13
Mr.. HENDERSON ON THE WORTH
LESS ISSUE

WHY should the Democratic party be
more divided on the "silver question"
now than heretofore? Nobody is try
ing to drive the ''free silver" men out
Of the party, and, so far as l know, no
body is expecting to drive out the
sound money" men. A man can be
a GOOD Democrat and hold whatever
views he pleases on the currency ques-
ton. The free coinage question is not
as important as it is believed to be by
it's most earnest advocates. l do not
know of q more worthless issue, or one
that is less attainable, or that promises
fewer practical results, at the ratio that
is proposed of sixteen to one" What
do its supporters expect to be accom-
plished by the enactmentof such law?
4 largely increased volume of currency
CT course-but not, / hope, deprecla-
ton Of the value of the silver dollar.
How are we to get any addition to the
currency2 Senator John j.. Jones, Of
Nevada, in his great speeches in the
Senate on that question, has stated re-
psatedly that there could be but very
slight increase of the currency through
s.free coinage" And in his speech at
brussels, before the international mon
etary conference, delivered December
18th, 1892, when be was speaking to the
whole world, he was equally explicit.
He said:
some persons entertain the idea
that If silver were remonetized, even
by international agreement, at the re-
lation SO long maintained by French
law, there would be a sudden jar, which
would be generally felt throughout bus
mess and commercial circles. This is
q wholly groundless fear and arises
from misapprehension. All the silver
Ii the world is now coined and is in full
use as money. There lis not in exist
eace any stock Of uncoined silver to be
presented at the miuts." And it must
rot be forgotten that Mr.. Jones is
Populist. What is the use OF "free
coinage if we are to get no more mon
eY?Aly own opinion is that ii we bad
free coinage" at 10 TO ], it would be
impossible To maintain the parity. No
cne pretends that it would be attempt
ed. The passage OF bill for such free
coinage would necessarily repeal all
laws which require a parity in yalua
of the two metals to be maintained,
What then? Our silver dollar would
he worth its market value in bullion or
about 81 cents at present prices. The
bullion would not flow to the mnts
for coinage The owners would not
need ocarry ii to the minis, but would
sell it i'm the open market for what it
was worth This country would be on
a silver basis, but with a far less vol
ume of currency than we have now.
Mexico has a per capita circulation of
less than S., all silver, or based on sill
yer. The United States have a per cap
tia circulation of S23, consisting Of
gold silver and copper, and all kept on
parity with gold and with each other.
Compared with Mexico, we have about
S45 per capita in value, to Mexic0's So.
for $23 of our money are equal to $45
in Mexican silver dollars, and the metal
in the Mexican dollar is worth more
than ours. According to Populist logic
the United Staes ought to be nine times
more prosperous than Mexico, if per
capita circulation is a test Of prosper
ity. And / would not be surprised if
that was very near the truth. / have
sometimes thought that the best way
to increase our stock Of metallic money
would be to stop free coinage altogether
and to coin all the money required,
both Of gold and silver, on government
account And / suspect this will be the
result not very many years hence. We
bad free coinage for 81 years before
1878, and during this period only s.,
0As, sB8 silver dollars were coined at our
mints and this was almost exclusively
for expectation. This was because
their purchase value was greater than
their face value. and this Is why Mr.
Jefferson on May 1, 1906, suspended the
coinage Of the silver dollar And mono
L.arn LhaLaEtaL- nninal In Iii. n-laLL