Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1896-08-22
cloak shsir designs in ambiguous


phrasesf
B%imetaIlisnf q Necessity.
There Is an actual necessity for BIZ
metalism as well as g. theoretical de-
Tense Of II. We contend that free ana
unlimited coinage by the United states
alone will raise the bullion value oa ~
yer to It's coinage value, and thus make
silver bullion worth $1.29 per ounce m
gold throughout the world. This propo-
sition Is in keeping with natural laws.
| not In defiance OF them. The best KNOWN
law of ID the law o. suPp,y
and demand. We recognize THIS law
and build our argument upon IL. We
apply this law 10 money when we say
that a reduction in the volume OF money
will raise the purchasing power OF tne
dollar; we also apply the law OF supply
and demand to silver when we say that
a new demand for silver created by law
will raise the price Of silver bullion.
Gold and silver are different from 9TH
er commodities In that they are iiinsteu
In quantity. Because gold and silver are
limited, both in the quantity now in
hand and in actual production, u loi-
lows that legislation can fix the ratio De-
tween them. Any purchaser who stands
ready 10 tax the entire suppiy OF any
given article at a certain price can pre-
vent that article from falling below mat
price. So the government can Tx a price
for gold and silver by creating a demand
greater than the supply. International
bimetallists believe that several natlons
by entering into an agreement TO coin
at a fixed ratio all gold and silver
product can maintain the bullion value
of the metals at the mint ratio. When
a mint price is thus established IL regu-
Iates the bullion price, because any per-
son desiring coin may have the bullion
converted into coln at that price, ana
any person desiring bullion can secure
Il by melting the coin. ~rnatlo
bimetallists cannot accuse the adVo-
Gates Of free silver of being bullion
owners who desire to raise the value or
their bullion - or debtors who desire 10
pay their debts in cheap dollars: or
"demagogues who dssire TO curry iaVor
with the people" They must rest their
opposition upon one groUhd only, name
ly, the supply Of silver ayaiiapie ior
coinage Is too large to be utilized py the
United States.
Fears No Silver Flood.
In discussing this question we must con-
s,der the capacity of our people to use Sill
yer. and the quantity Of silver which can
come to our m.nts. Now. how much silver
can come here? Not the coined silver OF
the world. because almost all or IL -
more valuable at this time in either lands
than IL VIII De at our minus ,nsmsa io
free and unlimited coinage at the present.
ratio merchandise silver cannot como
here, because the labor applied TO ~ mas
made IL worth more in the form of mer-
chand!-a than II will be worth at our
minis. We viii he required to co:n only
II we stand ready TO take and utilize all or
Il, other nations will be compelled TO buy
al the price which we fix. Many fear that
the opening Of our m,nts will be followed
Ivy an enormous increase In the annuai
production OF silver; Tbs Is conjecture.
Silver has been used as money Tor thou-
sands of years, and during All OF that
time the world has never suffered from
an oyerproduction. Ii II folly to refuse
20 the people money which they now need
for fear they may hereafter have more
than they need.
that gold IS now going abroad In spite OF
all legislation intended TO prevent IL. anu
no silver is being coined to take Its place.
There is only one way 20 stop the .nereas-
ing flow of gold from our Stores, and that
is to stop falling pr.ces. Inc restora-
ton of bimetall.sm will not only stop fall
ing prices, but will, to some extent, restore
prices by reducing the worlds demand for
gold. II IL Is arsu ny , ma dollars witch we
pay 10 our creditors. / reply that. IN me
balancing of equities. the American peo.
pie have as much right TO favor a financial
system which will maintain or restore
prices as foreign creditors have to insist
upon a financial system that VIII reduce
Perhaps the most persistent misrepre-
sentation that We have TO meet Is the
charge that we are advocating the pay
ment OF debts In 50-cent dollars. At tho
present time and under present laws "a
silver dollar. when melted, loses nearly
when we aga.n establish a mint price for
silver and leave no surplus silver upon
the market to drag down the price OF BULL
ION. Under b.metalIism silver bullion Will
bc worth as much as silver coin, just as
gold bullion Is now worth as mnsn as s1ar
coin, and we believe that a SILVER dollar
Will be worth as much as a golu uoiiar'
As 10 Republication.
The charge Of reputation comes with
poor grace from those who are seekihg
10 add to the weight OF existing debts by
1 loxIsiaiian -Hh.ch- Jnakes- mQneyu deaIer
= Il and national honor.
e Those who deny the ability OF the United
States to maintain the parity between goo
n and silver at the present legal ratio Win.
out foreign aid point to Nexico as PROOF
that the opening of our m ats VIII reduce
q us TO a s.lyer bas, rsd an a gaI npo so our Sis
ter republic to remind our people tnat tho
I United States is much greater than Mex,cY
strength. Ii Is absurd TO assert that the
United States Is not able 10 do anytnlhs
a which Mexico has failed to accotnp,,ssn
n tain the parity Is to furnish a demand
great enough 10 utilize all the silver whlcn
viii come TO our m!nts. That Mexico has
: failed 10 do this is no proof that the
United States would also fail.
$ II IS also argued that 1 since s,i = hum Nothing
can be done until all those nations restore
b.metallism. THIS is also illogical. IL 10
have open mints provided there are suf-
II ficient open m.nts to furnish a l -onelaTy
n demand for all the gold and sLnsr mat
a the prices of gold and silver cannot De
fixed In relation to each other because OF
the variations in the relative production
"a OF the metals. This argument also over
:, looks the fact that IL the demand Tor oosn
l. metals at a fixed price is greater tnan me
L supply or Doth relative prouuct!oh wa
a mmater.al. ,ha@
!, the free coinage of silver Is intended ohLy
IL for the benefit OF mine owners. 1t must DO
. remembered that free coinage canno. re,
T. store to the nine owners any more .nan
j. demonet.zat!on took away; ana IL mus.
10 also be remembered that the loss when
"A the demonetizat.on of silver has prousnt
ne to the nine owners wh " ins ssSis palicy has
brought TO the rest of the people; Inc re-
:" storat.on of silver viii bring to the peop,e
generally many times as much adVahtaso
as the owners can obtain from IT,, .
nj The argument that a silver ooiiar ~
heavier than a gold dollar ana thaa An
ly fore silver IS less convenient TO carry u,
~ large quantities Is completely, answetSu
by the silver certificate, which Is as eashy
carried as the gold certificate.
ne 10 10 1 the Only Ratio.
nv There are some who. while admitting
the benefits OF b.metaliism, object to con-
n. age at the present ratio. II any are de-
e. ceived by this objection they ought to re-
member that there are no b.metall.sts
who are earnestly endeayoring to secure
oil any other ratio than l6 TO J.. We are OPP.
~ posed to any change in the ratio for twe
IN reasons: First, because a change would
ID produce great injustice; second. because 9
'p- change in the ratio Is not necessary. a
I'D change would produce Injustice because y
te- effected in the manner usually. suggested
tan increase in ratio) 1t would result II
ov am enormous contraction In the volume o.
standard money.
OF This contraction, by increasing the yalu'
mis- of the dollar, would virtually increase tn
debts OF the world by billions OF dollar
dv and decrease still more the value Of prop
erty of the world as measured by dollars
a.. Besides the immediate result SUCH
Up change In the ratio would permanently de
OIL crease the annual addition to the world
led supply of money because the annual slye
II production, when coined into dollars twic
nd as large. would ony make half as man
NJ dollars.
The people OF the United States would D
me injured by a change in the ratio NOT oe
ing own property and owe debts, and the
he cannot AFFORD to thus decrease the value Q
NV their property or increase the burden Q
their debts. All Of the gold and silver an
~ nualiy available for coinage. when cor
verted into coin at the present ratio. WI
ian not, in my Judgment, more than supply GU
he monetary needs. .
In supporting the act of 1880. known Q