New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-09-10

a known fact that more than so per cent OF
the commerce Of the world is settled in gold
or on gold basis.
DISCRIMINATING AGAINST PRODUCERS.
Such free-coinage legislation. II ever con-
summated, would discriminate against every
producer Of wheat. cotton. corn or rye-who
should in justice be equally entitled with the
silver-owner, to sell his products to the United
States Treasury az q profit fixed by the Gov
ernment-and against al. producers of iron.
steel zinc or copper. who might properly claim
TO have their metals made into current coin
1t would. as well. be fraud upon all per-
sons forced to accept currency thus stimu-
lated and at the same time degraded
In every aspect the proposed policy is partial
and one-sided because it is only when a profit
can be made by mine-owner Or dealer that
he takes his silver TO the mint for coinage The
Government IS always at the losing end. Stamp
such fictitious value upon silver ore and a dis
honest and unjust discrimination will be made
against every other form Of industry When
silver bullion worth a little more than 30
cents Is made into a legal-tender dollar. driv-
ing out one having a purchasing and debt
paying power of 100 cents It will clearly be
done at the expense and injury of every class
OF the community.
Those who contend for the free and unlim-
tied coinage of silver may believe in al hon
esty that while the present ratio Of silver to
gold is as 30 to | mot Ii to u. silver will
rise above the existing market value. If
1t docs so rise the effect will be 10 make the
loss to all the people much less. but such
an opinion is but a hazardous conjecture at
best. and is not justified by experience. Within
the last twenty years this Government has
bought about 46000O.000 of ounces of silver
from which it has coined approximately 49,
oOO0OQ Of silver dollars and issued 13OOOOO0O
or dollars In silver certificates and the price
or the metal has steadily declined from 81 IL
per ounce to GS cents per ounce. What will he
the decline when the supply is augmented by
the offerings of all the world? The loss upon
these silver purchases to the people OF this
country has now been nearly S1JO.OOOO00
The dollar Of our fathers. about which so much
Is said. was an honest dollar, silver maintaining
fun parity of intrinsic value with gold The
fathers would have spurned and rdculed
proposition to make silver dollar worth only
81 cents stand Of equal value with n gold one
worth 100 cents The experience Of all nations
proves that any depreciation. however slight of
another standard from the parity with gold has
driven the more valuable one out OF circulation
and such experience In a matter Of this kind is
worth much more than mere interested specula-
tive opinion The fact that few gold coins seen
in ordinary circulation for domestic is no
proof at all that the metal is not performing a
most important function in business affairs
The foundation Of the house is not always in
sight. but the house would not stand an hour if
there were foundation The great enginery
that moves the ocean steamship is not always
in View Of the passenger but IL is. all the same.
the propell!ng force of the vessel. without which
1t would soon become worthless derelict.
A GREAT CALAMITY THREATENED.
II may be instructive to consider moment
how the free ard unlimited coinage Of silver
would affect few great interests, and men
ton only enough to demonstrate what calami-
~ may lie before us If the platform formulated
at Chicago is permitted to be carried out
There are now on deposit in the savings banks
Of thirty three States and Territories of this
Union the vast sum of S2,OOO.00O,OOO. These
are the savings Of almost 100000 depositors.
in many cases they represent the labor and
economies of years. Any depreciation in the
value Of the dollar would defraud every man,
woman and child to whom these savings belong.
Every dollar of their earnings when deposited
was worth 100 cents in gold Of the present stand
ard Of weight and fneness Are they not en-
titled to receive in full, with interest. all they
have so deposited? Any legislation that would
reduce 1t by the value Of single dime would be
an intolerable wrong 10 each depositor. Every
bank or banker 40 has accepted the earnings
Of these millions Of dollars to the credit OF our
citizens must he required 20 pay them back IN
money not one whit less valuable than that
which these banks and bankers received in trust
There are in this country nearly 5000 building
and loan associations, with shareholders 10 the
number of 1SUn0OO and With assets amounting
to more than 500 100000 Their average OF
holdings is nearly $500 per capita and in many
,ho he O
women " no have denied themselves the COM
forts Of life in the hope Of being able 70 accuilu
late enough to buy or build homes OF ther Own "d
They have aided in the erection OF over iooWV
houses which are now affording comfort ana
shelter for 100000 of our thrifty people.
CONFIsCATION OF SAVINGS.
Free coinage at the arbitrary rate of sixteen
ounces OF silver to one of gold would be equiva-
lent to the conscation of nearly half the savings
that these people have invested. 1t would be
tantamount TO war upon American nome
makers 1t would be an invasion OF the homes
of the provident and teno 9irsc's ~ ueat 10y oy
the stimulus TO end savor and the compensation
of honest toll" Every one or the sharehoioers
of these associations is entitled TO be repaid IN
money OF the same value which he depoSlteu ny
weekly payments or otherwise in these compa-
MES No one of them should be made homeless
because a political party demands chanse Ill
The money standard of our country as an eA-
pertinent or as q cohcessloH W Soi"S"''0"" VI
greed. - ,., ,,
The magnitude of the disaster which would
overtake these and cognate interests becomes
the more strikingly apparent when considered
in the aggregate. Stated broadly the savings
banks life insurance and assessment companies
and building loan associations OF the country
of the currency 10 a silver basis. as proposed by
the Chicago platform: would w!pe out at one
blow approximately S'.963'oH'N'o on rms az
ereqate According 10 the report Of the Depart
ment of Agriculture, the total value OF the main
cereal crops in this country in 1871 was S93J,-
ABS 107. So that the total sum belonging 10 the
neonIe and held in trust In these institutions
which would he obliterated by the triumph or
free and unlimited silver coinage, would be seven
and half times the total value Of the annual
cereal crop OF the United States. The total value
Of the manufactured products of the country for
the census year Of 1890 was S1312. 331.2S3 The