The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1894-10-10
FREE SILVER WANitD,
AN NENGtlSHMaN'S eBLE DEFENSE OF
TIE WHITE METAL.

The Ssrona Arguments OF = Member OF
the Bsi i.h Psrii.ment in Favor OF the
Fee AID Uni mteed Co,nxes Of s,l-
RI. Hon. Henry Chaplin, who was a
memher of the royal gold aud silver
commission, a member Of the Salisbury
cabinet, and also member Of parlia-
menr, recently made an able speech BE-
fore the Scotch chamber o! commerce
at Edinburgh. upon the subject OF 'Bl-
meJallism in RELATION to Agricultural
Depression. She speech was quite
lengthy, but his defense of silver re-
monet!ZatIon and bimetalllsm We re-
produce. Mr. Chaplain said:
"Now, what are the usual obj ectlons
that are urged to our views? l have
been asked by some correspondents 10
reply to one or Swo OF them. ana WILL
do so. The -Gfst. the old stock argu'
ment,fs this: You cannot MAINTAIN
fxsd ratio bet 8een gold and silver any
more than you can between any two
other commodities. You cannot inter
fere with the laws of supply and de-
mand. The thing is impracticable; 1t
Is, IN fact, q bimetallic dream. NOW,
our opp nents appear to be still IN
blissful ignorance Of what is, pei maps,
the most elem mentary fact OF our COL.
t.ntton, viz: that tne bimetallic theory
affords, perhaps, the most perfect and
most striking instance of the operation
of those laws in specially instructive
case, and l believe am right IN saying
that that is the opinion Of every teach
er of political economy in Englsnd 1T
the present time. Mind you, this is
very ancient history, but so many OF
the critics have so little learned their
lesson that I will repeat one argument
on the subject, and / think 1t WILL SUI
fee. What we say Is this, that the Law
can exact that either, or both OF the
metals shall be legal tender tor deoS.
That we know, becauae 1t has beeA
done effectually already. And therscy
the law creates what is and what hsS
been the chief demand for the precious
metals-namely, for the purposes OF
money. The law can also enact tlat
they shall be legal tender at q given
ratio between the two, for this also has
been done, and done effectively in the
past. Now comes the question: How
is the ratio maintained? The answer
to this question is that debtors will al
Isys try to pay their debts In the
cheapest way they CAP, that IS to say,
in whichever metal Is the cheapest.
What do these debts amount to? The
indebtedness Of the world is estimated
at something between twenty ana
thirty thousand millions STERLING. Con-
sequenlly, If either metal falls, Tor any
reason, below the legal ratio, there vii!
be an immediate increase IN demand
upon it for the purpose OF the pay
ment of debts. The Increased demand
produces is natural effect. The metal
which has Shown the smallest It ndency
to fall returns to the normal, OF rather
the legal level. Formerly 1t was gold
at the time of the great gold dlscoVe-
ries forty years ago. More recently 1t
has been silver, the production OF
which of late has much increased, al
though in nothing like the same pro-
portion as the production of gold H.
creased in former Gays. And IN this
way an automatic action is SCI up,
which not only keeps the relative value
of the metals steady, but makes 1t I'M
possible, as we contend, for them TO
vary, except within the smallest limits.
If a great increase i'll either metal
should occur, and begin to have the
least effect, the parity is Immediately
restored by the operation OF natural
law. And this explains at ence the
practical stability of the ratio during
The long periods sntecedent to 1878,
when variation of the production OF
the metals was infinitely greater than
it has been ever since then. l feel that
7 ought to apologize for repeating this
Fundamental argument in replying to
the .antiQuated objections with which
we are assailed, but If l had not done
so was afraid that would be attack
ed, like your distinguished country
man, Mr.. Arthur Balfour, in the city
not very long ago, tor Lot answering
ths objections which were advanced
against bimetalllsm. The next oblac-
tlon that I hear is this: Even il you
could maintain ratio you never could
agree as to what the ratio should be.
MY answer, gentlemen, is this: Bimet-
allists would accept any ratio rather
IuGn NJ OA 90 w . cSAS az S<4S HASSSNS
time. But what the faal decision as
60 ratio should be is, obviously, 8
matter of agreement among the diHsf-
ent people who are concerned. NY
own opinion upon that point Is, and
always has been this, it is not 80 I'M
portant as people think, and for this
reason: So sensitive is silver tn 1T the
moment bimetallic settlement was
really on the tapis the market price
OF silver would conform to any ratio
shat was liked long before 1t was en-
acted By any positive legislation.
"But then hear it said that even If
sou could agree upon the ratio the
enormous quantities of silver that can
be produced even at the present price,
must inevitably break 1t. Well, to be-
gin With, l have my doubts as to this
illimitaDie production. am aware OF
no facts and 10 information to confirm
the statement. Certainly there are
none to be found in the whole evidence
before the conference at Brussels. But
the answer to that argument IS THIS:
'Whst is of Importance is not the an
nual output Of the metals, but the to-
sal anonnt of the mass OF each OF them
which is alreay il existence This is
an idea wsnt you to carry away ID
Your minds. The annual output now
is, what shall l say probably 3O,OOO,OOo
sterling 8 year Of each. Perhaps it IS
even more than that of silver, but what
is the existing mass? turn to the re-
port of the gold and silver commission.
There find that the estimate OF the
mass of gold in existence in the world
Eve years ago is 1,550,00O,OOo, or In
round numbers, say 1,6OO,OOO,000 ster-
ling. Silver, on the other hand, is estto
mated at a little under 2,0o0,Oo,OOO
sterling. Now, supposing that the
present annual production of sill
snstter whether you add 100000
year OF 6o.o0O,OOO a year to the existing
mssss You have 2,060,O00.00O of
silver, instead Of 2.O50,OOO.OO0 as the
mass of silver IN the world. Why, the
difference is frscrional-barely ~ per
h0