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Silver Coinage

Silver Coinage image
Parent Issue
Public Domain
OCR Text

The present financial strinency has ven the advocates of free silver co uge i good opportunlty to press thelr iews in congress; a ml tlie declaratlou of lie recent silver conventioi) manifeitly hows that the silver men aregettinr ileslerate and will take ndvantnge of the H'esent condition of affairs to forca 9 'ree silver bill if po-sible. The claim is Hade that with free silver coinage the ilifi'erence between silver bulHon and Bllver coinage must at once dlsappear and end silver speculation. This is a matter of grave doubt and is the very point upo whlch the whole coutroversy turne. If BUCh would be the case, then the inarket nice of silver wou'd Iramedlately rise to a p:ir witli gold, oriu other word?, undcr onr present coinnge 1WB, 'Sl' irrains nf silver would be worth in the market 1, or24.8 graius of puie goid. The value of gold imd silver, like the value of any other article depende lipón the supply. and dematid; and assum ug that free COloage would not increas! in.iterially the demand .for silver (and t hls g a correct asiumptioii), it would f '11v that the pnce oí suver uumou woum mi be in iterlally raife 1. The present, coinage law, under which tliere is a compulgnry purchase of tour inlllion ouncea of silver eveiy mnntli, was cilculated to consume the averaye cuouthly product of domcstic ?ilver. The workingsof tliis law have bftn carefully watched and it has been found that so far, even the statutory dfinand for all the dome -tic product of silver has not broujflit the niarket price of that metal to a par with gold. The law has been in operation sinee the tniddle of last Augut and to-day silver s wortli only about $1-05 an ounce- that s, the silver dollar containing 371, trraius of siWer is worth about 80 ceuis. [f then a forced increise in the demand for silver would not raise its price to a par with gold, it is hardly proliable that ree siiver coinajrei wh'ch would throw a arger ainount of silver on the maiket than is thrown to day, would raise the prico of that metal to a point beyond wlutt it bas reached under the present luw. The fact that anybody can take 37Uirains of silyer to the mint and have it statnped $1 would Dot nece98anly elimínate the difference between the present bullion value and coin value of the metal. If the silver in a silver dollar is to-day, under the present laws, worth 80 cents, it is folly to arjtue that if the privilege of taking that aniount of silver to ttie mint and having it coined into a dollar is made absoluteiy free to-morrow, that mere act will advance the price of that aniount of silver from 80 cents to 100 cents. The only eöect it would have wouM be to grant to the ownersof silver bullion the privilege of taking 80 cents worth of silver to the mint and have it stamped $1, making tliereby 20 cents on every dollar. But where would ibis 20 cents come from? Manifestly, from the eovernment, or in other words, the people from whom the government derives all its money. Until some international arrangement can be made whereby the difference between the bullion value and coin value of silver can be eliminated, it is unwlse for the people to legialate in favor or tree suver coiuage. u wouiu simply floocl the country with depreciated silver dollars. Farmers, to be sure, eould pay their debts, with tliese drprociuted dollar? but theywonld at tlie saine time recelve tlie same kind ol dollars foi tlie producís of their foriu; and turlherniorB, tii peopie would be payinü llia silver mine owners a big [TuiiC on every dollar coi ned. - 'l'elegraph.


Old News
Ann Arbor Courier