The commonwealth. (Scotland Neck, N.C.) 1896-1929, 1896-10-01
NO FIFTY CENT DOLLARS.

an article from the Evansville, Ind,
Tribune which gives clear and logical
reasoning against the probabilities OF a
fitty-cent dollar by reason of the free
coinage of silver. To us it is the
clearest reasoning we have seen on that
phase Of the financial question, and we
give it:
"The gold-bug papers, especially
those of the East, are just now teemlng
with charges of dishonesty and repudia-
ton against everybody who advocates
the RECOMMENDATION of silver.
"They charge that the tree coinage
of silver would reduce the value of the
dollar to fifty cents as measured by gold,
and that it would be beneficial only to
people who own silver mines and to
those who are in debt and hope to pay
out with ftty-cent dollars.
at does not seem to have occurred
to the'gold- standard philosophers that
these two propositions can not both be
true at the same time; that one OF
them, in fact, is the exact opposite of
the other. The value of the silver bull
lion in a dollar at the present time is
about 531 cents as measured by gold.
Now, if the free coinage of silver will
reduce that value to fifty cents, as
measured by gold, where will the silver
miner be benefited? Would he not
be injured instead of being benefited
If the value of his product should be
reduced? Could the silver miner de-
rive any benefit from free coinage un-
less the value of his products should be
increased by it?
eff the present value of the silver
bullion in dollar is 53a cents, as meas
ured by gold, and the silyer-mine own
er Is to be benefited by free coinage,
does 1t not follow that the price of the
silver bullion must advance?
"The gold bugs claim that the value
OF siver, as measured by gold, will not
be advanced by its free coinage. If
this statement Is true, how can the sill
YER miner be benefited by free coinage?
! "The value of silver must be in
creased CT the mine owner will derive
no benefit from it and hence there can
be no fifty-cent dollar. In tact the val
ne OF silver has been increased about
20 per cent. As measured by gold, in the
past twelve months Grom So cents per
ounce to So cents per ounce is the pres
ent quotation) rslnce the advocates Of
the free coinage OF silver have been
pushing the subject to the front.
I'm 1880 the lower house of Congress
passed a tee-coinage bill, and before
the Senate had amended 1t by the sub
stitut1on OF the Sherman bill the price
OF silver advanced from about 81 cents.
per ounce to about 81 26 per ounce, or
within about s per cent. of par with
gold at the present ratio Of Is to L.
This advance took place in about ten
days and II the free coinage OF silver
will not increase its value, VIII some
one kindly explain what did cause such
sudden advance at that time?
"1n considering the effect of the free
coinage OF silver we should not forget
that we now have and always have had
since 1872 the free coinage of gold.
You may bring all the gold in the
world to the United States mint and
they are compelled by law to coin 1t
free OF charge, and for each % Ito
grains Of pure gold to give you a dol
lar. Does this fact cause the world to
dump its gold on the United States?
Up to 1873 we had free coinage Of sill
yer Did the world dump its silver On
us then? For every 371 grains of pure
silver brought to the mint they were
compelled to coin It into a dollar free
Of charge. Would any sane man have
sold 81 grains..of silver for 80 cents
when he could have gotten dollar for
it in the mint? If this were true then
would 1t not be true now? Does it not
follow if we have free coinage the value
of silver must advance? If we admit
that the value of the silver bullion un=
der free coinage must advance, and the
value of the silver in dollar is now
53b cents, how can we have ffty-cent
dollars under free coinage?
"The truth of the matter is that I'M
der the tree coinage of silver and gold
at the present ratio Of 16 to l the value
OF the silvec will rise and the value OF
gold will tai until the two metals reach i
a parity at that ratio, and your dollar
will be worth 100 cents whether it be |
silver OF goid.'