The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1895-07-09
BY WILLIAM D. BYNUM
This Honorable Indiana Gentleman
Talks "SOund Money
JUST LIKE THE REST OF EN-
He Essays to Teach That the Act
OF 1873 Was Not the Cause
of the Fall In the Price
of Silver.
JUST LIKE THE REST OF EN-

Spencer. Ind. July S.-The Hon. Will
lam d. Bynum of Indianapolis. made
his sound money" campaign here to-
night. He spoke to large and repre-
sentative audience of owen county,
composed of members of both political
parties. There was liberal applause as
the speaker made his argument against
the free coinage of silver. He said in
part: ''The people of the country are
confronted with the solution of an i'm
portant question. The question of
sound money is one that affects di-
rectly the interests Of every citizen, IL
enters every home and demands the
thoughtful consideration. l believe the
people In every section Of the country
desire to see the government maintain
sound money policy; that the advo-
Gates Of free coinage. as well as those
opposed to the same, favor maintain
ing the largest circulation Of both gold
and silver at a parity, and are opposed
to any policy which would result in
the Punishment OF either from use. The
controversy is not as to the result to
be obtained, but how to achieve 1t. No
person. even II he could afford to do
SO, would pay in the more valuable
when he had a right to discharge his
obligations in the cheaper kind.
zone dollar of our silver money or
paper currency is worth a hundred
CENTS in any part Of the civilized world.
The legal ratio between gold and silver
as fixed by our laws is 1s to /. While
the commercial ratio is about 80 to ],
the effect Of opening our mints TO the
free coinage of silver would be to bring
the legal and commercial ratios OF the
two metals together, or to reduce the
monetary value of the silver dollar to
it's commercial ratio. In the event of
the latter the silver dollar would be
worth only so cents in comparison with
the gold dollar and would therefore
drive gold out of circulation. There
can be no question that with free coin
age of silver the value of the bullion
in a dollar would become the equal OF
its monetary value. The important
question, therefore. to be determined
is, would the price of bullion go up
from 66 cents to $1.29 an ounce all the
world over, or would the monetary
value of our silver dollar come down
to its bullion value, about SO cents?
The advocates of free coinage as
sumo, and all their arguments arc
based upon the erroneous assumption,
that with free coinage OF both metals
at a ratio Of 16 to / we would have
bimetallism. This assumption is the
great desideratum in the discussion Of
this question. and until they demon
s.rata that both metals woul1 remain
in circulation all their defamation
about a double standard, bimetallisn
and an increased circultion is pure fus.
tian. From 1873 to 1878, during which
time it is popularity supposed that our
mints were idle, we coined more than
$50, 900, 900 of silver. Thus we see that
during the first four years after the
passage of the act of 1873 we coined
more than $50,000,000 of silver as
against sl45,O00,O0O during the 76 years
previous, and yet 1t is earnestly in
sisted that the act of 1873 was the
cause of the fall in the price of silver
which began about that time.
another fact which establishes be-
not fallen in value because of any dis
ordinations against it by way of legis-
lation is, that notwithstanding the low
price for which 1t has been selling, the
fabulous fortunes that have been accu-
mulated from its production. From 155
mines producing silver it was ascer-
tained by the director of the mint in
1887 that the cost of producing an
ounce of silver was only 52.4 cents.
The price is now about G6 cents. and
the owners of mines wish US to appre-
ciate the value until they can realize
H.29. Why stake the priceless boon of
our financial standing. the stability OF
our monetary system and the prosper
ity Of the nation in the pursuit of the
will-o'-the-wisp cheap money, which
has led every people on the face of the
earth that pursued it into the bogs of
financial disfrocc nd IN,