The weekly intelligencer. [volume] (Lexington, Mo.) 1891-1901, 1895-08-03
BLAND ON SILVER.
Missouri's Free Coinage Champion Addresses
the Silver Editors at Sedalia.
Diir1etai!is Advocated the Fundamental Prin.
Ciples of True Democracy.
Parity
Under Free
Cariises "Sound Money" Theories Overturned.

NOW undoubtedly. the date which forms
the dividing line oetween an epoch OF spproxi-
mate hxity In the relative value OF gold and
silver and one OF marxed stability Is the year
when the bimetallic system which had pre-
ceased to be ia full a opsrasiou; ana We are irre
ststtOly led to the Q cJnsiusion that the opera
tton OF that system, established as II was In
which we're c.asiie.able. exerted . material
influence upon the relative value OF the two
metals.
so long as that system was In force We
th. NIX that not ot~ithstau ling the changes In the
production and use Of the precious metals. II
steady st the ratio fxei BY law between them.
namely, 1bx to l. When once the conclusion
is arrived At that this was the case. the eircum-
stances on which We have dwelt ss character
fztng the period since 1873 appear amply sum
cient to accouat for the Ran In the price Of
silver: tending ss they all do In that direction.
and the fast that on anJ particular day the
supply OF silver ami OF couacii bills may be
large while the need for remtttances 10 small:
fluctuations In the price Of silver which have
manifested themselves In recent years
able to suppose that the existence In tho Latin
union OF q bimetailic system with ratio Of
l6x TO nxet between the two metals should
Of silver steady at approximately that ratio:
The view that it could only affect the market
mand @ Tor iii il Tor % currency purposes In the Latin
union or to which IL was actually taken TO the
mints Of those countries, Is, We think. falis-
In the last resort, take it to those mtnts and
have Il converted into coin, which would pur-
sns % 70
s1eot the price OF silver In the market general
". whoever the purchaser snd for whatever
seller 70 stand out for . price spproximating
the legal ratio. and would tend 10 keep the
market steady e about that point.
The same authority sums up the case ~ fol-
.,To sum up our conclusion ON this part Of
expisnsiion Of the phenomsna which We are
directed 70 Investigate is TO be found IN con-
binatt0n OF causes, and cannot be attributed 70
union in Is1S broke the link between silver and
gold which had kept the prtoe OF the former.
the legal ratio: and when this link was broken
the silver market WAS open to the tnnuencs Of
all the factors which go to AFFECT the price Of
to have operated in tho direction Of : fail in
tho gold price OF that metal. and the frequent
n -. value are sr l0s 0y
sttive TO the other Influences TO which We have
called attention above"
Prnctieabuity of Bimstsllism.
There can be no stronger statement made
and by no abler men on the financial question:
afirminG the practicebility OF the doctrine Of
bimetsllism. than what have quoted Tho
nosed n Of the countries Of France. swit.eriand.
Italy and Belgium Greece and Roumauis
afterward became members Except France.
connected with It. Italy was not . factor in
the Latin union. for she was on paper basis.
Silver and gold were practically st parity on
account of the bimotAlltc law OF France and
had been since 1908
Long prfor to the formation CT the Latin
ratio. isX to l. estsblished In isos. was the con-
trolling factor In maintaining the parity at
that ratio OF the two metals the world over;
maintained is laid down BY the British royal
commission In q manner that cannot be misun-
derstood.
or countries that had sufficient wealth and
commercial power TO make the eKchango OF
msinsain s % The the D parity. The parity WAS Nj not Of
msintainei by redeeming one metal In the
other: both coins were full redemption money
the property Of France or any other country
! that adopts the system. that all The productive
Of such nos I q the
| ratio nxsd. and In the instance Of France, the
world could buy as much Of the wealth OF
bousht with one ounce Of gold: and because of
| her vast wealth and commercial power.
France: BY Offering the whole o. this ealth,
| OF silver to one OF gold. Was enabled 70 enect
| the exchanges OF the wealth Of the world Ia
and s,s =. q this souss s.s ;oa aS.
chaneed 1t . parity e the retio q lsx % !:
two metals the world over.
I No one will deny that the forty -four Amer
lean states and their territories constitute .
| country OF greater wealth and productive
power or commercial importance than France
| and all her allies In the Latin union Indeed,
| Germany thrown in France 10 not a. large in
territory as the state Of Texas Her popula-
! sion Is little over half our own. European
countries are old. with established tnstitutions
and practically st y stan lsttll SO far IS future
! Developments are concerned. while our nation
IL practically new. with un6ounded resources
| TO be developed by the hand Of labor and osp-
ital. On this point read from an English au-
, review, Of June, 1895, pages ea2-ots after tab.
uiatins the productive power Of the unitsd
trta. Italy ant Spain. says:
Our Productive Power.
"Here we see that the United States possess
| almost os much energy as Great Britain. Ger
ratio falling to each American Is more than
| what two Frenchmen or Germans have at theti
neep S 'Hs
Europe are happily unknown in the Unitee
States. Il Is not merely that European nations
are deprived Of the labor. skill and exerttoni
SaSs 70 ss. so apars n .as %orHsra x % Of q: .sr I
cultural and industrial classes to feed ant
c!othe the standing armies and defray the cos
OF artillery. war vessels. etc. Thus the aver
age Of productive energy in France. Germany
England. etc.. IL much less than appears In tn
Again he says. In the same article, page so:
In eoneluslon. have only 70 repeat Eh.t
said 81 the commencement. that the Unitet
States In 1881 possess by far the greatest pro
ductive power In the world thas shis powe
has more than trebled since 1850, rising from
g 70 ~ miilisris OF foo:-tons daily; tha!
tended 70 In . more liberal manner than 4
! Europe and that the accumulation Of wealth
slase. ssii ~ ~hsi Sonderful country % has sprun,
up beyond the Atlantic In q single century All
furnish = scathing commentary on the book
written by English travellers only 10 yesrs age
EnSiishmen Of to-dsy have more correct views
and regard with honest pride and kindly goo
Fathers, while the rest Of mankind marks Wit
wonder and admiration the onward march O
the great republic.
II Il not to be supposed that an English gu
thority wouli exaggerate the productive powe
OF this country: and II not exaggerated. b
shows that the productive power OF the Ameri
can people IL greater than that OF France. Ger
many and England combined. England pos
sesses scarcely more than half Of the wealt
compared TO ours. and yet 1t Is Insisted ths
thts great nation must wait tho RESTORATION Q
silver until England takes the lead by her sit
The fact. as cited by Mr. Car isle. that. Q
account OF overvaluing gold In the law Of i70
thereafter, silver being the cheaper metal ou
I currency consisted principally OF silver. IN
: slightly overvalued gold and undervalued 81
yer: that our currency changed from silver
: gold Us the principal money, does not militat
8 against the theory or the practicabllity OF b
metaliism- The bimetailic law does not cor
: template an equal use OF gold and silver At en-
one time or at all times. but IL does comteu
l. plate open mints to the free coinage OF bot
: metals This was well understood by Jenel
son and Hamilton. and referred to by Gallatl
when secretary OF the treasury. Mr.. Gullati
took these facts into account In his celebrate
. letter on the currency TO the treasury depart
ment December 81, 1879, and laid down the 70
= lowing principles connected with bimeta
lism:
o Principies of Btmstsliissn.
l. '.Hut the true answer In, that the nuctuti
J, Sions In the relative value of the gold and NJ
o. yer coins arising from the demand exceedtt
= or falling short OF the supply OF either, arc M
" less In amount than the fluctuations, either
the value OF the precious metals as compare
with that OF all other commodities. or In u
,f relative value Of bullion to coin, and even tina
" the differences between coins. particularly go
10 coins issued from the same mint: and Their
l. fore that those fluctuations In the roluti'
n value of the two species OF coins are u quanti
J. which may be neglected., and Is, In fact. new
taken into consideration at the time OF maktl
70 the contract. The simultaneous rise and Il
: OF the two metals. In relation u oil other con
d modities. though not susceptible Of being pr
10 cisely valued, does often take place to
n greater amount than any OF the other huctu
N tions. II IL evident that whenever such ri
" does take place. whether generally or on Il
= spot, Il Is an advantage to be able TO resort
% both the metals; for which there happens to ot
Ask n fattlA ts. thn