The times. [volume] (Richmond, Va.) 1890-1903, 1896-07-31

A Brief Statement of What the Term
Means-It- Results.

Tho National Union Bank is sending 70
its correspondents as a general answer 70
many injuries the following brlet state
n,ent As 70 the meaning Of 10 10 ];
The Chicago platform demands the
free and unlimited coinage ct both solt
and silver at tho present legal ratio OF
is 10 The standard silver dollar shall
he A full legal tender equally win goa
for all debts public and private
II is important 70 understand clearly
what the demand means. Under existing
law the gold dollar is the unit or value,
but the silver dollar is equally a legal
tender for all debts. The gold unit con-
tains p grains OF pure gold. worth IN
all the markets OF tho world I'D cent5'
worth Just tho Same before made mo
coin as afterward. and II IL should tal
into the fire worth exactly the same IN
It's melted state When converted into
foreign money. say IN the payment OF a
debt in London. tho 922 grains OF pure
gold ara compared with the ll3 grams IN
the sovereign and tho sovereign is reck-
oned al $50 $500 Of our money. SO with
tho geld coin or all other countries. the
amount Of pur- gold I'm Our dollar Is COM
oa-ed with tho amount OF pure gold in
their standard coin and the value deter
mined accordingly. So that coinage adds
nothing 10 lts value. and gold IL not
favored Tho Secretary Of the Treasury
IS required by existing law TO preserve
the parity between The two metals" and
ample means arc placed AT his disposal.
in consequence OF this policy every dollar
IL currency in this country. whether
silver dollar a Government paper dollar
or a National bank note Is the eQuiya-
lent Of the gold dollar
Let ~ see what would happen II the
demand f0r free silver coinage should
prevail The silver dollar contains 81 Ia
grains of pure siver-l6 times Exactly
IT, - the amount OF pure gold In the dol
Jar hence by "G 20 T. is meant that six
teen ounces OF silver made into our legal
tender coins shall be the lawful equva-
lent # ono ounce OF gold The market
price of silver IS So cents an ounce $50
crainsD hence the actual value OF the
81 IA grains OF silver In our dollar ~ 53
cents. I'm other words. one ounce Of gold
will buy thirty-two ounces OF silver.
The demand of the Chicago platform
may be defined AS the hight cf any one
10 deposit silver OF any kind at the mint
- tho United States and have every 81 IA
grains Of pure silver Cnow worth 10 its
uncoined state about 81 cents made free
and stamped one dollar which dollar
shall be a full legal tender AT its face
value in tho payment Of debts and obli-
cations Of all kinds. public and private
in the United States" 40 provision is
made FOR maintaining these dollars at par
with gold In fact any such provision
would De impossible with unlimited silver
coinage.
The immediate result OF such legislation
would be the destruction OF the parity.
the separation OF our currency between
gold and silver and the withdrawal OF all
gold coins from circulation and use as
money producing an enormous contrac-
ton q the currency.
After the first shock. the effects or
which no man can fully foresee. and after
values had adjusted themselves TO exist
ing conditions. the ultimate result would
be that an our currency. now at par with
gold. would be deprecated 70 the bullion
value Of the silver dollar
The president OF the bank IS Exon
gresham Joseph @. Hendrix, and the
cashier IS Edward o. Leech. formerly
director OF the mint and over twenty
years in the mint service New York
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