Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-04-01
ANOTHER BLOW At CONFIDENCE.
Unwarranted Application Of the Coinage
Laws. = An Interesting Communication
From Mr.. Hichb0rn.
Editors Kennebec Journal:

that there are being coined 5000
silver dollars per month. 1.-The profit on
which coinage goes into the treasury.
to aid In meeting the current expenses
of the Government"
Profit, indeed. There never was q
greater humbug than this: never any
thing farther from the truth. One can
hardly hold ones patience when listen
ing to this twadde about profit; y
This present activity of the minis
amounts to Il virtual operation of the
methods proposed by the seignioraSe
bill, OF unholy memory.
The present law provides for the
coming of such an amount II silN err
dollars as is necessary to redeem the
treasury notes, and no more. They
are being coined. now. for another pur-
pose than this; the spirit of the law is
being violated and the principles Of
sound finance are being wholly disre-
sarded. One can fancy the President.
saying to his weather vane secretary
My poverty, not my will, consents.
It is stated, in the report referred ID"
that of this coinage of 1900, 600 silver
dollars. 1888 will be held for r.
dcmption of treasury notes and tie
balance 46S.615. which is the profit
on such coinage, will be paid into the
general fund of the treasury for use
as above stated. In figuring the worth Of
this bullion the department takes The
average price at which it was bought,
under the law of 1920.
The fallacy of estimating the value
of our present holding of silver upon
the average cost price, in view of the
constant decline during and since its
purchase. will be readily appreciated.
In 1891 silver was worth $l.09 per
ounce and the silver dollar was worth
about IS cents: today silver is worth
about 65 cents an ounce and the silver
dollar is worth 80 cents. The enor-
nous amount of silver now in the
treasury vaults is worth not what it
cost. by millions of dollars. Millions
lost. yet they talk of profit, The pres
ent worth rs 4 basis of profit on
coinage would show handsomer
gain" but possibly it was thought
that that would appear n bit too Abra.
hamio. A profit of $4,000 out of eve,y
81 500, 900 would appear thrifty. to say
the least, And so ii is thought wiser
to take a more conservative course. i"
These 100000 silver dollars represent
1,160 l56 ounces which makes each
ounce appear worth about Sl.29 But t.
as the report has it, there is a profit.
IN this coinage. of $46S675 the aver
age cost price" must have been only
about SO cents. Even were it worth
that price. now, (Which it is noD what
does this transaction show? 1t shows
chat the government is to force upon
It's citizens this amount of silver, eVesv
month. for $f6S.675 more than il Is
worth Ipon its own erroneous basis of
value. As a matter of fact, the silver
iollar has rot been worth So cents for
NO years.
What spectacle, The government
that is, the agent of the people. actu-
ally robbing the Peoples purse of gold
dollars. substituting half-value dollars
instead. and With supreme confidence
in its own hypnotic power, saying,
see the profit
The dollars are not needed for the re
demption of notes.-the bursting vaults
tttest this. What. then. is the cause of
this unnecessary activity? Sim.N
this.-poverty of the treasury
The treasurer cannot get his hand on
this profit until the bullion is coine.l.
He coins it. theoretically to provide frr
redemption of the notes. but really in
order that he may get this half milton
# profit" monthly. into the Golfers OF
lis bankrupt treasury. He coins "a
gacuum." coins what does not exist
save on paper and in frenzied BRAN.
and debaSeS and de-VitaliZes our cir
'ulating medium by the issue If nearl"
1alf million of fifty cent dollars every
MONTH why? Because a deliriouS Con
yress crippled our revenue, and f1na
tics in the present Senate deny relief. |
Not one of the parties to our distress
AN escape the responsibility Of hi%
action nor the righteous condemnation
~ which our PROSTATE interests give
constant Voice. This country demands
more revenue and less silver. more
men and fewer crankS. more business
aud less politics; it needs integrity in
nigh places, it needs patriotism. il
wants peace. Respectfully yours,
g S HICHBORN-