The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-06-17

y Push Friends Until there Cpym Every Subscriptions
FREE COINAGE SOUND
THE IMAGINARY DANGERS OF
FREE COINAGE Exploded.
There Would Be No Fifty-cent Dol
lar and No Panice.
(PhilQdelDhia American.1


VIII the free coinage Of silver bring
on disastrous panic?
The gold contractionists and specu-
lators tell us that it will. They tell
us that upon the election of a Presi-
dent pledged to the free coinage of
silver panic would seize the European
holders Of American securities; that
European investors would throw their
holdings OF American railroad bonds
and other securities on our markets
for sale at any price: that, conse-
quently, prices of all securities on our
markets would be greatly depressed,
and that as gold was exported in
great volume in payment for the Sc
curities sold on our markets for for
eign account, the money market
would be stripped Of loanable funds,
interest rates would be frightened. ac-
commodation to producers would be
denied and the wheels Of industry
stopped and business paralyzed from
the want OF money with which to car
ry on production. We are further
told that this return Of our securities
stock of gold was exhausted and we
were reduced to silver basis, that as
a result the volume of our currency
would be contracted by one-third;
that prices would fall oportionately,
and that as consequence, even after
the panic had worn itself out, the
country would experience an unex.
q nj Of i'm DIM fri ol
tiOn.
Such are the results the gold con-
tractionists anticipate from the sue
cess of the bimetallic forces at the
polls and the election OF President
pledged to free coinage. Measnri.cg
every departure Of national policy, nGJ
from the broad ground of national
honor and the public veal, but from
the selfish point of view Of the specu-
lator and by the probable effect of
SUCH action on the security market
and their speculative transactions,
they view the effects Of the free coin.
ace of silver on the business of the
country in false ligt, and grave, but
unreaS Soning dangers from the OPEN
ing of our mints to silver, loom up in
their ina aglnatlOnS.
They anticipate panic among for
eign investors and the unloading on
our markets Of American securities
now held abroad as certain to depress
the value of all securities on our mar
kets and to bring on a spectators
panic, and they anticipate that this
unloading of securities on our mar
ketS by panic-striCken foreign inves-
tors would inevitably lead to drain
on our gold reserve and ultimately to
the suspension Of gold payments. But
why anticipate panic among foreign
inves tors? Why anticipate the sus-
pension of gold payments, the expor-
Lation Of all our gold and violent
contraction of our currency?
Would foreign investors in Ameri-
can securities act on the unreasoning
fear that the free coinage Of silver
would result in the payment of inter
est and principal of our debts at fifty
cents on the dollar? Such is the as
sumption Of the speculat tors who be-
lieve, or feign to believe. that the un-
limited coinage OF silver would give
US ''tifty-cent dollar and result in
cutting the value of all American Sc
curities in half.
But free coinage Of silver would not
give us a "tifty-cent dollar" Under
free coinage the value Of silver bull.
lion and silver coin would be the
same. Such thing as dollar con-
tanning but fifty cents worth OF sill
yer would be impossible, for 3714
grains Of silver bullion being convert
ible. into a silver dollar, by the gov
ernment, free Of charge, would be the
exact equivalent OF the dollar, just as
at this time 232. 2 grains Of gold is the
1an 4fn ntn ic c1n
no one will sell 232. , grains of gold for
less than $40, so long as he has the
privilege to take it to the mint and
receive gold eagle in return. And
so it is clear that il the same privilege
was given the owner of silver bullion
as the owner Of gold bullion now en-
joys, no one would sell 37l4 grains Of
silver for less than dollar. There
fore, under free and unlimited coins
age the silver dollar would be honest
and good money according to the def
inition OF that highest Of gold au-
thorities, Mr.. Edward Atkinson, Of
Boston, for after being melted down
it would still be worth just as much
as before.
So the silver dollar would not be a
''fifty-cent dollar" Neither is there
any reason to suppose that the silver
dollar would be worth less than the
gold dollar. On the contrary, there
is no doubt that the opening of our
mints to the unlimited coinage of sill
YER would restore the parity between
gold and silver, and the silver dollar
would be just as acceptable in pay
ment Of interest and principal to the
foreign holder of American securities
as the gold dollar.
But it is not with silver that we
would pay our foreign debts; neither
is it with gold. We would pay our
debts abroad after the opening Of our
mints to silver Just as we pay them
now, with exports Of merchandise,
chiefly farm products. The only diff.
ference would be that we would get
better prices for our exports. The
CONTINUED ON FOURTH PAGE.