Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-08-13
LIKE A ROMAN CONQUERER.
Continued From Second Page.)

| silver; and yet, owing to the maintenance
| of the bimetallie standard, these enor-
| nous changes in relative production had
| but a slight effect upon the relative val
| ues of the metals.
: If it is asserted by our opponents that
| the free coinage of silver is intended
| only for the benefit of the mine owners,
| it must be remembered that free coinage
! cannot restore to the mine owners any
| more than decentralization took away,
! and it must also be remembered that the
! loss which the decentralization of silver
| has brought to the mine owners is 1nsig-
| nificant compared to the loss which this
| policy has brought to the rest of the peo-
| pie. The restora ton of silver will bring
| to the people generally many times as
much advantage as the mine owners
| can obtain from it. While it is not the
purpose of free coinage to specially aid
| any particular class, yet those who be-
| lieye that the restoration. of silver is
| needed by the whole people should not
| be deferred because an incidental beneht
| will come to the mine owner The erec-
| ton of forts, the deepening OF harbors,
! the Improvement of rivers, the erection
| of public buildings-all these confer in
| cidental benefits Upon individuals and
| communities, and yet these incidental
I benefits do not deter us from making
| appropriations for these purposes when
| such appropriations are necessary for
| the public good.
| The argument that silver dollar is
| heavier than a gold dollar, and that
| therefore silver is less convenient to car
| ry in large quantities Is completely an
| swered by the silver certificate, which is
| as easily carried as the gold certificate or
| any other kind of paper money.
| There are some who, while admitting
| the benefits of bimetallism object to coin
| age at the present ratio. II any are de-
| ceived by this objection they ought to re-
| member that there are no bimetallsts
who are earnestly endeavoring to secure
| it at any other ratio than 16 to 1. We are
/ opposed to any change in the ratio Tor
| two reasons-first because a change
| would produce great injustice; and sec
| ond, because change in the ratio is not
/ necessary. A change would produce IN
/ justice because, If effected in the manner
| usually effected, it would result in an
| enormous contraction In the volume of
standard money.
If, for instance, it was decided by inter-
| national agreement to raise the ratios
| throughout the world to 80 to 1 the
i change might be effected in anyone of
| three ways The silver dollar could be
| doubled in size so that the new silver dol
| lar would weigh thirtytwo times as
much as the present gold dollar, or the
| present gold dollar could be reduced
| one-half in weight so that the present
| silver dollar would weigh thirty-two
times as much as the new gold dollar, or
the change could be made by increasing
the size OF the silver dollar and decreas-
ing the size of the gold dollar until the
new silver dollar would weigh thirty
two times as much as the new gold dol
lar. Those who have advised change
in the ratio have usually suggested that
the silver dollar be doubled. If this
| change were made it would necessitate
the recoinage of 1900, 900, 900, of silver
into 1000 OOO, 600 of dollars There would
be an immediate loss 2,000,000,OOO of dol
lars either to individuals or to the gov
eminent. But this would be the least of
the injury. shrinkage of one-half IN
the silver money of the world would
mean a shrinkage of one-fourth in the
total volume of metallic money. This
contraction by increasing the vaiue OF
the dollar would virtually increase the
debts of the world billions of dollars
and decrease still more the value OF the
property OF the world as measured py
dollars.
Besides this immediate result, such
| change in the ratio would permanently
decrease the annual addition to the
worlds supply of money, because the
annual silver product. when coined INTO
dollars twice as large, would make only
half as many dollars.
The people of the United States would
be injured by a change in the ratio, not
because they produce silver, but because
they own property and owe dspts, ana
they cannot afford to thus decrease the
value of their property or Increase the
| burden of their debts
| In 1878 Mr.. Carlisle said: Mankind will
be fortunate indeed IL the annual produce
ton of gold and silver coin shall keep
| pace with the annual increase OF popu-
| lation and industry"
| repeat this assertion. All of the gold
| and silver annually available for coinage,
| when converted into coin at the present
| ratio will not in my judgment more than
| supply our monetary needs.
| In supporting the act of 1890 known as
| the Sherman act Senator Sherman in
| June of that year said: Under the law
| of February, 1878, the purchase of $1,000
| 900 worth of silver bullion month has
| by coinage produced an annual average
| of nearly $3,000,000 per month for pc
| Rod of twelve years, but that amount In
| view of the retirement of the bank notes.
| will not increase our currency in proper
| ton to our increasing population. If our
| present currency is estimated at 81 AGO.
| 600, 900, and our population Is increasing
| at the ratio of 3 per cent per annum, 1t
| would require $42, 100000 increased circu-
| 1ation each year to keep pace with the
| increase Of population; but as the in
| crease of popula ton Is accompanied by
| still greater ratio of increase of wealth
| and business, 1t was thought that.an inn
| mediate increase of circulation might be
| obtained by large purchases OF silver
bullion to an amount sufficient to make
| good the retirement of bank notes and
| keep pace with the growth of population.
Assuming that $54,000,000 year of addi-
tional currency is needed upon this ba-
| SIS, IndL dInOunl III PloFioco ioi III tAAAS
| bill by the issue of treasury notes in ex-
change for bullion at the market price"
If the United States then needed more
than S42O0O,000 annually to kee pace
with population and business. 1t now,
with a larger population, needs still
| greater annual addition, and the United
| States is only one nation among many.
our opponents make no adequate pro-
| vision for the increasing money nesds OF
| the world.
In the second place, change Is not
necessary. Hostile legislation has de-
| creased the demand for silver and low
| cred it's price when measured by gold,
while this same hostile legislation, by
| increasing the demand for gold has rails
| ed the value of gold when measured by
| other forms of property. We are told
| that the restoration of bimetallism would
| be hardship upon those who have en-
tered into contracts payable in gold coin.
| but this is a mistake. 1t will be easier
| to obtain gold with which to meet o gold
| contract when most of the people can
use silver than It is now when every one