Show I 1 TO BENEFIT V I 1 MANKIND I 1 I 1 OPEN pen THE M MINTS INTS TO FREE lea AND UNLIMITED CO COINAGE iNACE i 11 ru in daubl the am amount oaut of mony money byln business of catlon an od d Z very awn avenue I 1 t pub will boom the WU wall gt un platform from the national bimetallist chicago A correspondent whose letter ihas has been misplaced asks the national I 1 how the silver bimetallist to explain I 1 circulation it if it were would woul d got into coined without limitation the underlying thought with those tho se who ask this question seems to be that inasmuch as there la is a large amount of money lying idle now there Is no occasion to provide for any more that idea carried to its logical conclusion would also require the mints to be closed to gold tor for it is a well we 11 known tact fact that but a vm very small portion of the gold now in the th e country count rT is in actual circulation hene hence e we might inquire why coin any more moret nevertheless a pr proposition opposition to stop atop coining it would bring a storm of protest at once the fact is that whether a country has baa much money or little there is always some gome of it lying idle in india and aid ohina china where the money in actual use la is very scarce there are vast vas t sums hoarded away and strange as it way may appear at first glance it is nevertheless true that where the supply of money Is insufficient to keep pace with the wants of trade the amount unemployed will be larger in proportion than where the supply is ample A very little intelligent thought will disclose the reason when the money supply is diminishing either actually or relatively it means lower prices for products lower prices means smaller profits no profits at all or actual loss hence people having money will vill not invest in productive enterprises they will buy gilt edge securities employ it in purely speculative ventures in stock exchanges and boards of trade or it if conditions become too bad they will lock it up for safe keeping these are the conditions which now mist exist a in the united states for many years ever since the of silver in 1873 business has been done on a falling market and more and more money has been withdrawn from actual employment now for the effect of free coinage up on the circulation the first effect of opening the american i mint would be to raise aise the gold price of silver to per ounce leaving out of consideration the question of whether parity would be maintained it I 1 is perfectly plain that in the first instance silver would go up to the mint rate in gold for the simple reason that no man in his sane aane mind would take any less tor for it the second secondary axy almost coincident effect would be to raise the prices of all those products such as wheat cotton and petroleum that are sold in the european market at silver prices this means a corresponding sp rise in the american market to be closely followed as is always the C case by a sympathetic rise in the arl prices of other things of a similar character and occupying a common feld As for example a general rise of wheat would undoubtedly be accompanied by a rise of corn rye barley buckwheat etc so the price of cotton has its effect upon the price of wool if the price of cotton goods takes a sharp and long continued decline it is inevitable that woolen goods will follow more or less closely because cotton goods and woolen goods in a measure compete with each other er so do a great many other things and subject of course to exceptional influences there Is a general tendency of all prices to rise and fall together so the mere rise in the market price of silver bullion consequent upon the opening of the american mint would give a general upward movement to prices and especially to the prices of our great agricultural staples this would necessarily bring out for investment large sums gums of money now lying idle for investors always seek a rising market again the silver deposited at the mints would be struck into coin and the coin ha handed to the owner who in turn would pay it out to others with whom he has business thus it would find its way into general circulation swell the volume of money stimulating prices and business at the same time there is never any trouble about getting money into circulation when business conditions are healthful and an abundant supply of good money is always productive of healthful conditions one thing should be entirely clear if silver cannot be coined it is utterly impossible tor for it to get into circulation if it can be coined there is certainly a clance chance for it to find its way into the channels of trade lt us give it that chance if it do not circulate it will at least do ne nc harm while if it do circulate it will be productive of great good it is strange what a prominent place the negative has in the gold goodites ites discussion of the money question goldy meets almost every argument in favor of the coinage of silver either by a tirade of abuse or by a conjugation of the verb cant first person I 1 cant second person you cant third person he she or it cant FUS first eases we cant seen nwan you cant third serafia I 1 0 ia they cant suppo suppora ire lay aside cants canta tor for a while nag asa substitute a few arys nuang holn the avlas of gold by xv law from the national bimetallist chicago in reply to questions by many correspondents the national bimetal 1114 wm war state that the money momy value or ai price ice of gold is absolutely fixed eted I 1 for I 1 I 1 la ki tac 1 I 1 fly hatm of 0 ft ab a vy w I 1 r fe I 1 e t ea r z F I 1 r states L grains f z of A standard A old of 2322 gra grains ins pure are worth 1 tor for the th all jl sufficient reason that the law lav requires just that weight of gold to bo be put into the dollar in other words i the gold dollar weighs grains so I 1 by the en english glish coinage law an ounce of gold will be coined into 13 3 of english money that amount Is the j M mint int rate but when gold to Is deposited at the mint for coinage there is always some delay in getting re returns turUS prior to 1844 the delay averaged about sixty days therefore the owners of bullion desiring to have their money at once would sell it to the brokers tor for something less than the mint rate usually about ea 3 ad an ounce ae accordingly in that year parliament enacted that the bank of england should take all money offered at its counters and pay for it at the rate of ea 3 ad an ounce the difference of 1 pence between the bank rate and the mint rate being intended to partially or wholly reimburse the bank tor for the delay that has been substantially the price of gold bullion ever since the act of parliament at once raised the price of gold bullion about 3 pence an ounce A favorite argument with the gold people is that the value of gold is wholly inde independent pende of coinage age and yet we see that a simple delay of 60 days in the coinage made a difference of 4 pence an ounce in the value of gold bullion it if the delay had been longer the difference would have been greater it if it could not have been coined at all either in england or elsewhere we leave some gold wor shipper to figure out how much it would have been worth in france the law provides for the coinage of gold at the rate of francs to the kilogram the kilogram is something over 2 pounds more exactly pounds troy we are not aware ot of any law in france similar to the english provision of 1844 in that country the mint rate fixes the price subject to any small difference that may result from delay in the coinage as was formerly the case in england but this difference must be very slight because the gold can be realized upon immediately at the dank of england the reader will of course understand that it is the money value alone that is here spoken of an ounce of gold is worth just as many dollars as it will make but how much these chwe dollars will buy or exchange for of something else depends upon their number compared with the quantity of that something else the exchange value of gold is constantly varying the same as the exchange value ot of other things it if all gold coins were to be doubled in weight there would only be half as many of them and each one would buy twice as much of other things as a ii it does now but it would take twi twice as much gold bullion to buy a gold dollar |