The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-01-29
THE FALLAcY OF FREE SILVER


THE FALLACY OF FREE SILVER
We win not consent TO reopen the coli
unns of this paper now 10 discussion
Of the subject OF free silver. When that
was topic Of general interest the Post
Inteliigencer fairly and unstintedly
gave up its space to the discussion
Whether 1t win ever become an issue
again or not, IT certainly Ii not an issue
now: and sufficient unto the day Is
the evil thereof" In order, however.
that we may not seem 10 shrink before
defiant question, we publish letter
from an advocate OF free silver and
reply 10 his inquiry. II he desires any
further answer we will refer him to the
vast mass OF controversial literature
published during the campaign, and
much Of which win be found on the
shelves Of any secondhand book store.
our correspondent asks: Were you
of that metal In any quantity, would
you part with IL: that Is, sell II, or ex-
change IL for any other commodity for
a less price psr ounce or per pound
than you could get for 1t at the govern
ment minis; that is to say, than You
could have IL coined into standard. full
legai-tender money, with every dollar
Of which you could secure one hundred
cents value Of commodities. labor In
cluded. and could liquidate one hun
dred cents indebtedness. in the alb
sence OF any specific contract to the
contrary"
No. we would not: nor would any sill
yer mine owner. That is just what the
silver mine owners would do--they
would take forty-two cents worth Of
silver, at the present price. and the gov
eminent would be compelled to give
them good round silver dollar, worth
on its face one hundred cents.
Next. like the mine owner. and not
pretending to be- any other than a busi-
ness man. we would pay our workmen
in those silver dollars. and our work
men would be compelled to take them.
because they would be legal tender.
But here is where our correspondent
strikes a snag. His conclusions are
wrong. because his premises are I'M
sound. Labor would get the silver dollar;
If the iaborers days wages should be IS.
he would receive three silver dollars.
He could go TO his debtor that day and
make him take those three silver dol
lars in payment of Sc debt: but next
debt. the creditor would say, ''What
money do you intend to pay me in?"
The debtor~would reply, Either gold or
silver Is legal tender YES" the pro-
posed creditor would say, land cannot
refuse To accept whichever you tender;
but / want You 10 understand in ad-
vance that If you are going to pay In
gold You viii only have to pay one
dollar. but IL You are going 10 pay in
silver you win have to pay two dollars
and thlrty-eight cents" The working
man might refuse to pay il; the store
keeper. other proposed creditor
would refuse to sell on any other basis
Why Because gold Is the universal
basis for reckoning values. The weight
Of the eagle tslop Is fixed at two hun
bred and ffty-eight grains. That har-
monizes with the standard of the world,
and all the rest OF our money would be
fixed by it. The result can be plainly
foreseen. Every man who must pay out
dollar viii seek TO use silver dollar:
/ every man who has dollar owing him
will seek 10 collect IL in gold. Nothing
! would be- paid the government except
( ing SILVER and a rush would be made
/ for its gold. Foreigners would pay
( their debts to us in silver. rs that would
( then be legal tender. but they would
/ collect IL I'm gold. because that is i'm
/ most contracts. With each man trying
/ To pass silver upon his neighbor. and
every man fighting to secure and keep
! gold. the yellow metal would soon dis
appear from circulation. and We should
Come tn silver mono -naetallisnl.
This IS not a prediction; IL is the state
/ ment OF certainty. based upon the
I history Of this country and Of all others.
I The dollar would not secure one hun
| dred cents value of commodity" PTice.
! as expressed In dollars and cents. Is no
| element in value. 4 dollar bushel of
| wheat has no more value than fifty