Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-08-13

much OF its purchasing power as was aaa-
ed TO IL by the decentralization OF silver
by the United States. The silver dollar
Ia now held up 70 the gold dollar by legal
tender laws. and not by redemption IN
gold. because the standard silver dollars
are not now redeemable IN gold. either In
law or by administrative policy.
We contend that free and unlimited
coinage by the United States alone viii
raise The bullion value OF silver 10 It's
coinage value. and thus make silver bull
lion worth sl.29 per ounce in gold through
out the world. This proposition Is In
keeping with natural laws. not In de-
fiance Of them. The best-known law OF
commerce is the law OF supply and de-
mand. We recognize this law, and build
our argument upon II. We apply this
law TO money when we say that n re-
duction In the volume Of money Will raise
the purchasing-power OF the dollar. We
also apply the law % supply and demand
to silver when we say that new de-
mand for silver. created by law, viii
raise the price OF silver bullion.
Gold and silver are different from other
commodities. I'm that they are limit
cd in quantity. Corn, wheat manu-
featured products. etc, can be pro-
duced almost without limit. provided
stimulate production. but gold and silver
ere called precious metals. because they
are found. not produced. These metals
have been the object OF anxious search
as far back as history runs. yet, accord
ing 10 Mr.. Harvey's calculation, all the
gold coin Of the world can be melted into
22-foot cube. and all the silver coin In
the world into a 66-foot cube.
RATIO
Because gold and silver are limited
both in the quantity now I'm hand and In
annual production. IT follows that legis-
latlon can fix the ratio between them.
ANY purchaser who stands ready to take
the entire supply of any given article al
a certain price can prevent that article
from falling below that price so the
government can fix a price for gold ana
silver by creating a demand greater IMAM
the supply. International bimetailists
believe that several nations. by entering
into an agreement to coin at hNeh
ratio all the gold. and silver presented
can maintain the bullion value OF the
metals AT the mint ratio. When a mint
nr,ce is TINS established. II regulates the
bullion price. because any person &c
string coin may have the bullion con-
verted into coin at that price ano any
person desiring bullion can secure
by melting the coin.
THE ONLY QUESTION.
The only question upon which interna-
tional bimetallists and independeL' d.
netaIIiets differ is: "Can the United
states nv the free and unlimited coinage
Of silver at the present legal ratio create
a demand for silver. which. taken IN con-
nection with the demand already 1T eN-
istence viii be sufficient 10 utilize an
the silver that will be presented ~ the
mints2" They agree in their defence oi
the bimetallic principle, and they asret
i'm unalterable opposition to the Bold
standard. international bimetallists can
not claim that free coinage gives De"e-
1T to the mine-owner. because lhteihd
tional bimetallism gives TO the owner OF
silver ali the advantages offered bv in
6ependent bimetallism at the same ratio.
International bimetallists cannot accuse
the advocates OF free silver OF being
s,hullion-owners. who desire 10 raise the
value Of their bullion" OF debtors who
desire to pay their debts In cheap dol
lars" or demagogues who desire 10 curry
favor with the people. They must rest
their opposition on one ground only
namely. that the supply OF silver available
for coinage is too large 70 De ulillzeu ny
the United States"
In discussing this question, we must
consider the capacity Of our people u
use silver. and the quantity or silver
which can come to our mints. lt must be
remembered that we live in country
only partially developed. and that our
people far surpass any equal number OF
people in the world in their power 10
consume and produce. Our extensive
railroad DEVELOPMENT and enormous in
ternal commerce must also be taken into
consideration.
HOW MUCH SILVER CAN COME?
Now how much silver can come here?
Not the coined silver Of the world be-
cause almost all Of il IS more valuable
AT this time I'm other lands than II viii
he at our mints under free coinage II
our mints are opened TO free and I'M
limited coinage at the present ratio mer-
chandise silver cannot come here be-
cause the labor applied to II mas maze
IL worth more in the form OF merchandise
than IL will be worth at our mints We
cannot even expect any of the annual
product of silver because India, China,
japan. Mexico, and all the other silver
using countries must satisfy their annual
needs from the annual product the arts
will require a large amount, and the
gold standard countries will need con-
siderable quantity for subsidiary coinage.
We will be required to coin only tnat
which Is not needed elsewhere. but II we
stand ready 10 take and utilize all Of il,
other nations will be compelled TO buy
at the price which we fix.
Some fear that the opening Of our
minis will be followed by an enormous
Increase in the annual production Of Sill
yer. This is conjecture Silver mas been
used as money for thousands Of years,
and during all that time the world has
never suffered from an overproduction.
IL. for any reason the supply Of gold
or silver in the future ever exceeds the
requirements of the arts and the needs
OF commerce, we confidently hope that
the intelligence Of the people viii be sufii-
cient TO devise and enact any legislation
necessary for the protection OF the pub
lis. II is folly to refuse 10 the people
the money which they now need, for
fear they may hereafter have more than
they need.
| am firmly convinced that by opening
our minis TO free and unlimited coinage
at the present ratio we can create a de-
mand for silver which will keep the price
Of silver bullion at $l.29 per ounce, mea-
sured by gold.
FALL IN SILVER VALUE.
some of our opponents tribute the
fall I'm the value of silver when measured
by gold, 10 the fact that during the last
quarter of a century the worlds supply
OF silver has increased more rapidly than
the worlds supply OF gold. This argu-
ment is entirely answered by me fact that
during the last five years the annual
production Of gold has increased more
rapidly than the annual production Of
silver. Since the gold price Of silver has
fallen more during the last five years
than ii ever fell in any previous fiye years
in the history OF the world, II is evident
that the fall is not due TO increased pro-
duction. Prices can be lowered as ef-
fectually by decreasing the demand for an
article as by increasing the supply OF il.
and II seems certain that the fall In the
gold price of silver is due 10 hostile legis-