The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-09-03

other people would get it only by their
idDor, the products of their land or some
thlhg OF value. The bullion owned on
the OASIS OF present value would receive
me silver dollar for 53 cents worth of
silver and other people would be required
~ receive 1t as full dollar in the pay
ment of debts. The government would
get nothing from the transaction. II
would bear the expense of coming the
SILVER and the community would suffer
loss by its use.
THE DOLLARS COMPARED.
We have coined since 1878 more than
4OO,OO0,OO0 of silver dollars, which are
maintained by the government at q
parity with gold and are full legal tender
| Tor 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 tineness'
| they are to bear the same stamp of thu
government. Why would they not be Of
the same value? l answer. the silve
| dollars now in use were coined on aG
count of the government and not for pri
| vate account or gain, and the government
has solemnly agreed to keep them M
good as the best dollar we have. Tho
government bought the silver bullion NJ
| its market value and coined it into sill
yer dollars. Having exclusive control of
the mintage it only coins what it can hold
at parity with gold. The difference be-
tween the value of bullion and the face
of the silver dollar goes to the govern
ment for the benefit of the people. The
government bought the bullion contained
in the silver dollar at less than it's coin
age value. They paid it to its creditors
and put 1t in circulation among the peo
pie at its face value of 100 cents or a full
dollar. 1t required the people to accept
it as legal tender and is thus morally
bound TO maintain it at a parity with
gold which was then. as now, the recog-
nized standard with us and the most en-
lightened nations of the world. The gov
eminent having issued and circulated
the silver dollar, it must in honor pro-
tect the holder from loss. This obliga-
ton it has so far sacredly kept. Not only
is there n moral obligation, but there is
II legal obligation expressed in public
statute to maintain the parity.
COULD NOT BE KEPT AT PAR.
These dollars, in the particulars have
named, are not the same as the dollars
which would be issued under free coin
age. They would be the same in form.
but of different value. The government
would have no part in the transactions
except to coin the silver bullion into
dollars. 1t would share in no part of
the profit. 1t would take upon itself
no obligation; it would not put the dol
get them as any citizen would get
them, by giving something for them. 1t
would deliver them to those who de-
posted the silver and its connection with
the transaction ends. Such are the sill
yer dollars which would be issued under
free coinage of silver at ratio of 16 to /.
Who would then maintain the parity
What would keep them at par with gold?
There would be no obligation on the gov
eminent to do it, but if there was. it
would be powerless to do it. The simple
truth is. we would be driven to silver
basiS-Silver monometallism. These
dollars, therefore, would stand upon
their gold value. If the free and UNI
limited coinage of silver ut Il ratio of
sixteen ounces of silver to one ounce of
gold would, as some of its advocates as
sert. make fifty-three cents i'll silver
worth 100 cents. and the silver dollar
equal to the gold dollar, then we would
have no cheaper money than now. and
it would be no easier to get. But that
such would be the result is against rca-
son and is contradicted by experience in
all times and in all lands. 1t means the
debasemcnt of our currency to the
amount OF the dlIlerehce belWeoh inc
commercial and coin value OF the silver
dollar which is ever changing, and the
effect would he to reduce property
values. entail untold financial loss ana
destroy confidence, impair the, obj ga
tons of existing contracts. further i'm.
poverish the laborers and producers OF
the country. create panic OF IN
parallclcd severity and intiict upon trad" |
and commerce deadly blow. Against |
any such policy | am unaltrrably OPP |
"
niMh l - i-i'i'M'
hiiie'ailis'ii can not DC secure" ny III
dependent action on our part. 1t can |
not be obtained by opening our mints to |
the unlimited coinage of silver of the |
world at ratio of sixteen ounces OF |
silver to one ounce of gold. when the !
commercial ratio is more than, thirty |
ounces of silver to one ounce of gold.
Mexico and China have tried the en-
pertinent. Mexico has free coinage OF
silver and gold at a ratio slightly III eN.
ress OF sixteen ana one-hait ounces OF
silver to one ounce OF gold, ana whlic
our mlnts are freely open to b0th metals
at the ratio, not Il single gold dollar Is
coined and circulated as money, Gold
has been driven out OF circulation IN
Inese countries ana they are on Il SILVER
I'll lfnu n Iluln