Freeland tribune. (Freeland, Pa.) 1888-1921, 1899-10-09
DEMANDS ON SILVER.
EASY TO MAINTA IN THE PRES
ENT LEGAL RATIO.
There Would Be Widespread Demand
for the White Metal for Paying Debts
lars.

lars.
1t has been estimated that there are
between $4,000, 900 and $50 900 OOO,-
900 of longtime indebtedness, consist
ing of national, state, county, city and
corporations, bonds, and individual
promissory notes owed in this nation.
over one-half of this is payable in law
ful money of the United States. Under
free coinage, silver dollars become le-
gal tender for the payment Of all that
ten or fifteen billions of debt. It is a
principle recognized in all political
economies that If one dollar is cheaper
than another, that all the obligations
payable in lawful money will be paid in
the cheaper dollar and thus If silver
should ever 60 to discount compared
to gold there would be that enormous
demand created for silver by the debt
ors who owe the 100000 000,O0O or $15,-
000,O0O,O00. With such an enormous
demand upon the limited quantity Of
silver available for coinage, is it pos
slple that anyone would part with sill
yer at an appreciable discount? You
must remember that this silver dollar
Is not only legal tender for the pay
ment OF private debts, but it is also a
legal tender for the discharge of state,
county and city taxes, which aggregate
$500,OOO,OOO year. 1t is legal ten
der for the payment Of all import du-
ties, internal revenue duties, and post
age dues of the national government,
and you must remember that the ma
t1onal government raises by those du-
ties the enormous sum of $500, 900, 900
a year. The premiums contracted to
be paid in lawful money each year in
the United States upon life insurance
policies is 1923 ,902, 1927 and upon the fire
insurance policies is $5S,S19,3SS. The
total amount of life insurance in force
In the United States, all of which is
payable in lawful money, is $13, 3,742, 1885,
42c. According to the report of the
comptroller of the currency for the
year 1897, the amount of deposits, pay
able in lawful money, in our
Savings banks is........ 81 ,939 1916, OBS
National banks is.... 1853, ,349, ,12S
0S'A"N beihho 10 tAoButOyt
Loan and trust companies
is ..s............... 566, 6,922, 2U5
Private banks is. .... 50278243
The amount of loans, consisting most
ly OF thirty, sixty and ninety-day pa
per, all of which is payable in lawful
money, in favor of our
Savings banks is. ,O66, ,507, ,6S6
National banks is........ 2,066, ,776, ,113
state banks is............ 669, 9,973, ,556
Loan and trust companies
Is 445, ,629,725
Private banks is...... 50,278,243
The total amount payable on shares
in public associations is $3.50, 667, ,594.
The amounts agreed to be paid in law
full money at periods of from one to
five years, on contracts for construc-
ton of buildings, railroads, ships, ca
nails, and other improvements in the
United States, must aggregate several
billions Of dollars. The desire on the
part of all the people and corporations
owing these enormous amounts to pay
in the cheaper money would make such
tremendous demand upon silver
should 1t go to discount of even l
per cent as to Immediately restore its
parity with gold. No one would part
with silver dollars or silver certifi-
Gates at discount when he could util-
ize them at par for so many purposes
and to such enormous extent. 1t is
claimed by the gold standard people
that there can be no parity maintained
between the metals, because there is a
variation in the amount of each pro-
duced. They seem to lose sight OF the
fact that in addition to the question
Of production there Is an increased de-
mand made for the cheaper metal by
reason OF the legal tender quality given
to the money coined therefrom. I'm
der free coinage the minute one metal
becomes cheaper than the other all the
demand is taken from the dearer and
transferred to the cheaper metal. That
demand is so great compared to the
difference in annual production that 1t
almost immeditely restores the value
Of the cheaper metal. 1t is on that
account that bimetallism acts as an au-
tomato regulator Of the value of the
metals. From the years 1900 to 1S41
there was three times as much silver
produced in the world as gold, and from
the year 1850 to 1873 there was more
than three times as much gold pro-
duced as silver, and yet during all that
time, while the mints of France were
| open to the free and unlimited coinage
of silver and gold, the variation be-
tween the market price of both silver
and gold did not exceed the difference
between the coinage ratio of the vari-
Gus nations.-J. F. Shafroth
Annie Gravenstock's Case.