The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1897-08-25
Mr.. Baker Has an Idea.


silver dollars legal tender, is uncon-
stitutional. He is strongly impressed
with the idea that for the govern
ment to coin it's own deprecated
silver, make its dollars a legal tender
and cover its seigniorage into the
treasury for the benefit of the entire
people, is a very wicked, dishonest
thing to do, and on a par with the
clipping of coins that used to be in
dulged IN by kings and princes of
olden times. But, according to Mr..
Baker, if the government would only
coin free, into precisely the same
kind of coins as the Bland-Alli-
son dollars, all silver offered, not
only that of the silver kings of
America, but of all the world, and
make all such coins a full legal
tender, just the same as present dol
lars are, thus debasing and practi-
cally clipping the entire coinage of
the country by more than 90 per
cent, that would be a brilliant stroke
of craftsmanship; that would be an
exhibition of great financial wisdom;
that would be a most beneficent
thing for the people; there would be
nothing dishonest about that. In
other words, to coin the peoples sill.
yer into 4124 grain dollars and make
them legal tender is wrong, is un-
constitutional, is revolutionary; but
TO coin the same silver for private
parties, both native and foreign,
into precisely the same currency
with precisely the same legal tender
quality, is all right.
The Tribune comes to Mr.. Bakers
aid with one of its usual able (?) free
silver editorials and makes a lame
attempt to bolster up Mr.. Bakers
argument. 1t recognizes, however,
the absurdity of his position when it
says; at may be suggested that this"
the debasement of the coinage
els precisely or substantially what
the advocates of free silver propose,
but that" says the Tribune, els
another story. Besides, the the two
propositions are radically different. ="
The Tribune then proceeds to point
out the difference, and finds it to be
substantially as follows: The present
silver dollar, although containing less
than moiety, in value, of metal, is,
so far as its purchasing and debt
paying power is concerned, just as
good as any other dollar, while the
free coined dollar, to use the Trib-
une's own words, "would circulate
only at the commercial value of the
metal in it, and purchase only its
equivalent in any other comodity."
That is, at the present market value
of silver, free coinage would give us
a forty cent dollar. And this is just
what the free coiners want, a cheap
dollar, no matter how cheap, the
cheaper the better. Not only would
it be a cheap dollar, but what is even
less desirable, it would be a huctuat-
ing dollar, up to-day and down to-
morrow. Perhaps it would be bet
ter to say down to-day and down
still lower tomorrow.
1t will be observed that the Trib-
une does not agree with the street
corner inanciers of its party, who
claim that free coinage would at once
raise the market values of silver to
the idolized ratio of 16 to l, but is
honest enough to acknowledge that
Its pet policy would be equivalent to
a debasement of the entire silver
currency. In point of fact, it would
debase the hundreds of millions of
silver already coined, 1t would equal
ly debase all the paper currency of
the country, and would cause a sud-
den and violent contraction of the
currency by driving gold out of cir
culation and thus precipitate panic,
the like of which the country never
experienced.
The people have cause to be
thankful that they escaped the dis
asters that threatened them, and that
the tide of returning prosperity is
every day lessening the danger of
the success of Organism, free silver
ism and populism.
FREE silvar avohonoro would