The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-07-29
A LEADING QUESTION.
Shall We Follow the Advice of
Americans or Aliens?
The Folly of Producing Glasses
Taking Advice From Creditor
Glasses.
Philadelphia American

Philadelphia American.
Il ''The proposition to coin silver, at
the ratio of 16 to T. says the Brad
streets ''is proposition to buy fifty
odd cents worth of silver and stamp it
as worth one dollar" It is PROPOSE
tion of nothing Of the kind. Under
free coinage the United States would
In no sense whatever buy silver. The
assertion that free coinage means
that the United States would pur-
chase silver in unlimited quantities
giving dollar in exchange for every
fifty odd cents of silver in an mex
cusable falsehood.
Under the Bland and Sherman Acts,
acts forced on those demanding the
free coinage of silver by the gold con-
tractionists and passed as compr0-
misses, the government bought silver
at market rates, but under free coin
age the government would buy silver
in no other sense than it now buys
gold, and it would no more give 81 in
coin for So cents of silver than it now
gives 81 in coin for So cents worth Of
gold bullion.
The proposition to coin silver at the
ratio OF Is to is not proposition to
buy silver, it is proposition to give
the owner of the silver the same
privileges of mintage as those now en-
joyed by the owner Of gold, to restore
the privileges of mintage to the own
er of silver bullion, privileges never
denied until 1873. Under free coinage
the government would receive on de-
posit silver bullion as it now receives
gold bullion, and for every 3714 grains
Of pure silver deposited it would re-
turn to the depositor silver dollar
containing 3714 grains Of silver, just
as for every 1922 grains Of pure gold
deposited 1t now returns the eQuiva.
lent of gold dollar. And this 81
grains of silver under free coinage
would be worth no more after coinage
into the dollar than heforo, asay more
than 1922 grains of gold Is At this
time worth more as coin than bullion.
With the mints open to silver coin
age as they are now open to gold, the
value of silver as coin and silver as
bullion would be the same. The sill
yer dollar might not be worth as much
as the gold dollar, but the bullion
value OF 3714 grains of pure silver or
OF 4l24 grains Of standard silver would
be the exact equivalent of the coined
silver dollar, and this silver dollar is
what the owner Of silver bullion
would get in return for his silver. I'm
der free coinage, therefore, the owner
of silver bullion could get no more
M a M rEnt 1pn CT fNr
the market value would be the coin
value. Such being the case, state
ments to the effect that free coinage
means that the government would
pay 81 for every fifty odd cents worth
Of silver offered at the mints cannot
go unchallenged for they have abso-
lutely no foundation in truth.
Further comment on the above
baseless assertion, is needless, but two
so-called arguments, characters tical-
" gold-monometallic and found in
the same issue of Bradstreet's and in
the same editorial from which we
have already quoted are worthy of re-
production.
Here is one. 1.-THE claim which has
been made so often that the decline
in the price of silver is on par with
the argument that every man who
carries hickory stick must have the
rheumatism, because nearly every
man known to have rheumatism has
carried hickory stick"
And the other readS:-''The danger
of the present menace lies largely in
the honesty and sincerity Of the belief
in free silver coinage at the ratio OF
sixteen to one by SO many people, par
ticularly West and South, with whom
fallaciouS arguments (provcn to be
such by hickory stick arguments) and
allegations concerning theory have
run away. Is it too much to suggest
that one takes his watch to the
matchmaker to be repaired instead Of
the black mith and that he goes to a
physician for prescription for COM
plicated disorder instead of to vet
erinary surgeon? Are the silver lead
ers financial watchmakers and phySi-
clans: 1t may be that the silverites
Ia national conventions and In Con-
gress are the real experts in matters
OF international finauce; that they are
those who, from experience and
familiarity with the history Of inter
national finance, are most competent
to decide upon the great financial
question now before the American
people, but that is not the belief gen.
orally entertained in the financial
world"
Verify then, let US 60 for advice as
to our measure of value to those in
terested in stretching it so that they
may reap greater and greater value in
the money paid them as interest and
principal on the bonds they hold for
the Financial world'' has monopoly
of wisdom. Let us accept the meas
ure of value these interested parties
decree, let us make no complaint of an
appreciating monetary yardstick and
falling prices, and let ms be content
with monetary system that requires
the payment Of two bushels Of wheat
and two pounds of cotton to our credi-
tors where Justice requires but one.
Let US pay back two dollars worth OF
produce where we borrowed one, so
that .sthOse who toll not while neith-
er do they spin'' may be enriched at
the expense of the producing classes.
Let US take the advice of those inter
ested parties, of those who reap the
advantage Of an appreciating dollar,
and adhere to the single gold stand
,4rdl