The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1896-07-22
How the "New York Herald" Answers a
Correspondent.

How the 'New York Herald" Answers a
Correspondent.
correspondent writes to the New York
Herald as follows
ii am in quandary. | do not under.
stand the merits of this contest over gold
and silver as the main issues in the Presi.
dental campaign, and unless some good
Samaritan comes to the rescue, it is most
likely shall not go to the polls. It is no
exaggeration to say there are thousands
in the same fix.
Following is the Herald'S lucid explain
alton OF the question:
"The above extract from letter written
by reader in Philadelphia is fair SAM
pie Of the communications with which the
Herald is flooded by every mail. A great
many correspondents asks questions about
the circumstances in which specie pay
ments were resumed, and hundred and
one kindred topics. These are not d.
rectly before the country at this time.
The one dominant question is What ac-
ton will the people take on the Chicago
demand for free, unlimited and indepen-
dent coinage of silver at sixteen to one
This is Of such vital importance that all
subordinate questions may be set aside
until it is settled.
',By free coinage, it is meant that any
Observation-Disclosures and corporations, ma
tives and foreigners-mays send bullion to
the United States minis and have it coin
ed into dollars free of charge, except the
cost of the alloy employed. The dollars
thus returned TO the owners of the bullion
would each be legal tender for the pay
ment of hundred cents of Indebtedness.
The word unlimited, as used in this con i.
nection, means that there should be no re-
strclion as TO the amount OF bullion thus
received for coinsge-all the silver in the
world, II you please. Independent coin.
age means that this country alone. with :.
out the help of any foreign nation, shall
undertake this unlimited coinage scheme,
and, of course, the coins would circulate
only in the United States. This is the
free, independent and unlimited coinage
of silver Finally, the ratio at which
this coinage would be conducted sixteen
to one'-means that each sixteen pounds
of silver would be coined into as much
legal tender money as one pound of gold.
Our minis and those of all the great
commercial nations of Europe are to. day
open to free coinage of gold. None of
them is open to silver. Our gold coin is
accepted in any market in the world at
the equivalent of its face value, not be-
cause OF the mint stamp, but because the
bullion in II is worth that amount. Per-
sons in this city who have payments TO
make in Europe send either gold coin or
gold bars. 1t goes on its intrinsic value.
Now, in the form of bullion it takes about
thirty pounds Of silver to equal pound
Of gold. The Chicago proposition TO
make sixteen pounds of silver coins equal
pound of gold coins, could be imposed
only upon our own people. The dollar
containing nifty three cents worth OF silver
could be forced by law upon creditors in
this country as legal tender for one hun.
dred cents OF debt. We have in existence
to-day nearly six hundred millions OF
silver dollars and silver bullion against
which circulating notes have been issued,
and these have thus far bccn kept at ar
equality with gold dollars, because thu
government has ceased to create any
more of this legal tender silver, and ha,
kept the amount already in existence n.
good as gold by preserving the naiiona
credit and redeeming its obligations il
gold when demanded.
"But Ii the United States placed 1t,
minis at the free service Of every foreign
er who chose to have fifty-rhree cent
worth of the silver stamped into dollar
with which he could then discharge
hundred cents of debt to our citizens
with every miner in this country ami
every owner Of old spoons turning hi
silver into dollars without end-it stands
to reason that the government could no
keep this vast unlimited mass OF silvel
dollars at parity of gold, and they woult
| circulate at home aud abroad, like thu
dollars OF free coinage Mexico, Mt theil
worth in bullion. Persons who visi
Mexico get valuable object lesson on
the effect OF unlimited coinage. A mar
may get meal, and when he puts down
an American dollar in payment, will gel
back, as change, Mexican dollar, which
contains six grains more slver than oul
own. He gets demonstration of The
fact lh II il is the credit of our govern.
ment which keeps the silver dollar afloaI
at forty seven cents more than its intrin.
sic value, just as it keeps lis paper notes,
which have no intrinsic value Mt all. al
an equality with gold dollar.
"Free unlimited and Independent coin
age, at sixteen TO one, would mean dol
lars wo rlh only fihy-thrco cents. The
wage Garner and The man on salary would
be paid in these, thus cutting his income
down nearly one-half, and every debtor
could pay his creditor with these depre.
ciated dollars. II it ever became evident
that the American people were so dishon
est and so foolish as TO adopt such poll
cy, there would be rush to anticipate its
effects. The ak hundred millions OF gold
In the country would at once be boarded
or exported, and this enormous contrac-
ton would precpitate panic, with all Its
dread sequel OF Frustrated business, idle
industries and unemployed labor. In the
crash and in the subsequent readjustmen,
OF the deprecated currency, the rich
would get richer, the poor would gel
poorer than ever, and II would require q
generation OF organized agitation to bring
back wages TO their present relative pur.
chasing power"
McKinIey's Grand March.