Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1895-09-26
TIE IMPOSSIBLE,

Ex-Congressman Bryan, Of Ne.
.braska, disposes OF all the complex
problems OF the money question in
twelve paragraphs, most OF which are
devoted to claiming that the United
States can control the value of the
money metals Of the world. The gist
OF all his propositions is found in the
following extract from the ninth:
"The Government, by creating de.
maad Tor al article OF limited pro-
ductiO1, can raise the price OF that
articks and by offering demand IN.
limitsd in proportion to the supply
can fx2 the bullion price OF gold aud
silver 1t the mint price" Because of
his lAief in the ability of the Gov
ernnsht to thus fix the price OF silver
in Ration to gold, he urges this
comfy to at once try the experiment
OF o)ening its minis to the unlimited
coinge of silver at 16 to |.
NJ. Bryan's childlike faith in the
mage powers OF Government q
sembles that OF the African savage n
his fetish, a stone or stake, which he
firmly believes can bring rain or ward
off u pestilenca. In both cases it is
blind superstition without any basis
| in lsAson. There is not the slightest
proof in all past history or present ex.
| pe,ience for the ascertain that Govern
msnt can create an unlimited demand
for diver merely by opening the mints
for lis free coinage. India, with 400
0O,DoO people, with few banks and
little or no paper currency, was forced
to dose its minis two years ago, haV-
ing in vain tried to fix the bullion
vslue OF silver at its mint price. Under
free coinage there would be no wayin
which the people could be compelled
10 keep all the silver which might be
| offered for coinage in circulation, AMI
the country would very soon find that
instead of an unlimited demand, there
would be glutted silver market. The
total amount of silver which can be
proftably used as money is really very
small, probably not over five dollars
Der capita. OF course notes based on
silver will circulate, but bank notes
based on other forms OF wealth serve
the purpose of circulating medium
much better, as there is not the great
waste of labor that there is in pro-
ducing metal to be boarded IN
vaults.
With the unfortunate experience Of
this country with the silver-mac
law of 1890 SO clearly before him. T.
is surprising that Mr.. Bryan should
have the hardihood to assert that the
Government. by creating a demand ior
silver, can raise its price. That law
created demand for 1880, 600 ounces
Of silver per month. Did the price go
up? For o short time, long enough
to allow the silver spectators to un'
load, it advanced, but soon began 10
fall, and within two years from 'ne
time the Government started 70
"create demand" the price OF silver
was far lower than when the law weh1
in force. In spite Of the artificial de-
mand for practically all the American
silver not used in the arts, the pfice
declined from SO cents per ounce III
1890 ~ TX conts in 1898: q most cou-
yincing proof to any one but blina
worshiper Of the silver fetish, that our
Government cannot permanently h ?,
the commercial or bullion price o. 81.
yer at its mint ratio with gold. y
view of this disastrous failure o. .no
Governments attempt to raise w ~
price Of silver, it should 20 evluen -
that the scheme Of the free coinass
advocates is an absurd attempt :"
accomplish the impossible.