The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1897-01-05
THE FREE AND UNLIMITED COIN
AGE OF SILVER--WHAT IS
MEANT BY TIP

TO the cause of reform. Our loss, l
verify believe, was attributable to the
fact that the great masses of the people
did not properly understand the issues
before them. I positively do not be-
lieve that one out of one hundred in
the U. S. can now tell what is meant
by Free Coinage of Silver" or by
THE Free and Unlimited Coinage of
Silver"
According to the mint and coinage
laws that existed from 1892 to 1873
about 81 years-depositors of gold and
silver bullion at our minis were
charged for melting, refining, parting
and fine bars" This charge was
usually from ! to 4 of 1 per ct. But
after the bullion was reduced to a fine
bar 1000 fne) there was no further
charge to the depositor, the coinage be
ing done at the expense of the general
government.
Having taken the pains to read the
debates in Congress relative to de
monetization and having also deposited
a number Of bars of bullion at the mint
az San Francisco, 1 believe l can thr ow
important light on the subject.
During the debates on the demoneti
cation bill, MI. Sherman offered, or al
least earnestly supported, an amend
ment, charging 8 10 of / per cent. to
Fetray the expense of coinage. This
insignificant question was debated in
the Senate about two days and was
finally defeated, thus leaving the coin
age Of both gold and silver free"
Hence the term, free coinage"
Mr.. Sherman o to have Dor.
roWed the "3 10 of l per cent" from
France, that being the charge for coin
ing gold at her minis. But France
charges, or did charge before her
minis were closed to silver in 1875, IL
per cent. for coming silver. Mr.. s.
took good care not to mention this,
leaving it to be inferred that 8 10 of 1
per cent. would defray the coinage ex,
penses of both gold and silver. His in
tention, from the start, Yves doubtless
to strike down silver, and he very
probably had an object in discarding
it from the discussion to as great an
extent as possible.
The word free" pertains to coinage
only, and hence it is free, otherwise,
according as there is or is not a charge
made for same. Many people appear
to believe that 1.-The free and unlimited
coinage Of silver" would give foreign
nations the power to dump their silver
at our minis, greatly to our prejudice
and injury, but such is not the case.
Our laws are such that foreigners can,
not deposit their silver bullion at cur
minis, unless they are willing to re.
ceive, and~do receive, in return there
for our silver coins at par. They can
not afford to accept our silver coins in
exchange for their bullion, unless they
invest them in the U. s and such in
vestments would be so few and far be-
tween that u financial system would
not thereby be affected to any precep-
tible extent. It is simply an argument
Of the enemy to brighten the people.
In order TO remove in the future this
scare-croW, and at the same time deal
justly with all, depositors of gold and
silver bullion should be charged, at the
above rates, for converting same into
coin, in addition to the usual charge
''for melting" Sc. The term free
coinage" would then be removed from
our financial system, and in lieu
thereof we would have unlimited
coinage" which should pertain to both
gold and silver bullion.
The established price, by law, at our
mints for gold bullion is $50 81 per
ounce, less charge for melting, Sc,
and until 1873 the established price of
silver bullion was 81. 90 per ounce. We
want silver bullion again declared by
law to be worth 81 90 per ounce and
our minis opened for the unlimited
coinage" of both metals on the terms
aforesaid. This would right matters so
far as coinage is concerned. Nothing
else will.
Now, in order to show that 1.-The free
silver craze" was worked by the gold,
bugs, for all it was worth, prejudically
against the best interes. g of the people,
l will mention a few incidents.
A short time prior to the election
asked a prominent republican of this
county what he understood by ''Ghe
free and unlimited coinage of silver
He replied, II do not know, and ]
heard-say that he did not know
The person whose name is left blank is
one of the most prominent lawyers in