The morning times., 1896-07-28
SILVER.

It to assert that the opening Of mints
free and unlimited coinage would stimulate producers to
increase their output to the advanced profit and
instead of surplus of $76605 49, is shown in the
above table, would undoubtedly be compelled to coin
at least $12 600 900 each year to maintain parity be-
gold and silver 1t is to state that
could safely carry this tremendous financial load
Ten years of such madness would the country into
free silver bedam with money at discount and prices
rvalng in height and gyraons the fantastic soaring of
hot air balloon
| Another feature of attempt to force parity
through free silver would be the practical loss of gold to
this country Sverite leaders argue that their policy
necessary because there sufficient gold produced to
supply the coinage demand of gold standard countries.
That being true the countries that continued to adhere
gold standard would make special efforts to gather
and retain the entire output of that metal and gold
would be at premium here and also used for coin
age purposes they would find little difficulty in securing
nearly the entire amount held by the United States The
effect of such policy would be the indefinite postpone
ment of international bimetas, and the complete fail
of this country to circulate both gold and silver money
as is done under our present monetary system
Generally speaking free silver from the stand
point of its advocates would not benefit the The
audabe desire manifested by many worthy silver leaders
overthrow the present through the ado
ton of white metal standard would not only result
their discontinue but would also bring great dis
tress the country When where has attempt to
pull down capital destroy monetary influences resulted
in success? The who control our money would
do it all silver and there would be differ
in the financial situation except that part of the
Wall street stock market would be transferred Denver
Nor would change be made in banking system al
though it might be carried under another 1t
be of the Interchangeable laws of finance that
all money except such represents public expenditures
must reach the people through the medium of bank
la money loaninp institution Free coinage would not
make money any easier to get would the system of
obtaining it be changed The country would be in the
hands of the money kings just it now no one
except the mine owners would be benefited.
49, Suppose free coinage law went into effect today.
The first thing would have to face would be panic
by the withdrawal of gold from funds
and the refusal of banks and moneylenders extend
credits until the financial horizon had cleared Through
the loss of gold volumes of currency would shrink
S per capita to about $14 which amount less than
per would be available for pocket money owing
the amount made of by banks and other monetary
institutions deposits against checks drafts etc.
using entire mintage capacity could coin $40
900 annually, and if Congress acted promptly making
appropriations this could probably doubled
year 1t would require at least eight years
to up the deficit of 5000 O00 900 gold frightened
away by the silver bugaboo and who, besides the silver
producers, would be any better off
During this time foreign capital would avoid this
country and our standing with other great nations would
be materially impaired. Naturally, they would our
gold but its being at premium would embarrass
commercial relations with the outside world. Sound
money instead of circulating medium would become
object of speculation its value uctuated prices
generally would and fall For that sound
money would refuse to invest here they do
now and the loss of their capital would amount to hun
dreds of millions of dollars each year.
THE TINES has shown clearly that it would be i'm
possible for maintain independent bimetallism
without coming annually at least 500 900, O0O Nor
could stand that financial strain for any definite
period In view of the fact that it be at the
expense of panic and great sacrifice on the part of
working people, would it not be better by our
present system and circulate the $100 000 600 year
through appropriations made for public improvements
Every dollar paid out in that way would go directly to
the instead of through mine system
of moneylendng banks. There would be distress or
loss of work thropgh panic and each