The Providence news. (Providence [R.I.]) 1891-1906, 1896-08-13
BRYAN ACCEPTS.
Continued from page 7.

united states the Opuon IcstrNeu py
law to the government OF redeeming
such obligations in either silver coin or
gold coin"
IL Is constantly assumed by some that
the United States notes, commonly
called greenbacks, and the treasury
notes. issued under the act OF 1890. are
responsible for the recent drain upon t's
gold reserve, but this assumption is en-
tirely without foundation. The fault
does not lie with the greenbacks and
treasury notes, but rather with the ex-
ecutive officers. who have seen fit TO sur
render right which should have been
exercised for the protection of the inter-
ests OF the people. This executive action
has already been made the excuse for
the issue OF more than s250000, 900 In
bonds, and IL is impossible 10 estimate
the amount OF bonds which may here
after be issued. II this policy is continued.
We are told that the attempt upon the
part of the government at this time to
meet it's obligations in silver would rut
a premium on gold. but why should IL:
The Bank or France exercises the right
to redeem all bank paper In either gold
or silver, and yet France maintains the
parity between gold and silver at ratio
OF l5h TO /. and retains in circulation
more silver per capita than we do In the
United States.
IL may be further answered that our
opponents have suggested no feasible
plan for avoiding the dangers which
they fear. The retirement Of the green
backs and treasury notes would not
protect the treasury because the same
policy which now leads the secretary OF
the treasury TO redeem all government
paper In gold, when gold is demanded,
viii require the redemption of all silver
dollars and silver certificates In gold IL
the greenbacks and treasury notes are
withdrawn from circulation. More than
III H.
paper and throw upon the banks the
necessity OF furnishing coin redemption,
the banks would exercise the right to
furnish either gold or silver. In other
words, they would exercise the option,
just as the government ought to exer-
else II now. The government must
either exercise the right 10 redeem its
obligations in silver when silver is more
convenient, or IL must retire all the sill
YER and silver certificates from circu-
lation and leave nothing but golu as
legal-tender money. Are our opponents
willing TO outline a financial system
which will carry out their policy to its
legitimate conclusion, or will they con-
tinue to cloak their designs in ambig-
uous phrases?
There is an actual necessity for BIZ
metllism. "a well as theoretical defense
OF It, For the last 23 years legislation has
been creating an additional demand for
gold, and this law-created demand has
resulted in increasing the purchasing
power OF each ounce OF gold. The res
toration OF bimetallism in the United
States will take away from gold just so
much of its purchasing power as was
added to IL by the demonetization of
silver by the United States. The silver
dollar is now held up to the gold dollar
by legal tender laws, and not by redemp-
tion in gold, because the standard sill
yer dollars are not now redeemable in
gold. either in law or by administrative
policy. ~~
Silver at eI.20 an Ounce
We contend that free and unlimited
coinage by the United States alone will
raise the bullion value of silver to its
coinage value, and thus make silver bull
lion worth s1.29 per ounce in gold
throughout the world. This proposition
is in keeping with natural laws. not in
defiance OF them. The best known law
of commerce is the law OF supply and de-
mand. Gold and silver are different
from other commodities in that they are
limited in quality Corn, wheat. man
vfactured products, etc, can be pro-
duced almost without limit provided
they can be sold at a price sufficient TO
stimulate production. but gold and sill
yer are called precious metals, because
they are found, not produced. These
metals have been the objects Of anxious
search as far back as history runs, yet,
according 10 Mr. Harvey's calculation,
oil the gold coin OF the world can be
melted into a 22-foot cube, and all the
silver coin In the world into a 66-foot
cube. Because gold and silver are
limited. both in the quantity now In
hand and in annual production, il fol-
lows that legislation can fix the ratio be-
tween them.
The only question upon which interna-
tional bimetallists and Independent BIZ
metallists differ is: Can the United
States. by the free and unlimited coin
age of silver at the present legal ratio,
create demand for silver which. taken
In connection with the demand already
in existence, Will be sufficient 10 utilize
all the silver that will be presented ar
the mints? They must rest their op-
position upon one ground only, namely:
That the supply OF silver available for
coinage is too large TO be utilized by the
United States.
In discussing this question. we must
consider the capacity Of our people to
use silver. and the quantity of silver
which can come 10 our mints. 1t must
he remembered that we live I'm a country
only partially developed and that our
people far surpass any equal number OF
people In the world in their power to
consume and produce. II our nlnts ara
opened TO free and unlimited coinage
cannot come here. because the labor ap-
piled To II has made IL worth more IN the
form OF merchandise than IL will be
worth at our mints. We cannot even
expect all Of the annual product OF sill
ver because India, China, Japan, Mex
leo and all the other silver-using coun-
tries must satisfy their annual needs
from the annual product: the arts Will
require a large amount, and the gold
standard countries will need consider
able quantity for subsidiary coinage.
We will be required 10 coin only that
which is not needed elsewhere: bur "
we stand ready 10 take and utilize all
of II, other nations will be compelled to
buy at the price which we fix.
Many fear that the opening OF our
mints Will be followed by the enormous
increase In thesannual production of
silver. This is conjecture. Silver has
been used as a money many thousands
OF years, and during that time the world
has never suffered from an overpro-
duction. IL, for any reason, the supply
OF gold or silver In the future ever ex-
ceeds the requirements OF the arts and
needs OF commerce, we confidently hope