The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1894-10-10
FREE SILVER WANTED.
AN ENGl.SH MANS ABLE DIFF Nse OF
T.4s WAlTE METAL.

1TIC WSl E METAL
The Strong A.sume:t. Uf Mamb'r o.
the Bri i,h P.r:i m nv IN Paw OF the
Fee sud Upl.mtt.d Co,uSc- # s,l-
r.. Hon. Henry Chaplin, who Was a
memher Of the royal gold ard silver
commission, a member of the Salisbury
cabinet, and also m=mher Of parlia.
ment, recently MADE an ahia spe+ch be-
fore the Scotch chamber Of commerce
at Edinburgh upon the subject OF "Bi-
metallism in RELATION to Agricultural
Depression" The speech was quite
lengthy, but his defense of silver re-
m0netizatlon and bimetalllsm We re-
produce. Mr.. Chaplain said:
"Now, what are the usual obj sctlops
that are urged to our views? l have
been asked by some correspondents TO
reply to one or two OF them. and will
do so. The first. the old stock ar8u.
ment, Is this: You cannot maintain
liked ratio bet 8een gold and silver any
more than you can between aoy two
other commodities. You cannot inter-
fere with the laws of supply and de.
nand. The thiUg is impracticable; it
,s, in fact, q biUetallic dream. Now,
our opp lnents appear to be still IN
blissful ignorance Of what Is, perhaps,
the most elementary fact of our con.
6sntion, viz: that the bimeta]lic theory
affords, perhaps, the most perfect and
most striking instance Of the operation
IF those laws In specially Instructive
Ease, aud believe am right In saying
that that is the opinion Of every teach
Or of political economy in England st
tha present time. Mind you, this 1s
very ancient history, but so many Of
the critics have 80 little learned their
lesson that will repeat one argument
IN the subject, and / think 1t will suf-
fee. What We say is this, that the law
IAN exact that either, or both OF the
metals shall be legal tender tor debt.
That We know, becauae 1t has been
done effectually already. And thereby
the law creates what is and what has
been the chief demand for the precious
.netals-namely, for the purposes OF
money. The law can also enact that
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
60 this question is that debtors will al
ways try to pay their debts In the
cheapest way they can, that is to say,
in whichever metal tS the cheapest.
What do those debts amount top The
Indebtedness of the world Is estimated
at something between twenty and
thirty thousand millions sterling. Con-
sequentiy, II either metal falls, Tor any
reason, below the legal ratio, there WILL
bs an immediate increase In demand
upon 1t for the purpose of the pay.
ment of debts. The Increased demand
produces its natural effect. The metal
which has shown the smallest tendency
70 fall returns to the normal, or rather
.he legal level. Formerly it was gold
at the time of the great gold discoVe.
ries forty years ago. More recently 1t
mas been silver, the production of
which of late has much increased, al
though In nothing like the same pro-
portion as the production OF gol,t In
creased In former days. And in this
yay an automatic action is set up,
ghich 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.
re q great increase In 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 1873,
when variation Of the production OF
the metals was Infinitely gre tier than
it has been ever since then. feel that
( ought to apologize for repeating this
fundamental argument In replying to
the Anticipated objections with which
We are assailed, buG II had nos done
10 was afraid that l would be attack
cd, like your distinguished country
maD, Mr.. Arthur Balfour, In the city
not very long ago, for not answering
The objections which were advanced
against bimetslllsm. The next obJec-
zion that hear Is this: Even If you
could maintain ratio you never could
agree as to what the ratio should be-
MY answer, gentlemen, Is this: Bimet-
alltsts would accept any ratio rather
than 20 on as we are at the present
time. But what the foal decision as
to q ratio should be is, obviously, a
matter of agreement among the differ
ent people who are concerned. Ny
own opinion upon that point is, and
always has been this, it Is not so i'm
portsnt as people think, and for this
reason: So sensitive Is silver tn 1t the
moment q bimetallic settlement was
really on the tapls the market price
ol silver would conform to any ratio
that Was fixed long before 1t was en-
acted by any positive legislation.
"But then hear it said that even II
YOU could agree upon the ratio the
enormous quantities Of silver that can
De produced even at the present price,
must inevitably break 1t. Well. to be-
gin with, have my doubts as to this
'lllimitable production. am aware or
no facts and no information to confirm
the state ment. Certainly there are
none to be found in the whole evidence
Dsfore the conference at Brussels. But
the answer to that argument ls this:
What is of Importance Is not the an
nual output of the metals, but the TO-
tai amonnt of the mass OF each OF them
which Is alresy in existence This Is
An idea want you to carry away In
your minds. The annual output now
is, what shall say ? probably 80, 100000
sterling 8 year of each. Perhaps 1t ts
even more than that of silver, but what
is the existing mass? I turn to the re.
port of the gold ana silver commission.
There l fiad that the estimate Of the
mass of gold in existence In the world
i've years ago is 1,55O.OOOOOO, or IN
rnnr,d nnmhaIa aaY 16QOOOOOOO Ster.