The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1896-10-21
What is Meant by Free Coin
age and l6 to l.

tlS ColHdSe IdtlO eStdUllsheu Wy tue
congress between silver and gold
shall be continued That is that the
silver dollar shall contain 81 Ia
grains of pure silver, and that gold
dollar shall contain % p grains of
pure gold These shall constitute
the two dollars, the rates being l6 of
silver to l of gold The exact ratio,
therefore, is Is 9S83 silver to one Of
gold, usually referred to as l6 to l,
which means that sixteen ounces of
silver and one ounce of gold when
converted into dollars, produce the
same number of dollars That is,
that sixteen ounces of silver coins
into 500 81 that one ounce of gold
coins into $50 81. Hence Is to /.
What is free coinage 1t is neces.
sary to repeat as some people fail to
understand what is meant by it.
Free coinage is this--that silver shall
have the precise rights and privileges
as gold now has Gold can be car
ried to the United States mints and
be coined without any charge to the
owner Of the gold bullion. The de-
mand for free coinage for silver need
not include necessarily the Question
of free mintage. That depends on
whether gold has it or no. Silver
must have an equal, full showing
with gold in mintage, charge or
otherwise Every person having sill
YER or gold metal or both, shall have
tull and free access to The United
States mints, to deposit the metal or
metals for coinage There must be
no opposition OR discrimination on
the part of officials against persons
or metals. Understand that These
coins made for individuals, whether
/ in silver or gold, must have full legal
tender power or rights.
Mark this Under free coinage
the government is not purchaser.
1t does not become a purchaser of
the bullion, whether gold or silver.
The mint simply receives the metal
or metals in bullion as brought or
rendered, and converts them into
money, putting the stamp Of the
United States upon them. The gov
ernment does not become purchaser
or owner because rendered. Gold is
now coined free. and so must silver
be coined free, and there is no pur.
chase of gold or silver thereby.
How much responsibility rests
upon the government by this free
coiage of gold and silver Does the
government become responsible when
it coins free for persons gold bullion
that is brought to it's mints ? The
government under the law governing
puts it's stamp upon the disc of the
gold coined certifying as to its gen-
uineness, its fneness Of quality, its
actual weight-2a % grains of fine
gold-and designating the piece thus
coined with a name-a dollar or an
eagle-and there the responsibility
ends. The ballion has been changed
into money by its process of mint
age, and the money-for such it is
now-fu! legal tender money that
will pay debts Of all kinds, is taken
away from the mint by the owners
for whom coined, the persons who
carried the bullion to the mint
They use it as their own in the usual
ways prevailing.
That is what is meant by free and
unlimited coinage Of silver. 1t must
be entitled by law to all the privileges
and rights which now gold is receiv-
ing-tree coinage at the mints We
fad in paper this question asked by
a financial writer:
"Is the silver dollar now redeem
able in gold coit?
There is 10 law in existence by
which government officials are even
authorized, much less instructed, to
exchange gold coins for silver coins.
How thea would the parity be
maintained?
By legal teader--by paying silver.
dollars equally with gcid for al debts,
ard dues, public and private
How would these silver dollars be-
cut in circulation?
In the same manner they were
prior to 1878 The owner of them
pays his debts, purchases goods or
property, invests in sc;ae enterprise
Tbs is ihs personal side Of !ne trans.
action
:., :~s.<,..; { p@:t:.:o;:, tf1a:s all
mcney aac cu:lency issued by it as
ia circulation as soon AS i: has passed
beyond the control Of the department.
All money he!d in bank reserves, all:
money 'loarded al! money transport.
ed to foreign lands, all money melted
or destroyed, is counted and reported
a, - o;ro,lot;on ,, TV;l,,;,r+o,