The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1894-10-05
and becsro. political. Mems passions and

property interests were appealed to. Given
a debtor and demagogue and you are
sure to have appeals to everything but
mems sober judgments. All sorts OF
stories were invented and told, and were
Outlines repeated by men who had not in.
tention of stating other than the exact
truth.
And now, having brushed aside some OF
the stories that have been told for the pur.
pose of appealing to our passions and ou1
prejudices instead of our judgment-hav.
ing shown that the ratio of 16 to l was
never the legal ratio of this country; nor,
so far as [ can learn, of any country; hav'
ing shown that there was neither secrecy
or bribery about the act of 1873; having
demonstrated that it was friendly and not
unfriendly to silver, that it was not essen
italy new law but codification of eX-
listing laws and recognition of existing
conditions-I ask your candid attention
to another class of appeals by which our
judgment is sought TO be warped, namely,
appeals to our personal interest
"Free Coinage" Would Not Restore the
Price of Silver.
We are told that if we will open ou1
minis to the unlimited coinage of silver at
the ratio of Is to l, this action will restore
silver to the place which it occupied be-
fore 1878 and hold it there, that it will en-
large our currency, and that 1t will en-
nance the value of our farm products and
of the wages paid to labor. shall now en-
deavor to show that not one of these re-
suits would follow.
Suppose, by way of illustration, that IL
men have, by their united strength, oper-
ating for 20 years, succeeded in pushing
certain object down hill to a certain point;
suppose that at the end of the 20 years one
of those men, say A, should undertake to
push the object back to the point of begin
ming; how long would it take him to do it,
even if the other IL stepped ide and did
nothing but watch him work? AS it took
his strength with that of the other IL to
move the object the distance it had gone,
and it took them all 20 years, it would evil
IDENTIFY take him, if he could it at all lat
least 240 years to move it back again But
if we assume that the other II continue to
push in the original direction, any one can
see that time would be lost in eternity be-
fore A would succeed in returning the OBJ
ject to the point of beginning.
Now let US make application of this IL
lustration 1t is claimed by certain So
called friends of silver" that the fall in
the price of that metal is the result of a
worldwide conspiracy" that all the
great nations of the earth, including the
United States, have conspired together to
"debase silver" that for 20 years and more
they have by adverse legislation been push
ing silver down. Even if this were true,
which it is not, how long would it take
the United States alone to push the value
ii, oolz+ ,,1o of
if the other nations still continue to push
in the orr nal direction? Manifestly it
could never accomplish the feat.
"Free Coinage" Would Not Enlarge Our
Volume of Money.
The second appeal to our interest is that
the unlimited coinage of silver and gold
at the ratio of IL to l would operate to en-
large the currency. This seems so natural
result, that l am not at all surprised
that man occupied with his ordinary
duties and having little time to consider
such questions should really believe that
this claim is we'll founded. 1t seems Sc
natural to say that if both may be coined
both will be coined, and that both being
coined both would circulate as money. A
little careful consideration, however, will
reveal the fallacy of such a conclusion.
There is a lawmaker higher than congress,
one whose DEGREES are Interchangeable One
of his laws, written in fibers of the human
soul, a law which no act of congress can
set aside, is that which prompts every
human being to do, in a business way, that
which he deems to his best interest. Ii a
farmer who is equally convenient to two
markets finds that he can get for his bar
ley or his wheat, his eggs or his wool, a
better price in the one market than in the
other he will, other things being equal
take his product to the market offering the
better rice, even though the difference Oe
sight This holds good with the producer
OF gold or silver. l. he can dispose of his
| bullion either at the mint or in the mar
keU, he will sell it or dispose of it at that
| one of he two places which offers him the
best return.
- properly interpreted, experience is the
| best of teachers Theory considers all
known elements of the problem, but prac.
| tice includes all elements, whether known
or unknown, and gives to each it's due
| weight. The man who is more bent on
! establishing a system than upon reaching
a practical conclusion will ponder upon
| his theory and will ignore the teachings OF
experience. But the first question of the
| judicious man of affairs is, HAS the eX
pertinent ever been tried? If so, how has
! it workedr' He takes the lamp of eXpe
rience as guide to his feet.
The plan of having the unlimited coin
age of both metals at fixed ratio with
| the unlimited legal tender of each, has
been tried in all civilized countries now in
| existence. Let us see what the results
have BEEN AS time will not permit us tt
consider the experience in all lines, and as
that is unnecessary because the results
| have been the same in all instances, let us
consider briefly the experience of the two
| countries about which the mos has been
said, France and the United States Of
! America.
| The Experience of France.
In the year 1903 France established hel
| legal ratio at Is 1-2 to l, and tha5 ratio has
remained unchanged to this day. For the
sake of the younger members of my au
dience / will explain that that ratio o.
Is 1-2 to means that at the mint Is l.:
ounces of pure silver were regarded a:
exactly equal in value to ounce of pur,
| god.
Now let us see the consequences il
France of fixing the above ratio. For 81
| years after 1903, there were only eigh
years in which the actual commercial ia
ito was not greater than Is 1-2, and they
| all came before 1920. In other words, be
| tween 1920 and 1851 there was not singh,