The weekly intelligencer. [volume] (Lexington, Mo.) 1891-1901, 1896-08-22


| Any legislation which lessons the worlds
stock of standard money increases the ex-
| changeable value OF the dollar. Therefore, the
| crusade against silver must inevitably raise
! the purchasing power of money and lower the
| money value of all other forms of money Our
| opponents sometimes admit that it was a mis-
| take to demonetiZe silver, but insist that we
! should submit to present conditions rather than
return to the bimetallic system. They err in
| supposing that we have reached the end OF
! the evil results OF gold standard we
| have not reached the end. The injury
| is a continuing one, and no person can say how
| long the world Is to suffer from the attempt to
make gold the only standard money. The
same influences which are now operating to
destroy silver in the United States WILL II sue
cessful here. be turned against other silver
/ using countries, and each new convert to the
| gold standard will add to the general distress
| So long as the scramble for gold continues,
prices must fall and general fall in prices is
| but another definition of hard times.
Gold Standard Ruinous to Traders.
Our opponents have made o special appeal to
those who hold fire and life insurance policies
| but these same policy holders know that, since
| the total premiums received exceed the total
| losses paid, q rising standard must be OF more
benefit to the company than to the policy
| holders. Much solicitude has been expressed
| by our opponents for the depoSitors Of saw
ings banks They constantly parade be-
fore these depositors the advantages of
| a gold standard, but these appeals will
| be in vain, because savings banks depositors
| know that under q gold standard there is
| increasing danger that they will lose their
| deposits because of the inability of the banks
to collect their assets; and they still further
know that II the gold standard is to continue
| Indefinitely they may be compelled to with
| draw their deposits in order to pay living ex-
penses It Is only necessary to note the in
oreasng number of failures in order to know
| that gold standard is ruinous to merchants
and manufacturers These business men don't
make their profits from the people from whom
| fbau 6Or rT1nn h1Iff fhn Ia IN
whom they sell their goods. If the people
cannot buy. retailers cannot sell. and II retail
ers cannot SELL wholesale merchants and
manufacturers must 90 into bankruptcy.
Free Coinage No New Experiment.
AS against the maintenance OF a gold stand
ard, either permanently or until other nations
can be united for its overthrow, the Chicago
platform presents a clear and emphatic de-
mand for the immediate restoration OF the
free and unlimited coinage OF silver and gold
at the present legal ratio of sixteen to one
without waiting for the aid or consent OF any
other nation We are not asking that new
experiment be tried; we are insisting up
on a return to financial policy ap-
proved by the experience Of history
and supported by all the prominent
statesmen of our nation from the days OF
the first president down to 1873. When we ask
that our mints be opened to the free and un-
limited coinage of silver into full legal tender
money, we are simply asking that the same
mint privileges be accorded to silver that are
coinage be at the ratio o. sixteen to one, we
| simply ask that our gold coins and the stand
ard silver dollar which, be it remembered. con-
tains the same amount of pure silver as the
first silver dollar coined at our mints, retain
their present weight and fineness-
The Necessity for BimetaIlism.
There is an actual necessity for bimetallism,
| as well a theoretical defense OF It During
the last % years legislation has been creating
an additional demand for gold, and this law
| created demand has resulted in increasing the
purchasing power Of each ounce OF gold. The
restoration of bimetallism in the United
| States will take away from gold SO
much OF its purchasing power
added to 1t by the decentralization Of silver by
the United States The silver dollar is now
held up to the gold dollar by legal tender laws,
and not By redemption in gold, because the
standard silver dollars are not now redeem
able in gold either by law or administrative
power.
| by the United States alone will raise the bull
lion value of silver to its coinage value and
| thus make silver bullion worth 30 per ounce
in gold throughout the world. This PROPOSE
tion is in keeping with natural laws, not In de-
| nance OF them. The best known law OF COM
merce is the law OF supply aud demand We
recognize this law and build our argument
upon it We apply this law to money when we
say reduction in the volume of money Will
raise the purchasing power of the dollar;
also apply the law OF supply and demand to
silver when we say that new demand for sill
yer created by law will raise the price OF silver
bullion.
| The question upon which international BIZ
metallists and independent bimetallists differ
| is: Can the United States by the free and
unlimited coinage OF silver at the present legal
ratio, create a demand for silver which taken
| in connection with the demand already in ex-
stence, will be sufficient to utilize all the sill
yer that will be presented at the mints: They
agree in their defense of the bimetallic princi-
pies and they agree in unalterable opposition
TO the gold standard
The Silver Supply.
In discussing this question. we must consid-
er the capacity OF our people to use silver and
| the quantity OF silver which can come to our
mints. 1t must be remembered that we live in
q country only partially developed, and that
our people far surpass any equal number OF
people in the world in their power to consume
and produce. Our extensive railroad develop
rnent and enormous internal commerce must
also be taken into consideration Now, how
much silver cGn come here? Not the coined
silver OF the world. because almost all OF IL
is more valuable at this time in other lands
than 1t would be nt our mines under
free coinage. If our mints are opened to free
and unlimited coinage at the present ratio,
merchandise silver cannot come here because
the labor applied to it has made it worth more
in the form of merchandise than it will be
worth at mintS We cannot even expect
all of the annual product OF SILVER, because In
dia. China, Japan and Mexico and all the other
silver-using countries must satisfy their an
nual needs from the annual products; the arts
will require a large amount and the gold
standard countries will need considerable
quantity for subsidiary coinage. We Will be
required to coin only that which Is not needed
elsewhere; but II We stand ready to take and
utilize all of it, other nations will be compelled
to buy at the price which We fix.
am firmly convinced that by opening our
mints to free and unlimited coinage at the
present ratio we can create "A demand for silver
which will keep the price OF silver bullion at
sI29 per ounce, measured by gold
The Charge OF Reputation
Perhaps the most persistent misrepresenta-
tion that we have to answer is the charge that
we are advocating the payment OF debts in 60
cent dollars AT the present time and under
present laws, n silver dollar, when melted,
loses nearly half its value, but that will not be
true when we again establish a mint price for
silver and leave no surplus silver upon the
market to drag down the price of bullion. I'm
der bimetallism silver bullion will be worth as
much silver coin just gold bullion is worth
as much gold coin. and we believe that silver
dollar will be worth as much as q gold dollar.
The charge of reputation comes with poor
grace from those who are seeking to add to the
weight Of existing debts by legislation which
makes money dearer. and who conceal their
designs against the general welfare under the
euphonious pretense that they upholding
public credit and national honor.
In answer TO the charge that gold will go
abroad, IL must be remembered that no gold
can leave this country until the owner of the
he would rather have. In other words, when
gold leaves the country those who formerly
owned 1t will be benefited
There is no process by which we can be COM
PEELED to part with gold against our will.
nor is there any process by which silver can
be forced upon us without our consent
International Bimetalllsm.
Our opponents make no adequate provision
for the increasing money needs Of the world
In the second place. a change in the ratio is
not necessary. Hostile legislation has de-
creased the demand for silver and lowered its
price when measured by gold, while this same
hostile legislation, by increasing the demand
for gold. has raised the value OF gold when
measured by other forms OF property
We are told that the restoration of bimetal-
lism would be hardship upon those who ,
have entered into contracts payable in gold
coin, but this is n mistake. 1t will be easier
to obtain the gold with which to meet IA gold
contract when most Of the people can use sill I
YER than 1t is now when everybody is trying to |
secure gold.
The Chicago platform expressly declares in '
favor OF such Legislation as may be necessary /
to prevent for the future the demonetization |
a1anY kind otlegal tender moReS, bx priYate !