The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-16

| tanned silver coin made from It at par1-
ty with gold at the ratio OF 16 to 1.
| But we are now brought face to face
with a proposition which. If agreed to,
will make silver the sole standard OF
value for all debts and credits, for the
| wages of labor and the purchase Of and
sale Of property. The Democratic party
at its recent convention at Chicago
adopted a resolution in favor of the
free coinage of silver at the ratio of
sixteen parts of silver to one of gold
We know that in the United States and
| in all countries in the world thirty
ounces or more of silver can be pur-
chased by one ounce of gold. With the
free coinage of silver, gold will be de
monetized Nothing can be more GER
tain than that the cheaper money only
will circulate The United States has
| thus far maintained its silver coins at
| parity with gold coins only by its ex-
elusive monopoly OF coinage and by
| limiting the amount, but with fro
coinage of silver there could be no lin
itation. Silver bullion in every form
VIII be pressed upon the minis and
with the mandatory duty of free coin
age, silver dollars will soon fill the
channels OF circulation and the gold dol
lars will be boarded or will be quoted
and sold as a commodity at about 1874
cents Of silver coin Silver will stand
as the par of value and gold will be
quoted at its commercial value.
RESULTS CONTEMPLATED.
Let US contemplate for while the
Inevitable result of the free coinage of
silver, even if 1 repeat what l say. 1t
would violate every contract for the
payment Of money made since January
l. 1879. The resumption act, which went
into operation on that day, provided for
the payment in coin on demand of all
United States notes presented for re-
demption. All forms of money, wheth-
er of silver or gold or paper, were then
maintained at par with each other and
have been so maintained ever since.
During all this period, gold and silver
coins at par with each other have been
the standards of value of all loans, con-
tracts or purchases and the faith Of the
United States was pledged for their
maintenance ct parity with each 9TH
er. Although silver bullion declined in
market value, coins made from it have
been kept at par with gold coins at the
legal ratio Of Is to 1. But If the free
coinage of silver is authorized then the
market value of silver bullion becomes
the standard for payments on all con-
tracts made in the past, the present, or
the future; 4121s grains of standard sill
Yer bullion, worth now SO cents. can
with free coinage be coined into a dollar
upon the demand of any holder of such
bullion
NO GOVERNMENT GUARANTEE.
This dollar is delivered to the owner
of the bullion and is not supported by
Of fhn
eminent does not undertake to main
tain its relative value with gold. The
government stamps it "this is a dollar"
Its purchasing power Is So cents but it's
debt-paying power is one dollar of
DEBT, but in the purchase of any article.
1t is only worth SO cents, for the seller
Of the article can fix it's price accord
mig to the kind of money offered. 1t is
the doctrine of the Populist and the
anarchist but is in direct opposition to
the traditional policy Of Thomas JEFF
ferson, Andrew Jackson and the Demo-
cratic party.
When we contemplate the great
amount of debt and credit that is I'M
aVoidabie in vast but new country
Ike ours, we naturally shrink from
any measure that will either rob the
lender or do injury to the borrower It
is impossible to estimate the wrong and
injustice that would be done TO cred
itors by the scaling of nearly one-half
OF the debts due them. They very
threat to do it will lead to the PROMPT
and harsh collection Of debts before free
coinage can become law, the wide dis
trust caused by the pending Of such a
measure will lead to the rapid collection
of debts, the sacrifice of property and
deepen existing financial difficulties
growing out of inefficient revenues for
the national as well as for many state
governments.
ONE CLASS OF CREDITORS.
1t is sometimes said of creditors that
they are 'bioodthristy, Shylocks, blood
suckers, extortioners. It may be there are
among money lenders, some men who
merit these epithets, but the great BODY
of the creditors OF our country are
among the thrifty, Industrious and in
telligent men and women. One great
body of creditors here is the s70. 600
Union soldiers, their widows and or
phans, who are creditors of the limited
states to the amount of over $40 900
600 year for services and sacrifices in
the Union army. Tt would be- an act
OF perfidy and meanness beyond ex-
preston for this great country to nav
them with money of less purchasing
power than gold coin merely because
the overproduction of silver in the
United States has reduced the market
value of silver bullion contained in a
silver dollar. To take advantage of this
decline in order to reduce the value of
the pittance to those pensioners is
worse than to rob the graves of the
dead.
DEPOSITORS AND OTHERS.
There Is another class of creditors
that free coinage of silver will greatly
injure. II is the depositors in savings
institutions and kindred organizations
who according TO official statistics num-
Der nearly 100000 people whose de-
posits amount to more than 81 800 .ooO.-
600. WIFE you cheat them by reducing
the value and purchasing power of the
dollars they have deposited? Free
coinage will also drop out nearly one
half the value of insurance which pro-
vident people in the United States have
paid. to secure, in case of their death.
some support and protection to wife
and children.
It viii affect injuriously the multi
tudes of clerks and employees who de-
pend upon monthly pay and will re-
duce the purchasing power Of all sal
aries Of officers and employees in the
public service of the United States, and
every state, county, city or township
in this broad land.
THE WORKTNGMAN.
But by far the greatest injury result
ing from the free coinage of silver will
fall upon workingmen. Their wages
are now based upon money OF the high
est value. upon gold coin of standard
value. Under free coinage Of silver. The
value OF the silver dollar viii fail 10 3