Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1896-08-27

this country to double what Il is now--we
need not say double, but even u fraction
more than now-does any man need to
be told that that would start How of
silver TO this country, and that our little
gold reserve would be completely over
whelmed, and that the mighty stream
would never stop flowing until all vestiee
of n higher price had been completely an
initiated? And when that had been ac-
complished, does any man need to be told
that our dollar would simply be worth
what 412la grains of standard silver
would be worth in the market as bullion.
With the disappearance of our gold re-
serve. gold would go to a premium and
nothing could prevent this gold premium
from going up until it accurately repre-
scented the difference In the commercial
value of the two metals. This would be
gold at premium of 93 per cent; at that
premium for gold, our dollar would be
equal in value to only IL grains of gold
instead of % 2-10 grains as at present.
Our silver dollar of 3T1A grains silver
would then stand in the market as equal
to II grains of gold which accurately rep
resents the present commercial ratio of
silver to gold, 30L to 1. In this case the
only change brought about by free coinage
half as valuable as at present. This fact
is unanswerable: there is no free silver
country in the world where the dollar or
unit of value is worth one particle more
than the silver in it as bullion in the
market Our attempt would be about as
ridiculous AS if we tried to stop the ebb
and flow of the ocean tides by an Act Of
Congress, or to regulate the movements
| of the planets.
l quote from "Coin Harvey" to show
that even the High Priest of free silver
is fully aware that free coinage is simply
proposition to lower our standard of
value to the silver basis.
Coins Financial School: "If, after a
fair trial, gold continued at premium,
what remedy would you suggest! Put
less gold in the gold dollar. Bring the
weight of the gold dollar down until they
are on a parity.
| If the commercial value of 3d. grains
of gold is more than the commercial value
of 3T1A grains of silver. then reduce it
1.-THE gold to 22. 81, 20 grains, or less"
Reducing the gold in the dollar, would
leave gold for more dollars, and this
would assist in establishing rising prices.
we can, If necessary, by Act of Con
gress, reduce the number of grains in a
gold dollar, until it is of the same value
as silver dollar. We can legislate the
premium ont of gold."-Coin's Financial
School, p. 143.
What is the meaning of this? He simp.
ly advocates Reputation. He proposes
to shave and clip our gold dollar down Sc
as to make it fit his free coinage silver
dollar. The commercial value of 371H
grains of silver is only equal to ~ grains
OF gold. This is therefore simply propo
sition to reduce the value of our dollar SC
that 1t shall be represented by only /.
grains of gold instead of % 2-10 grains Of
gold as at present
But the silver men say it is because tn,
United States demonetized silver in 1873
that it has gone down in value until tn,
silver in our silver dollar is only wortl
50 cents.
They conveniently forget that the United
States was not the only nation to de
monetize silver in 1873. Germany ais,
demonetized silver in 1873. France di,
the same in 1876, and India the same il
1893: and since 1871, Norway, Sweden
Denmark, Holland, Russia Austria
Switzerland and Belgium have ceased tn
free coinage of silver.
The action of these principal nations o
the earth has had at least as much effec
on the fall in the price of silver as tn
action of the United States. But tn
great increase In the annual production
OF silver has had more effect on the dcclin
in price than any demonstration by an
country. The fall in the price of silye
/ has simply kept pace with the increas
, OF production. the same as anything elst
r The average production of silver il
the ten years prior TO 1872 was, in roun
hgures, S5O,00O,O00 each year, and tn
average price was $1.32 an ounce. i
. 1885, the production had increased I
r Sl2OoOO,0OO, and naturally the price ha
gone down to 80 cents an ounce. In 1S9
ana 93 the annual production had reach
ed the enormous sum of S1g 0OO, OO(
ana the price most naturally went dow
to Us cents; and the most remarkable fat
is that the fall in price has been in nearl
, exact proportion right straight throug
!. to the increase of annual production.
:, VIII any fair-minded man assert in tn
,, face of these facts that increased pr,
y duction has had no effect on the fall
4 price, but that decentralization of sily,
a by the United States has alone produce
!, this result: But they say, demonetiz,
a uon by this country removed an importar
: consumer of silver and hence lesscned III
y demand for it.
. Let us see: For ten years before ISL
$ this country scarcely coined any silyc
4 and hence could not he spoken of as
! consumer of silver. Since 1873 eycrybod
n knows that we have coined and used abo,
e SDo,OWl,OOO of silver. Hence the d
d nand for silver has been much rreat,
IT IN this country since 1873 than it w,
h before. Suppose, for the sake of arr,
i ment, that silver being demonetized
# France, Germany, Norway. Sweden, De-
l. mark, Holland, Russia, Austria, Switze
d land. Belgium and India, that the Unit,
n States had retained the free coinage
n silver from 1873 to the present tim
10 Under the present system since 1879 ~
II absorbed S3O,OOO,000 of silver a yeo
p The total capacity of our minis if d
v voted exclusively TO silver coinage wa
il at the outside, S50.0OO,OOO year. A
10 extra absorption of $40 1000. 600 a wear
/? this country would have still fallen
ii much below the annual production tb
If the effect on the price would have he,
N very slight. Is it possible to believe fro
o the facts in the case that this would ho,
70 mad any material effect on the price
in silver bullion? No, our dollar won
n simply have declined in value and nh
ID chasing power, hand in hand with II
p Mexican dollar, whore free coipucn h
. prevailed, and it would simpIy he wor
" to-day what 31lH grains of pure silv
If are worth, and we would be on the sily
r., basis.
III In the face of these facts what h