The morning times. [volume] (Washington, D.C.) 1895-1897, 1896-08-29


silver the United States held
the gold dollar By tender laws and not by in gold
I FORK speed.
Mr.. Bryan's entire argument is based the false
assumption that gold has appreciated and that free
silver would its original value. He lose
sight of the fact that betallsm is impossible and has
benin operation and he also fails 10 inform
the public how coinage bill could be forced through
Congress. Putting aside any argument either for or
against the silver Standard the first question to be
decided is whether not such policy is possible.
The of the Senate during the last session of
Congress in defeating the passage of bill
demonstrates that the fate would befa coinage
bill, especially when such would be certain to
bring aboutnationa disgrace and the partial anniha ion
of industrial and commercial interests should be
permitted to become law.
A. Then again, Mr.. Bryan and his political bunco
fsderates need reminding that is
and not bmet aism that they advocating But that
need make difference Not of them expects to
freeeenage law enacted, should the sverite
party carry the coming election. They know it would
| be defeafed in the Senate.
Gold has neither appreciated nor has there been
scarcity of money because silver has ceased to be
coined individual account The growing silver agi-
tatiea-siaee the failure of the Wilson bill to provide
has unsettled confidence and prevented
Investment Many American securities held abroad have
been thrown the market, and the gradual falling off
and created financial depression There will be
abundance of available money quicken commercial life
las the public feels certain that the free-sver
has taken to the woods Since the closing of
minis to silver the worlds production of gold has
exceedrd-ie growth of population about 80 per cent
which WIS surely sufficient increase to supply the
demand for coinage The circulation of money has also
surpassed the growth of population. and in the United
States alone the increase has been nearly s. capita
Consequently gold has not appreciated because of
scarcity of money.
The favorite silverite method of showing that gold
has doubled value 1873 and that prices generally
have fallen sympathy with silver by comparing the
decline of prices with the fall of silver. The resumption
of specie pay, naturally pricked the imitation bubble
and prices necessarily fell to the gold standard of
The opening of vast cotton, WOOL wheat and corn
fields cultivated by cheap labor in
tries, assisted by improved and eheapened of
transportation that placed them in market in
competition with American products, also had much to do
with leveling prices 1t would strange that, with
the increased production of gold it also had fallen
and when compared with the most reliable and unfuc
atng standards known and British consos-1t
shown beyond question that there has been depreciation
instead of rise in the value of gold The Aldrich
Senate report Wholesale Prices Wages and Trans
portation' is acknowledged authority those
questions, and wages least affected by the vicssi
udes of trade the wage standard of the Arch report
provides reliable medium to test the stability of gold
and silver security known British consos furnishes
the other standard Of comparison and these securities
held by at least 100000 investors and because of
their long period of maturity and the unlimited public
confidence in the stability of the British
they unhuctuating in price security pos
sbly be- During the last thirty years the interest
British consos has changed only fourth of per
cent which should be satisfactory evidence of their
reliability standard of comparison. The following
table shows the rise and fall of gold and silver compared
to these two Standards With the wage standard gold
shows decline of II per cent during the period of 1870
1892 and compared with the British consos standard
fell 10 per cent there being but little difference in the
relative decline, indicated by the two standards
Estimated by the wage standard silver declined SIS per
cent and compared with British consols its fall ~
per cent. The relative decline shown by the stand
ards is fully remarkable that of gold.