New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-06-30

be bought for - cents then the Government
could make the silver ount- dollar worth So
or s.. II the principle IS admitted that by leg
islation values be created then have
the solution Of the problem If ban.shng poverty
from the world We might wei leg!slate at
once II make everybody rich. II the silver pro-
drter or owner of European silver can take his
silver The mint and fave II made INFO
dollar as good as gold. when 1t is only worth 20
cents. why not allow the iron and copper
miner the same privilege: why not legislate to
make ~ cents worth IF silver lead. zinc or
copper dollar: why not egisete TO make a ton
Of coal worth so at the mine, or a bushe Of
wheel worth SO
The fact is that whenever there is more silver
than Is needed for money. Congress should stop
its coinage. II there should suddenly be found
n mountain Of gold. surely Congress would not
permit the parties owning j. g. take il TO the
minis and make money "ri of al Of II as iAst as
1t could be coined. Congress IA such case
would have to limit the amount Of gold + be
coined just It limits the amount Of silver.
SILVER CONSTANTLY DECLINED
Congress tried to lcgisa,e to uphold The value
Of silver by buying first 2.ooo."~ ounces
month and aftcrward 40p00o0 ounces. But In
the face OF the act OF Congress To purchase
100000 ounces per month. silver constantly de-
cined. and would decline If we bough; lVVpo"'o
ounces a month. simply because Congress can
create value. or. beyond rrAspna DE
amount invest commodity with value WAcn
this value is not reco gnzed In the conimeitlal
world II Congress can legislate s. that silver
shall have more value at the wish OF the silver
mine owner, why not legislate that Whea' ard
corn and all other products shall nave more
value?
Proceeding {, discuss the effect Of free silver
and the cause Of the movement Senator Elkins
said "The fire., coinage II silver a the ratio II
16 to | by the United Statea would drive SIX
hundred millions Of gold that i now In use
in the United States out Of circulation. Tor the
reason that there would be a general rush
on tho nart ~ very one to hoard gold
There would consequently ensue great c"ntrdr-
ton. and the probability is that greater panic
than has ever before been known would ensuc.
OF all the evils that have beset this country or
any other. fuctuatlng currency Is the greatest,
and Of all persons most interested III SOUND
currency is the laboring man. lie wants his
savings to be stable and certain II he is work
ing FOR a dollar day he wants al the emu ~
thirty days TO receive money worth 80. ana
not worth only So 1t would he hard ~ the
people who by thrift economy and hard work,
have accumulated savings and PAT them in the
savings bank in gold or its equivalent To- haDe
worth only half much as the money they De.
posted
SOMETHING FOR NOTHING"
Now as to the causes Of the movement II is
simply effort 10 get something FOR nothing.
and to create fictitious values. Such a realization
is impossible 1t is estimated that the banks.
trust companies building associations and other
similar institutions have more than five thousand
millions OF money belonging to the peoie
money good gold. Now, II We had free
silver. all this vast would be paid back 70
the people in silver worth fifty cents on the
dollar
The people would suffer loss Of half their
money. The bankers and institutions would pay
in silver and make what the people lose You
free silver would defraud the p"oQl" ana
help the bankers. But this would not he the
only evil that would follow. there would b. many
others The credit Of the country would be de-
stroyed We could not borrow money AZ home /
or abroad build railroads. open mines and /
build factories We have been suffering from /
business depression for nearly FOUR years. This !
would go on our state well as others. would /
suffer The evils Of free silver would be greater /
than those ~ free trade.
Just so long as the Government is aile o. re- /
deem silver and paper in gold" continued the /
Senator. in explanation of some IF tn fore going
remarks. Just so long both a silver and paper /
dollar will be worth dollar in gold. although /
the paper dollar is not worth intrinslcaily more |
than a cent. and the silver dollar ntrinsically /
more than 30 cents. But let the Governrcnt +
fail to redeem In gold, then silver and paper dol /
lars fall in value and fluctuate from day t. day
according 10 the confidence Of the people IN the /
Government that 1t will some day make both as !
good as gold
COMPARED TO A BUSINESS MANS NOTES |
II may point out in further illustration that
tust az long as business man can pay his notes, !
and it Is known he has at all times property on
standing notes just So long will thee notes DE
good as the money promised to pay. but II a |
man should negotiate his notes for a greater |
amount than he Is able T. pay or than ne Is !
worth then his notes become practically value |
less There IS more logic or justice IN allow !
ing the Government TO coin make into legal |
tender silver dollars all the silver that may be |
brought TO the minis from Europe and here. and |
expect these silver dollars to be good and pass |
as money. without proper gold reserve. than 10 |
expect man 10 be able 10 negotiate ana g"t |
money on all the notes he can sit down ana |
write out without having property OF money on
hand TO pay his notes
Free and unlimited" he remarked. were
words % evil import 10 any government and !
moreover were marked by danger IN Icgisla-
ton. Free silver means that sixteen ounces
of silver, now worth - or - cents PEI Pee
by law permitting free coinage Of all
silver be made equal in value to on"
ounce Of gold. worth in the same markets about
So. For Instance. one ounce OF gold with proper
alloy. standard weight ard fncness. VIII coin IN
gold dollars $3.50 Sixteen ounces Of silver VIII
coin SIS 60 IN silver dollars Now. the value or
price OF sixteen ounces Of silver to-day in the
markets Is 50 "a
TIE PROFIT ON COMING
"Ir we had a free-coinage law the profit on
coming this silver would be exactly - 60. leav-
Ing a profit Of 81 per cent to the silver mine
owner This is what would happen by the pas
81 ge Of A freesilver law. and It is difiicu t.
discover the fairness that such proposition Is
based upon. II would in fact. be an urwar-
rantable discrimination in favor Of miners Of sill
yer and owners OF European silver. Why treat
TIE silver miner or the owner OF silver from
other countries better than the miners OF eaI,
copper zinc iron or the farmer? When the
States constituting the Latin Union discar1'l
silver the result was hat IL ceased = be Gscn
for the purposes IF money. and in Europe gen
orally is now being SOD for what IL VIII bring
In the markets a commodity. In Europe
gc tod hat
million. of silver dollars not In use. II we ma
free coinage + silver, the people owning ms