The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-08-13

To the Editor Of the Press:

In response to numerous inquiries
concerning the meaning and possible re-
suits of the free coinage Of silver, with
your permission / will try to make clear
such facts rs are understood today, with
no intention of argument or party bias.
1t seems as il there ought to be nom
partisan presentation of these truths for
all. For while we must realize what
the result Of foreign investors in our rail
roads and corporations whose dividends
are now payable in gold would be if
their shares were Immediately thrown
upon the market, our Western (and
many Eastern) countrymen seem almost
desperate TO bring the hold Of foreign
capital to an end here. Let the subject
gard to party and there will be the true
patriotic feeling manifested at tho polls.
The standard silver dollar is now worth
about fifty cents. Free coinage means
that the government shall receive all the
silver which may be presented, and upon
every fifty cents worth put the stamp of
one dollar Nobody. however, expects
all such to be coined. 1t really means
then that the government shall issue its
note for one dollar in exchange for fifty
cents worth of bullion, and that this
note which the lucky owner of bullion
gets for fifty cents worth of his metal
shall be made legal tender for one dollar
when we wish to purchase with it. The
result of this would be forced circula-
ton of a fifty cent dollar. This debase-
ment OF the unit of value would cause
a violent disturbance of all values
People must again lose confidence, for
there would be no security, and prosperi-
ty would be, perhaps. at an end. Now
the silver coins or silver certificates,
have been, and are. kept at par in our
money circulation at the ratio of IS to |,
because we have limited the coinage or
purchase, because We have maintained
the gold reserve, pledged the whole ored-
it and power of the government to do so.
The free coinage of silver by the United
States alone might either cause the en-
tire volume of silver in the world to rise
to the standard of gold, or drag the
United States down to the silver stand
ard. Uncle Sam, il free coinage results,
will stand ready to coin all the $4,000, :
600. 600 present visible stock of silver of
the world. that may be sent to his minis.
While it is now at ratio of 80 to 1
we must lift it up to equivalence with
gold-16 to l.. We must expect to stimu-
late and initiate our own product and
receive the surplus silver of other ooun
tries besides. In the Bank Of France
are $3.50, 600, 900 Of silver looked up, the
Bank OF Germany, more than $l50, 000.
900; the Bank of Spain, about $50. 000,-
600; of Netherlands, $35, 1000, 600; and
| others have varying amounts. In the
nine banking houses there are not far
from $3.50, 600, 600 slowed away. This
silver is not worth a cent except for its
bullion value. Tt Is their reserve" for
their paper money; but if they could ex.
change it for gold they could sustain
more paper. If this country votes free
silver they will have such an opportuni-
ty. They will have to simply send it to
the Philadelphia mint, have it coined in
to United States money, exchanged for
gold and returned. Europe, ever since
biTnstallism was abandoned, has been al
most lighting for gold. Ii independent
free coinage Is adopted in this country
the struggle now going on there will at
once grow fiercer, because it would indi-
Cht0 UuA( bu0 CauSo VI IS
overshrown. When France had free coin
age Germany demonetizel her silver and
exchanged for gold. Shall the United
States minis be made likewise a sink for
all. Europe? With free coinage it would
be very, very easy to lose the gold, and
being deprived of gold we would no
| longer have @ monetary medium with
the other important countries.
Russia has been valuable friend to
this country: kept England at bay
during our Civil War, and since has ex-
tended timely assistance. She is making
all possible progress toward the gold
standard. One of her represen tatiyea
| recently said: Every country of Europe
has silver enough. Already Russia has
| been asking to join in movement in
case the Americans adopt free coinage,
| TO unload On the United States: but this
action would bring calamity l sincere
| ly hope the United States will make no
such mistake. -
| Yes, with free coinage the surplus sill
yer of the world would flow infallibly
| to our shores. This would be it's one
great market at price rsasona BILE
| enough for all. G. S. M
| Freeport Me.
| Chief of Police Joseph Lam bert of Ber-