in its consequences, as to call for the most painstaking investigation, and, in the end, a sober and unprejudiced judgment at the polls. We must not be misled by phrases, nor deluded by false theories. Free silver would not mean that silver dollars were to be freely had without cost or labor. It would mean the free use of the mints of the United States for the few who are owners of silver bullion, but would make silver coin no freer to the many who are engaged in other enterprises. It would not make labor easier, the hours of labor shorter, or the pay better. It would not make farming less laborious, or more profitable. It would not start a factory, or make a demand for an additional day’s labor. It would create no new occupations. It would add nothing to the comfort of the masses, the capital of the people, or the wealth of the Nation. It seeks to introduce a new measure of value, but would add no value to the thing measured. It would not conserve values. On the contrary, it would derange all existing values. It would not restore business confidence, but its direct effect would be to destroy the little which yet remains. WHAT IT MEANS. The meaning of the coinage plank adopted at Chicago is that any one may take a quantity of silver bullion now worth fifty-three cents to the mints of the United States, have it coined at the expense of the Government, and receive for it a silver dollar which shall be legal tender for the payment of all debts, public and private. The owner of the silver bullion would get the silver dollar. It would belong to him and to nobody else. Other people would get it only by their labor, the products of their land, or something of value The bullion owner on the basis of present values would receive the silver dollar for fifty-three cents worth of silver, and other people would be required to receive it as a full dollar in the payment of debts. The Government would get nothing from the transaction. It would bear the expense of coining the silver and the community would suffer loss by its use. THE DOLLARS COMPARED. We have coined since 1878 more than four hundred millions of silver dollars, which are maintained by the Government’ at parity with gold, and are a full legal tender for the payment of all debts, public and private. How are the silver dollars now in use different from those which would be in use under free coinage? They are to be of the same weight and fineness; they are to bear the same stamp of the Government. Why would they not be of the same value? I answer: The silver dollars now in use were coined on account of the Government, and not for private account or gain, and the Government has solemnly agreed to keep them as good as the best dollars we have. The Government bought the silver bullion at its market value and coined it into silver dollars. Having exclusive control of the mintage, it only coins what it can hold at a parity with gold. The profit, representing the difference between the commercial value of the silver bullion and the face value of the silver dollar, goes to the Government for the benefit of the people. The Government bought the silver bullion contained in the silver dollar at very much less than its coinage value It paid it out to its creditors, and put it in circulation among the people at its I
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