Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1895-09-04
ATTEMPTING THE IMPOSSIBLE.

Fx.Cougressman 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 oil 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 a de-
maad for an article Of limited pro-
duction, can raise the price OF that
article, and by Offering a demand un-
limited in proportion to the supply
can fix the bullion price of gold and
silver at the mint price" Because OF
his belief in the ability of the Gov
eminent TO thus fix the price of silver
in relation to gold, he urges TINS
country to at once try the experiment
of opening its minis to the unlimited
coinage of silver at 16 TO l.
Mr.. Bryan's childlike faith In the
magic powers OF Government re-
sembles that OF the African savage IN
his fetish, a stone or stake, which he
firmly believes can bring rain or ward
off a pestilence. In both cases It IS
blind superstition without any basis
in reason. There is not the slightest
proof in all past history or present e1-
p%erience for the ascertain that Govern
ment can create an unlimited demand
for silver merely by opening the minis
for its free coinage. India. with 2OO,-
900. 600 people, with few banks and
little or no paper currency, was forced
10 close its minis two years ago, haV-
ing in vain tried to fix the bullion
value of silver at its mint price. Under
free coinage there would be no way in
which the people could be compelled
10 keep all the silver which might be
offered for coinage in circulation. and
the country would very soon find that,
instead of an unlimited demand, there
would be a glutted silver market. Inc
total amount of silver which can be
proftably used as money Is really very
small, probably not over i've dollars
per capita. OF course notes based on
silver will circulate, but bank notes
based on other forms of wealth serve
the purpose of q circulating medium
much better, As there is not the great
waste of labor that there is IN pro-
ducing a metal to be boarded IN
vaults.
With the unfortunate experience OF
this country with the silver-machlne
law of 1890 so clearly before him, 1t
is surprising that Mr.. Bryan should
have the hardihood to assert that the
Government, by creating a demand for
silver, can Iaise its price. That law
created a demand for 4, 800, 900 ounces
of silver per month. Did the price go
up? For a short time, long enough
to allow the silver spectators to I'M
load, it advanced, but o began to
fall, and within two years from the
time the Government started TO
"~create a demand" the price OF silver
was far lower than when the law went
in force. In spite Of the artificial de-
mand for practically all the American
silver not used in the arts, the price
declined from SO cents per ounce IN
1889, to Is cents in 1898 a most con-
vincing proof to any one but a blind
worshiper of the silver fetish. that our
Government cannot permanently hx
the commercial or bullion price OF sill
yer at its mint ratio with gold. In
view of this disastrous failure OF the
Governments attempt to raise the
price of silver, it should be evident
that the scheme OF the free coinage
advocates is an absurd attempt to
accomplish the impossible.