The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-07-16
RESULT OF FREE COINAGE.

Sixteen ounces of fine coinage silver, at
Is to 1. the legal ratio, makes 1850 of sill
YER. but can be bought in the market as
merchandise for 1894. II we give the rich
silver mine owners and spectators the
privilege of free coinege. they can mine or
go into the worlds markets and buy the
bullion to make the $3.50 of coin for 1894.
When they do that they will put it in their
own private vaults and thank the public.
But who would it benefit? Not one of the
It.OV0.oU OF people of the United States
could get a dollar of il. unless he has meat.
bread: clothing or something else the en-
riched silver man would want. When the
Nation wants more fine standard paper to
print greenbacks. treasury notes and silver
certificates on, il goes into the markets of
the world and buys it at the ruling prices.
Why should il stamp the silver of the spec
uiator In silver bullion. worth only 1924.
and turn 1T over to him worth 1850?
Mexico is a free-coinage country and has
gone to a.. silver basis. Its circulation OF
money per capita is but -one-quarter as
large as ours. The breadstuffs and meat
and other products are much lower in
prices than in the United States. Its silver
dollar has 5e more grains of silver i'm it
than ours. but, compared with ours and the
worlds standard. buys but a little over 80
cents worth of anything. The men who do
shops and elsewhere. receive from 10 cents
10 81 a day In Mexican money. In South
America. Japan and China, all free-coinage
countries. wages are still lower, and the
money as bad as i'm Mexico.
me Nation has coined $500. 0N0 600 of sill
Yer. but has about focr-fifths Ct it en- hand.
Inc silver on ham and not called for
would load a train OF two-horse wagons
TO pay express charges to any part of the
country to anybody who will give an
equivaient for IL. II is not "A scarcity of
money that Is the matter, but a scarcity of
customers to take il and use il. If ten mil
lions a month more were coined that could
not help any one who has nothing to give
In exchange for II. nor make business more
brisk. nor the times better.
SILVER COINAGE ACTS.
In 1872. by the first coinage act. the silver
dollar contained 416 grains of silver. That
law continued in force till 1887, though in
1854 the weight of the gold eagle (S1W piece
was reduced from 20 to 25S grains. In 1887
the ratio of silver to gold not being an
equivalent at the market price of the No
metals. the silver dollar was reduced from
46 TO 4121e grains.
BY the act of Congress in 1853 the gov
eminent quit coming silver for individuals
C"free ccinage') and purchased silver bull
lion at the market price and coined il on
government account, the policy which Eng
land had adopted twenty years before. BY
this act the weight OF all subsidiary silver
coins was reduced in weight in order to
prevent IL from being melted for manufac-
turing and TO keep it at home and in cir
eIiauon' Tor Ike the 4l2le-grain dollar UNI
der like proportionate weight, it would be
melted for plate, ETC., as it was 32 cents
IN value above gold at the ratio estab-
liShed.
The 5-cent piece. or nickel. was author
ized in 1866, being three-fodrths copper and
cne-fourth nickel.
The next change was that of 1873. when
the trade dollar was authorized. of APO
grains. chiefly for competing with the Mex
lean dollar of 4S grains, for use i'm trade
with Japan and China. as heretofore ex-
planned.
Then in 1878 the 41215-grain dollar was
restored to the coinage, in Difference to the
great clamOr for 1T by the SilVer-nrO6ucing
States.
Finally. under. the misrepresentation tina
the value of uncoined silver in the open
markets would advance to the old price
under the 4121z-grain ratio. the act of 1896
was passed, directing the Secretary of the
Treasury to buy a, 00O. 600 ounces of silver
yearly. about the entire American product
not used in trade. But ten commercial ma
lions had ceased coming silver and with SO
great a demand cut off. i'm three years
silver went SO low in price that the govern
ment was compelled TO repeal the law OF
1890 to save the country from a debased
currency and disaster.
JOHN b. CONNER.