Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1896-08-18

opposition 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 con-
slider the capacity OF our people to usc sill
yer and the quantity OF silver which can
come to our mints- 1t must be remem-
bercd that we live In n country only par
TALLY developed, and that our people far
surpass any equal number of people in ths
world m their power 10 consume and pro-
duce- Our extensive railroad development
and enormous informal commerce must
also be taken into consideration. Now,
how much silver can come hereP Not the
coined silver OF the world, becsruse almost
all of it IL moro valuable at this TING in
other lands tfaIfit will be at our nfnts
under free coinage. III our mints are
opened to free and unlimited coinago at
the present ratio, foreign silver cannot
come here because the labor applied to it
has made IL worth more in the form OF
merchandise than It will be worth ut our
mints.
We cannot even expect all of the annual
product of silver, because India, Chinn,
Japan, Mexico and all the other silver
using countries must satisfy their annual
needs from the annual product, the arts
will require q largo amount and the gold
standard countries will need n consider
able quantity for subsidiary coipagc. We
will be required TO coin only that which
is not needed elsewhere; but. n we stand
ready 20 take and utilize all OF it other
nations will be compelled to buy at the
price which we 1x. Many fear that the
opening OF our mints will be followed by
the enormous Increase in the annual pro-
duction of silver. This is conjecture.
Silver has been used as money for thou
sands OF years and during all that time
the world has never suffered from an Oyer-
production
No Fear of Silver Giut.
If, for any reason, the supply OF gold or
silver in the future ever exceeds the re-
quirements of the arts and the needs of
commerce we confidently hope that tho
intelligence of the people will be sufficient
to devise and enact any legislation neces-
sary for the protection or the public. 1t
is folly TO refuse 10 the people the money
which they now need for fear they may
hereafter have moro thnR they need. / am
firmly convinced that by opening cur
mints to free and unlimited coinage at
the present ratio we can create a demand
for silver which will keep the price Of siI-
yer bullion at $1.29 per ounce, measured
by gold
Our opponents cannot ignore the fact
that gold is now going abroad In spite OF
all legislation intended to prevent it, and
no silver Is being coined 10 take its place.
Not only Is gold going abroad now, but it
must continue to go abroad as long as the
present financial policy is adhered TO, un-
less we continue TO borrow from across
the ocean, and even then we simply post
pone the evil, because the amount bor-
rowed, together with interest upon IL,
must be repaid In approaching dollars
The American people now owe large
sum to European creditors, and fallen
prices have left n larger and larger margin
annual interest charges. There is only one
why to stop the increasing flow of gold
from our shores, and that Is 10 stop falling
prices The restoration OF bimetalllsm
will not only stop falling prices, but will
to some extent restorCnprices by reducing
the worlds demand for gold The inter
ests OF society are far superior to the In
terests of either debtors or creditors, and
the interests of society demand a financial
system which will add TO the volume of
the standard money OF the world, and
thus restore stability TO prices.
Perhaps the most persistent misrepre-
sentation that we have to meet Is the
charge that we Bre advocating the pay
ments OF debts in 50-cent dolIarz- At ths
present time, and under present laws, a
silver dollar, when melted, loses nearly
half its value, but that will not be true
when we again establish n mint price for
silver and leave no surplus silver upon the
market 10 drag down the price OF bullion.
Under bimetaliism silver bullion Will be
worth as much as silver coin and we be-
Iieve that a silver dollar will be worth es
much as a gold dolls1.
The charge OF repudiation comes with
poor grace from those who are seeking TO
add to the weight OF existing debts by
legislation which makes money dearer.
and who conceal their designs against the
general welfare under the euphOnious pre-
tense that they are upholding public credit
and national honor.
Gold Famine Improbable
In answer to the charge that gold viii
go abroad, it must be remembered that
no gold can leave this country until tho
owner of the gold receives something In
return for it which he would rather have.
In other words, when gold leaves the
country those who formerly owned IL will
be benefited. There is no process by which
we cssn be compelled 20 part with our gold
against our will. nor Is there any process
by which silver can be forced upon us with
out our consent Exchanges are matters
of agreement, and II silver comes to this
country under free coinage IL viii be ut
the invitation Of some one in this country
who viii give something in exchange for it
Those who deny the abilityof the United
States to maintain the parity between
gold and silver at the present legal ratio
without foreign aid point TO Mexico and
TConef,0fe1 IN f1tfrfh fd1e 4