The bee., 1896-10-08
Historical Facts Discredit Pro.
phetic Assertion.

/
buy and coin 81, 600, 600 worth pei
month it would place silver so
nearly on a parity with gold, upon
the ratio Of IS to I, that everybody
would be willing to take the final
step, and all would see there was
no danger. l think four and one
half million ounces month would
certainly put silver at par. That
would take up American and pretty
nearly all of the ores that are
worked in the United States.
think that is about the right figure.
| II we are going to restore silver,
four and a half million ounces
would be about equivalent to free
coinage, and would take up al that
| is produced in this country.
This was after the prophesy
"that if So, 900, 900 per month Of
silver bullion we're purchased and
and coined by the government, and
made legal tender, the bullion
value of the silver dollar would
equal its coinage value had utterly
failed.
| At the time OF the passage OF the
Bland-Allison law carrying this
idea into effect the bullion value Of
the silver dollar was about SO cents.
During the twelve years that this
act was in operation the govern.
ment paid over two hundred and
ninety.two million dollars in gold
or Its equivalent, to'the silver mine
owners for their product and stored
It IN the vaults of the Treasury at
Washington and issued certificates
for its face value TO circulate in
stead of the cumbersome and un-
popular coin. AT the close OF the
twelfth year the bullion value had
sunk to "a cents, Legislation had
failed to raise the value of silver
and the first prophecy was unfu.'
filed.
In 1900, under the lead OF Stew
art and Jones and Teller, was
passed the Sherman act. This
. doubled the amount which the
government was required to pur-
chase. This they asserted would
'be about equal to free coinage
and "would certainly put silver al
, par"
And now mark the result. Wher
lit became evident that the bill would
pass, silver bullion rose for brie
period in 1890, SO that. the value
of silver in dollar was 81 cents
But in 1893 Notwithstanding the
Increased amount purchased yearly
and stored in the Government
vaults alongside of the former ac
cumulation, the bullion value o
the silver dollar had fallen to 6c
cents and Stewart was known as
false prophet. Since then its
, value has decreased until nov
when melted it is worth but so. 2,
cents.
And now with all this history
against them; with the experience
OF all other nations to the contrary
7, with the common sense OF the
"common people" whose cause
I, they pretend to espouse rebelline
at its absurdity, this same greedy
coterie have the cheek to advocate
free and unlimited coinage at the
ratio of I6 to / when the CONNER
cial ratio is 81 toI. Although they
failed by a law which they saic
was equivalent to free coinage
to lift the bullion value OF th'
standard silver dollar from 81 cents
to rar they now promise by coming
still greater quantity to lift
from socents to 100 cents.
In his speech at Tlvoli, N. y
Bryan said: "We say that the neV
demand will be sufficient to con
sumo all the silver presented a
I" the mint, and being sufficient vii
& raise the value of silver bullion {
/ 81. ao through the world.
IN Now il under the Bland-Alliso
lie act, the purchasing by the Govern
ID ment OF 834 tons OF silver pc
ro annum for twelve years, instead {
raising the value OF the bullio
"a in a silver dollar eleven cents, e
Mt to par), caused il to lose seventee
OF cents more, or an average OF abol
ne ~ per cent per annum, and IN
% purchase of 1880 tons per annun
under the Sherman act, for only fou
oi wears, took from the bullion valu
he IA cents, or 3 per cent per annun
ar (the loss keeping pace with the II
crease of volume) to what poiT
would it sink under free and III
he limited coinage. The coin th'
tn has been minted under these act
e. and the coin to be minted und'
! the proposed free coinage act migl
all be legal tender. But the polio
In of the Government to maintain Il