Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-09-21
mr.. CAGE ON COINAGE.
Bimctalilsm - Viewed by the Secretary
and Ne 1t IL.


But now Mr.. Gage, who has been
drawn into q newspaper interview,
comes forward and tells us that there
is no basis for the contentious Of BIZ
metallists; that bimetallism, meaning
the free coinage of both gold and silver
into full legal tender money, is really
very different thing from what bi-
metallists contend. 'In the first place"
he asserts, there is, properly speak
ing, 40 mint price for gold or silver"
But when we turn to DR.. Linderman's
work on Money and Legal Tender in
the United States" published in 1877,
when he was director of the mint, and
which is first authority on such mat
tiers, we find in the first chapter OF his
work devoted to a "brief explanation
of terms commonly used in treating OF
bullion, minis, coinage and money"
this definition of the:
1.-THE mint price Of gold or silver
The rate per standard ounce at which
the mint converts bullion into unlimit-
cd legal tender coins"
So it is quite clear that under free
coinage at which coinage rate ls fixed
for the conversion of bullion into coin,
there is mint price as defined by the
first gold authorities on such matters.
And that Mr.. Gage is unaware OF the
accepted meaning Of the term mint
price," is not the fault of bimetallists.
1t is very true, as Mr.. Gage asserts,
that call the mint does with the man
who brings to the mint certain num-
Der of grains of uncoined gold, is to
give him in return the same number OF
grains in coined gold, less enough to
pay for the metal alloy used by the
mint in coming" But this is equiva-
lent to fixing minimum price for
gold for no man, when he can take
standard gold to the mint, that is, gold
nine parts pure gold and one part al
10y, and have it coined and returned
to him as gold coin at the rate Of
$3.50 for every ounce deposited, will
sell an ounce of standard gold for less
than this, the mint price, nor will
any man sell pure gold at less rate
than $2067 an ounce, this being the
of gold will make, and what is true of
gold would be, under free coinage, true
of silver. The price of pure silver at
our present mint ratio would be fixed
at $1.2929 per ounce and the mint
price per standard ounce at $1.16 Ali.
But Mr. Gage asserts that this coin
age of silver would not make a de-
mand for silver, that the government
would not buy silver, but would mere
ly give silver dollars in return for sill
yer bullion. The latter part of this is
true; the government would not pur
chase the silver, and would not in it.
self make demand for silver, but with
the minis open to free silver coinage
every man with debts to pay would
make demand for silver and every
debtor would be buyer of silver bull
lion or dollars as long as any could be
had cheaper than gold, just as every
debtor would be a purchaser of silver
dollars to-day and no debtors, save
those with gold contracts to meet, pur-
ri 70 IF 5nl1 low CT IN1l
could be had cheaper than gold.
Mr. Gage asserts that debtors would
not in general, under free coinage, use
silver in payment of their debts, that
most debtors would prefer to keep
their honor and integrity" that many
will do so at any sacrifice" and that
only "a few will forfeit both for the
most paltry consideration But debt
ors do not consider to-day that they
are FORGETTING honor and integrity
when they offer silver dollars or sill
yer certificates in payment of their
debts, the creditors do not hold them
in any the less respect because they do
so. And it would be the same under
free silver coinage.
1t is said that the case would be diff
ferent, that silver dollars are now
worth just as much as gold dollars,
that they would not be under free
coinage. But what makes silver dol
lars and their epresentatives-silver
certificates-worth just as much as
gold dollars to-day? Nothing at all,
save the fact that the debtors use them
in payment of their debts when they
are more plentiful, whenever the banks
Noay them out in preference to gold or
eenbacks. If debtors did not so use
.ns flyer dollars could not now be
Ie,t At nsyith gold. And as they are
merclal dema nn5aday-namely' by COM
dollars coined undt n' % inc new
age would be kept at {ee SILVER COLL
1t is indeed asserted t.,
would be coined under fresso many
that they would more than fli0pi
mands for money, that there worlNa e-
no demand for gold. If so, gold wouTS,
go to premium, go out of use a,