The Spanish Fork press. [volume] (Spanish Fork, Utah) 1902-current, 1895-07-12

Spencer, Ind, July S.--The Hon. Will
nam d. Bynum OF Indianapolis opened
bis sound money" campaign here to-
night. lie spoke in the opera house to
large and representative audience Of
owen county people, composed of men,
bers OF both political parties. He was
listened to by bankers, business men,
farmers and laborers, and was given
the closest attention throughout. There
was liberal applause as the speaker
made his argument against the free
coinage of silver, and pointed out what
he claimed to be the fallacies of the adj
Nocates of free coinage. Mr. Rynum
was introduced by the Hon. Willis
HiclSam and spoke for two hours He
Gaid in part:
The question OF sound money Is one
that affects directly the interests of
every citizen; 1t enters every home and
demands the Thoughtful consideration
of every intelligent mind. No one, l
presume, desires to see policy inau-
gurated that would result in the separ-
alton OF the value Of our gold and sill
YER The cheaper Will always drive out
the dearer, and the result would be the
expulsion of our gold a dollar of our
silver money or paper currency is
worth hundred cents in any part of
the civilized world. our silver dollar
IL worth a hundred cents in London,
while MeXicos, containing more silver,
is worth only 80 cents. Neither is re-
deemable in gold and the question is,
why this difference in value? 1t is not
the fiat OF the Government, because
both possess the same attributes of
legal tender 1t is because we adhere
TO the standard of measurement recog-
nized by the laws of trade, while Mex
leo has set up domestic standard far
below that which dominates in the eX-
change between nations.
WOULD DRIVE OUT GOLD.
The legal ratio between gold and sill
yer as fixed by our laws is 16 to l, while
the commercial ratio is about 80 to L,
The effect of opening our minis to the
free coinage of silver would be to
bring the legal and commercial raj los
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. The i'm
portant question, therefore, to be de-
termined Is, would the price of bullion
20 up from &C cents to $l.29 an ounce
all the world over, or would the none
tary value of our silver dollar come
down to it's bullion value, about so
cents? 1t is a fact that the CONNER
cial ratio of the two metals has always
controlled their movements in spite OF
their coinage ratio. In the act OF lf93
the ratio established was 10 to l. Gold
was worth more, and therefore went TO
the countries where 1t commanded
more silver. If difference of three
cents in value caused the expectation
OF gold from 1893 to 1884, and then OF
silver from 1884 to 1858, what might we
cxpect with n difference of 90 cents on
the dollar at present? Could we by
our individual action double the value
of all the silver in the world and main
tain II at an increased value together
with the annual production OF $2oO'O o0'-
COO? The capacity OF our minus Is Chly
$40 600 900 annually. 1t would take four
wears to coin the bullion the govern
Inent has on hand, and by that time the
ocrumulation would be sufficient to
iseep them running twenty years
LONGER The opening of our minis
would not in my judgment, appre-
ciably affect the price of silver; II SO, 1t
would be q feat more remarkapie 'Nah
that Of the tail wagging the aog'
rFFECr OF LEGISLATION.
II is claimed that silver never would
49, fallen in value had 1t not been
for the discrimination against II by
our own and other governments IN 1913
nnd since. During the first four years
We coined over $50000,0OO of silver as
ogaJnst Sl45 600, 900 during the seventy
six wears previous and yet II Is ear
nestly, and apparently seriously IN
glsted that the act of 70 was the cause
of the fall in the price OF silver Whlch
began about that time.
The consumption of silver by us since
1874 has been more than $65O,O0O,OOO of
coinage value, and yet 1t Is boldly as
serted that the cause OF the fall IN It's
value was the discrimination against 1t
ne a money metal. During all the time
tLis great consumption was taking
Mace the price of silver was constantly
rning down 1t is alleged, however,
that other nations demonetized silver
md that their action had something
to do with the fall in its value. If such
he true, how necessary must their aid
be in its restoration.
SAMPLE OF PROOF,
Another fact which establishes be-
vond controversy that silver has not
fallen in value because OF any dlscrim-
inotion AGAINST 1t by way of legislation
"a that. Notwithstanding the low price
Cor which it has been selling, fabu-
Inns fortunes that have been accumu-
lated from its production. from 100
mines producing silver 1t was ascer-
tanned by the Director OF the MINT IN
1897 that the cost of producing an
nnuco of silver was only ga cents The
rrice Is now about &C cents, and the
owners of mines wish us to appreciate
the value until they can realize $l.29,
As nations advance their commerce
ornyve their transactions increase, and
n more valuable standard becomes ne
ceseary. ,-,- --..--,.-- a..
IT is because of this necessity that
On many nations within the last quar-
Ter of a century have adopted the gold
standard,
SILVER AND PER CAPITA,
Look over the face Of the earth to-
dav and see what nations pay the low
nsf wares to their labor and have the
Smallest circulation per capita. Mexico
is one Of the great silyer-producing
countries Of the world. She has free
coinage Of both gold and silver, and
vel her per capita circulation is only
san, Al cents being in gold and II cents
in paper. India has a per capita circu-
iation OF 1888. Compare the circulation
..,lF ntTia q faFifl