San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1896-09-14

Maj. McKinley's letter of acceptance
is as sound as gold dollar. The fol-
lowing are some of his best points:
| What Free Coinage Means.
The character of the money which
shall measure our values and exchanges
and settle our balances with one another
| and with the nations Of the world is of
such primary importance and so far
reaching in its consequences as to call
for the most painstaking investigation,
and in the end sober and unprecedented
judgment at the polls. Wemust not be
misled by phrases nor deluded by false
theories. Free silver would not mean
that silver dollars were to be freely had
without cost or labor. 1t would mean
the free use of the minis of the United
States for the few who are owners of
silver bullion, but would make silver
coin no freer to the many who are en-
gagged in other enterprises.
1t would not make labor easier, the
hours of labor shorter or the pay better.
1t would not make farming less labori-
Gus or more profitable. 1t would not
start q factory or make demand for an
additional days labor. 1t would create
no new occupations. 1t would add
nothing to the comfort of the masses,
the capital of the people or the wealth
of the nation. 1t seeks to introduce
new measure of value, but would add
no value to the thing measured. 1t
would not conserve values. On the con-
trary, it would derange all existing val
ues. 1t would not restore business con-
fdence, but it's direct effect would be to
destroy the little which yet remains.
The meaning of the coinage plan
adopted at Chicago is that anyone may
take a quantity of silver bullion, now
worth SO cents, to the minis Of the
United States, have it coined at the ex-
pense of the government and receive for
it silver dollar which shall be legal
tender for the payment of all debts,
public and private. The owner of the
silver bullion would get the silver dollar.
1t would belong to him and nobody else.
Other people would get it only by their
labor, the products of their land or
something of value. The bullion own
er, on the basis of present values, would
receive the silver dollar for SO cents
worth of silver, and other people would
be required 20 receive it as a full dollar
in the payment of debts. The govern
ment wosNd get nothing from the trans
action. 1t would bear the expense of
coming the silver, and the community
would suffer loss by its use.
Silver Dollars Now on q Gold Basis.
We have coined since 1873 more
than 4OO,0OO,OOO of silver dollars,
which are maintained by the govern-
ment at parity with gold and are full
legal tender for the payment of all
debts, public and private. How are the
silver dollars now in use different from
those which would be in use under free
coinage? They are to be of the same
weight and fineness. They are to bear
the same stamp of the government.
Why should they not be of the same
value? / answer: The silver dollars
now in use were coined on account of
the government, and not for private ae-
count or gain, and the government has
solemnly agreed to keep them as good
as the best dollars we have. The gov
eminent bought the silver bullion at its
market value and coined it into silver
dollars. Having exclusive control Of
the mintage, it only coins what it can
hold at parity with gold. The profit,
representing the difference between the
commercial value of the silver bullion
and the face value of the silver dollar,
goes to the government for the benefit
of the people.
Farmers and Lsberers Would Suffer Most.
If there is any one thing which should
be FREQ from speculation and fluctuation,
it is the money of country. 1t ought
never to be the subject of mere partisan
contention. When we part with our la
Dor, our products or our property, we
should receive in return money which
is as stable and unchanging in value as
the ingenuity of honest men can make
it. Debasement of the currency means
destruction of values. No one suffers so
much from cheap money as the farmers
and laborers. They are the first to feel,
its bad effects and the last to recover
from them. This has been the uniform
experience of all countries, and here as
elsewhere. The poor. and not the rich,
are always the greatest sufferers from
every attempt to debase our money. 1t
would fall with alarming severity upon
investments already made, upon insur-
ance companies and their policy holders,
upon savings banks and their deposit
ors, upon building and loan association
members, upon the savings of thrift,
upon pensioners and their families, and