The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1898-07-08
SILVER AND ITS USES.
Could Replace Gold ~ Driven Out of
the Country by Free Coinage
Its other Uses.

In a speech before the house of rep
resentatives. Congressman Shafroth. OF
Colorado. made a very forcible argu-
ment in favor Of free silver coinage. He
pointed out that. under existing laws
and without any impairment of contract
or breach OF faith on the part of the gov
eminent. free coinage would at once
create a demand for silver currency TO
the amount of at least S2,565, 900, Goa
figure representing the existing credit
money" of the nation. The very fact Of
the existence of such an immense vol
ume of credit securities. he argued,
proved conclusively the necessity for an
expanded currency in at least that
amount. In case free coinage should
send gold TO a premium and thus drive
IL from the country. as asserted by the
single standard advocates, there would
be a demand for sG96. 900. 900 more of sill
yer 10 take its place.
Here. then. would be an immediate
demand for s3.261, 600, 600 in silver. In
case II should be deemed advisable to
retire the United States treasury notes,
s346. 200. 900 more of silver would be re-
quired as a substitute, and by including
the national bank notes, a place for
1921 600. 900 more silver would be
created. Thus silver could be employed
to the enormous amount of S3,s3s. O00.-
600 without increasing the present
actual circulating medium of the coun-
try 10 the extent of a single dollar.
With such an enormous demand upon
the comparatively limited supply of I'M
coined silver in existence, there would
be little danger but that the parity be-
tween the two metals could be easily
established and maintained. even by I'M
limited coinage upon the part Of the
United States alone.
In summarizing the uses TO which a
silver currency could legitimately be
put, he called attention to the fact that
the debts of the people Of the United
States amounted TO S20.0 900, COO. 900, one
half Of which was payable in lawful
money of the nation. This would create
a demand for sl0.O O0. 600 900 more silver
with which TO discharge these debts. He
also showed that silver as a legal tender
would discharge state. county and city
taxes 4 the extent of 100000, 900 a year,
that it would pay import duties and in
ternal reyenue duties of the United
States to the extent Of $500, O00. 900 a
year. that IT would pay the premiums
on life insurance policies to the extent
Of 5000 600. 900 a year, and upon fire in
surance policies of sl5s. OO0. 900 a year;
that it would pay the deposits in savings
banks to the amount of 81 900. 000. 600,
in national banks to the extent Of ST.
100000, in state banks to the extent OF
s723 5000, 900, and loan and trust COM
panies to the extent of $500. 600, 900. and
in private banks to the extent Of $780,
600, 900.
Taking these various sums together,
II is found that the people of the United
States alone could use $500, 000, 900 of
silver without impairing a single obli-
CATION or depreciating the lawful and
legitimate value of a single existing
debt or security. Under such circum-
stances. il is certainly absurd to sup
pose that a nation representing one
fourth Of the entire monetary power
Of the world, as does the United States,
would be unable to maintain the parity
II silver under a bimetallic system OF
finance. especially in view of the fact
that it would have the moral support OF
other silver-using countries represent
ing al equal monetary power.-Denver
r. c..