Mexico weekly ledger., 1895-09-19

which means it takes now about 80
of silver to purchase as much as
one ounce of gold upto the ratio of t6
to / Il. e., until 10 unees of silver will
purchase as much as one ounce of
While the burden of proving
such a proposition is on the one max
ing it, yet I do not ask or expect an
impossibility OF Mr.. Clark, and wiz
therefore undertake to prove the alb
suFdity of this position. Inow repeat
the proposition Of Mr.. Clark, that you
may hold it fresh in your minds;
'@The United States alone and I'M
aided can coin silver free and unlimit-
ably at the ratio OF Is to /, and there
by increase its commercial value
where it now is, which is about 6415
cents an ounce which means the ratio
of 80 to y to sf.29 an ounce, which
means 16 to /"
in order to prove the absurditT of
this position, we must examine into
the conditions existing when the free
and unlimited coinage Of silver was
stopped in 1873.
For 10 years prior to 1873 the amount
of silver mined in the world amounted
on an average to $50, 900, 900 a year;
the silver sold at s1.29 an ounce, on
the ratio of IS to 1 to gold existed. In
the fiscal year ending June 30, 1894,
there was over 5000, 000, 600 mined,
showing an Increased production OF
over four times as much silver.
Would not this increased supply Of
silver have some tendency 10 bring
down its price, even if the demand
had remained the same? Most certain
ly, yes, on that plainest of everyday
business experience: "That where the
supply is increased and the demand
remains stationary, the price must
fall.''
But has the demand for silver re-
NAMED even stationary? Let us see
Between 1871 and 1893 inclusive the
following great nations outside of oul
own country closed their mints to sill
yer: Norway, Russia, Sweden, Den
mark, France, Greece, Italy, Rou-
mania, Switzerland, Bulgaria and In
dia. They consumed on All average
over 100000, 900 of silver a year,
INCREASED SUPERINTENDENT DE.
.IAND.
Then not only mas the supply in.
creased more than fourfold, but the
demand has decreased equally a:
much. I now ask would not both o.
these causes combined have some eff
feet in bringing down the price Of sill
yer?
But we arc met by the enthusiastic
Is TO / man by this reply: "Tht
United States was such a greatuser o
silver that if she had kept open hel
miuts she could have kept up the prizes
in spite of the increased supply and il
spite Of other nations quitting its use.'
Let us then see how much silver The
United States was using prior to 1873
for this question now becomes vital
The total number OF silver dollar!
coined by the United States for il
years prior to 1878 was S4,G42, 900, O
less than $500, 600 4 year, and the en-
tire amount of silver dollars coined
from 1892 until 1873, 81years, was only
3,03O,Q00, or less than 100 900 a year
for the 81 years Of the existence of on,
mintage laws prior 1878.
Therefore, this country was not
making any Semand foc silver wortl
mentioning prior to 1873; therefor
her stopping its coinage could have
had but little effect on it's fall in price
From the foregoing you will see tn,
causes Of the fall in the price of silye.
and you viii see that it was not On &C
count of this country closing he:
minis, but on account of the othe.
great nations that used over sac, 600,
000 of silver 4 year and on account 0
the increased supply from $50, 900, 600
to S2O7 900, 600. But when you conside.
this further fact, now to be stated,yo
win see that the fall III price of siIve.
was not due to this country stopping
her demand for and use of silver, blu
in spite of u country doing al j
dared to do to keep up its price.
AS ! stated before, the number o
silver dollars coined by this countr,
prior to 1878, was S.O30, 00O(not includ
ing the fractional coins which are use'
only as token money ard small
change The amount of silver uset
by this country since 1878 as money il
over $500, 600, 600, or in other words
we have used more than 20 times a
much silver in p years since 1873 al
we used III the entire so years of on.
national existence prior to that date
Yet, inspite of this immense increased
demand for silver by own country
the price has fallen from 81. % al
ounce to nearly half of that, or from
Is to l to about 81 to i.
In the face of these figures | ash
every intellingent man in this audi
ence: "Do you believe it possible fol
the United States alone to coin silvel
free and unlimited and bring it from
its present low price of about p to
to twice the value, or is to II"
Now | demand of Mr.. Clark that ht
answer that argument, not by anec'
dote, not by ridicule and wit, but by
fair and square argument. Not by at
lacking me, as individuals r nothing
rs compared with a great principle.
What must inevitably follow, there
fore, from attic / law in this coun,
try?
SILVER MONoMETALLIsM.
Every dollar of the gold would al
once pass from our circulation and we
would sink at once to a single silver
standard and find ourselves compan.
ions with Mexico, China, India anC
Central and South America.
But Mr.. Clark doesn't favor single
silver recommendation, o do any o
the other is to / men. Or, to use tbs
words of the Bland Missouri State
platform of 1894: ave declare thai
we + not in favor of gold monomet'
aiiism or silver monometallism, but
that both should be coined at such ra-
ito as will maintain the two metals il
circulation"
While this silver recommendation ad.