The Canton times. (Canton, Miss.) 1893-1906, 1896-09-25
FOR HONEST MONEY.
Mr.. MnKinley's Able Discussion Of
the Money Question.
No Debase OF Money Republication
OF Debts-Free Coinage ImperiIs the .
Nations Safety--W orkingmen and
Farmers Have Most at Stake
.Good Money Never Made
Hard Times"

-'~-->~N
Hard Times
Mai. 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 a sober and appropriated
Judgment at the polls. We must 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 WOufu uOD lIuhC ASe'S AuDOAN
Gus or more profitable. 1t would not
start a 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 10 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. It would not restore business con-
| fidence, 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 50 cents
worth Of silver, and other people would
be required to receive it as full dollar
in the payment of debts. The govern
ment would 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 . Gold Basis.
We have coined since 1878 more
| than 400 200, 900 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
4 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? I answer: The silver dollars
now in use were coined on account OF
the government, and not for private ac-
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 1T 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 benefi,
of the people.
Farmers and Laborers Would Suffer Most
If there is any one thing which should
be free from speculation and fiuctuation
| 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 Sc
, much from cheap money as the farmers
and laborers. They are the first to fee
| its bad effects and the last to recover
from them. This has been the uniform
> experience of all countries, and here al
l elsewhere. The poor, and not the rich
. are always the greatest sufferers from
every attempt to debase our money. L
9 would fall with alarming severity upoi
h investments already made, upon insur
Q auce companies and their policy holders
upon savings banks and their deposit
o ors, upon building and loan association
s members. upon the savings of thrift