The silver messenger. (Challis, Idaho) 1890-1912, 1896-09-15

Ian difficulty. Creditors of the
states frightened the screw, and
panic and distress at once ensu-
ed. They declare that if free
coinage is established they will
tighten it worse. But free coin
age would take away their pow
er, because free coinage would
make silver dollars of full weight
a legal tender for the payment of
all debts except such as were
specially contracted to be pain in
gold. AS long as the United
States adheres to the gold stand
ard she is at the mercy of her
gold creditors. They can and
they do bring her to heel when
ever it suits them. But if she
once restores TO her silver dol
lars the purchasing power of
which she so unaccountably de-
prived them few years ago,
she at once resumes her financial
independence. Gold is so scarce
with her that the state of the
Treasury is a constant source of
anxiety. But silver she has
galore. Her Treasury vaults are
crammed full of dollars, and re-
Gently had to be enlarged to
make room for more. AS these
dollars have accumulated, not,
as the pleasing fiction runs, be-
cause they are SO clumsy that
people will not use them, but be-
cause the administration has
point blank refused to pay them
out even in cases where it was
specially authorized by law to dc
SO. Instead of causing panic in
the United States, free coinage
will deprive gold creditors of the
power to create panic at villa
power which in the past they
have ruthlessly exercised, and
which they may be trusted to ex-
ercised at the present juncture
to the full extent that the law
will permit. They are even now
at work. Hence the cables $50
many million dollars of gold have
been withdrawn from the United
States, and another loan to r.
plenish the Treasury is immin-
emit" The Treasury is only co n
PEELED to borrow gold because il
will not use its own silver. Free
coinage would compel it to use
it's own silver, and the necessity
of borrowing gold would vanish.
In place of being for the most
part an impoverished and debt
ridden people the Americans
would have money to spe i'd.
They would spend it, too, in a
fashion that would speedily send
depression to the right about,
and cause a good demand-bv
the way-for wooden and their
corollary, Australian wool.
but it would not be honest tc
pay in silver" That is just what
it would be, except of course,
where there is a definite contract.
Those who furnished the money
for the last loans received bonds
which are specifically payable in
''coin. not in gold. Not only
did they accept these bonds, but
they got much higher rate of
interest because Of this very con.
tingency. If they object to be-
ing paid in silver dollars they
will show their willingness to
''repudiate" an obligation into
which, with their eyes open,
they deliberately entered. A
very happy text for the daily
papers for their next sermon
sermon against reputation.
What would be the effect on
the price of silver =? The clos.
ing of the India minis depressed
silver Cd. an ounce. 1t is extrav,
agant to conjecture that the OPP
ening of the American mints-
the free coinage of silver for the
purposes of the immense com
merce of the United States
would raise the price at Least
twice as much, or, say, Is. Cd.
per ounce ? And is it not almost
certain that the English Govern,
ment would reopen the Indian
minis in such an event? which
would give further impetus tc
the upward movement of the
white metal. What would an
advance of Is. Cd. or Is. per
ounce mean TO Australian silver
mines =? What would it mean tc
silver exchange, to the competi
ton of Japanese coal, Straits tin
Argentine wool and mutton
Australia is trembling on the
brink of a greater "boom" thar
she has ever experienced. She
never would experience it if the
issue depended on on her leading
journalists. Fortunately, their