The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1895-11-23

1 The fact that the holder OF silver DuIllOn
can at ALI times convert 4121s grains Of
standard silver into dollar will 5enable
him to demand that AMOUNT for his silver
bullion from any person who desires TO
Eseit for any purpose.
! We are il favor of the ratio Of 16 to i
because that is the ratio at which our
gold and silver coins circulate. and has
been the ratio since 1884. The silver of
France is circulating at q ratio of 151a to
! /, and most Of the silver at a ratio still
more favorable to silver than ours. The
phrase of ''16 to 1" simply means that a
silver dollar weighs 16 times as much
las a gold dollar, or in other words that
| one ounce Of gold is equal to 16 ounces Of
silver in debt paying power. To change
1 the ratio is unnecessary because the aD-
parent value Of silver bulion.l say "ap-
parent" because it is more correctly
speaking the rise in the value or gold
employed on certain kinds of land will on
rather than the fall in the value OF sill
Ver) has been produced by hostile legls-,
lation. The demand for gold has been
! Increased by legislation, and hence gold
| has risen; the demand for silver has been
decreased by legislation and therefore
! has fallen to some extent. The restora-
ton Of the old conditions would increase
|
! demand for gold; and thus bring the two
metals together at the mint ratio. We
are told shat it is i1npossi bic for this ma
| tion alone to restore silver. 1t must be
remembered also that a large amount of
! silver is used every year in the arts and
manufactures. 1t must be remembered
| also that the gold standard countries
| buy large quantities Of silver every year
! for coinage into smaller denominations
| of token money. 1t will be only neces-
sary for the United States, therefore. to
! take what other nations do not need,
| but the fact that the United States stands
ready 10 take it all will compel these
nations which do buy to buy at our mint
price With 100000 Of enterprislng
people, and a. nation only partially de-
veloped, we believe that TIE United
States is able to coin and utilize on a
parity with gold at ratio OF Ii to 1,
every ounce OF silver presented at our
minis.
Under free coinage there will be no adj
vantage in bringing silver into this coun-
try for coinage, except to use IN TINS
country If a foreign holder OF silver
brings silver to our mint and has 1t con-
verted into coin, there are three uses to
| which he can put this silver money. tie
can give us his silver and go home; Ill,
that case we will not suffer Us much as
he will, which is simply saying that he
will not try to injure us in that way. In
the second place he may desire to ex-
change his silver for gold, but he must
first find someone who has the gold who
is willing to exchange it for silver. No
one who has gold will exchange it for
silver unless the silver is equally desira-
BILE. In other words the foreigner can
not take our gold away in exchange for
his silver unless We are willing for him
to do so, and if we are willing for him
to do so it is conclusive proof that we are
benefited by the operation rather than
injured The last way in Which he can
dispose of his silver is to use it in the
purchase of property in the United States
but he cannot buy any property with his
silver until he finds somebody who is
willing 10 accept silver in exchange for
his property 1t will be seen, therefore,
that the threatened dangers of flood OF
silver are imaginary rather than real
The most important objection to
change in ratio made by increasing the
size of silver dollars musr necessarily
lessen the number of silver dollars. For
instance if new ratio of 81 to slloulG
be adopted by international agreement
it would require the recolnage OF about
81, 900 900 900 OF silver into coins twice as
heavy, which would mean a shrlnkage
of $4,000 900 900.
Since the total volume of metallic mon
ey is established at about $4,000 900 900,
a shrinkage of $4,000, 100000 would mean
q shrin1aga of about one-fourth of the to-
tai volume of metallic money. This
shrinkage would increase the purchasing
,,,,I, 1o11 in
in effect increase the debts of the world
many billion dollars, and decrease the
value of property still more. We are OPP
posed to change in the ratio therefore,
not because we produce silver but be-
cause we own property, owe debts, and
would suffer by any legislation which
would make our detbs heavier and our
property less valuable, -..
1t is important that we shall under
stand not only the effect of the gold STAN
dard, but the reason why certain people
advocate gold standard. Senator Sher-
man made speech in 1869. in which he
said that a contraction of the currency is
a very serious thing, and added: ITO
every person except capitalist out OF
debt or a salaried officer Of annuitant,
it is period Of loss, danger, lassitude Of
trade, fall of wages, suspension of busi--I
ness bankruptcy and disaster" Mr..
Blaine made speech in 1877 in which he
said: THE destruction of silver as mon
ey and the establishment of gold as the
sole unit of value must have a ruinous
effect on all forms Of property except
those investment which yield a fixed re-
turn in money These would be enor-
,nously enhanced III value and would
gain disproportionate and unfair ad-
vantage over other species OF property
It will be noticed chat Mr.. Blaine recog-
nized the effect of gold standard upon
the masses Of the people and that he also
expressly declared that those who sold
investments which yield fixed return III
money, in other words the capitalist out
OF debt, will thus obtain an advantage
over other people. Mr.. Carlisle in 1873
recognized this same, when he declared
chat Mr.. Sherman as secretary OF the
treasury would coin as little money as
possible because his sympathies We're
with the idle holders OF idle capital
We find that the gold standard is advo- |
Gated by the capitalistic classes and we
also find that they are the only ones who
nrotit by it, and we must therefore con-.
clude that they advocate it because they
profit by it, and not because OF their in
terest in other people. The farmer de-
clares himself in favor of bimetallism, |
because it is good for him: the laboring
man declares himself in favor Of bimet- |
allisn because it is good for him; and
A. in,,c no &c