The River Falls times. [volume] (River Falls, Pierce County, Wis.) 1894-1933, 1896-08-18

be remeinbered that the loss which
the demonstration took away, and
1t ;r1st also be remembered that me ioss
which the decentralization OF SILVER HAS
brought to the mine owners Is mSlSiluclh
compared to the loss which this poney mas
brought to the rest ut the people Tne res
toratiou of silver will bring to the people
generally many times as mucn auFan age
as the mine owners can OBTAIN lFoin u.
While 1t is not the purpose of free coinage
to especially aid any particular class, YET
those who believe that The restoration or
silver is needed by the whole people should
not be dstcrred because an incidental Dene-
fit will come to the mine owner The
erection of forts, the deepening or mar
bors the Improvement of rivers, the erec-
ton of public r'ildings-all these confer
incidental benefits upon individuals ana
communities, and yet these incidental bene-
fits do not deter us from making approprla-
tons for these purposes whenever such APP
Preparations are necessary for the puDhc
good.
frhe argument that silver dollar is
heavier than gold dollar and that, there
fore, silver is less convenient TO carry In
large quantities. is completely answered by
the silver certificate, which is as easily car
ried as the gold certificate or any other
kind Of paper money. There are some VINO.
while admitting the benefits of bimetailism,
object to coinage at the present ratio. IT
any are deceived by this objection they
ought to remember that there are no BIZ
metallists who are earnestly endeavoring
to secure it at any Otfar ratio than 10 to
l. We are opposed to any change in the
ratio for two reasons: First, because
change would produce great injustice, and,
second, because a change in the ratio Is
not necessary. A change would produce In
Justice because if effected in the manner
usually suggested 1T would result IN IN
enormous contraction in the value of stand
ard money.
If, for instance, 1t was decided by inter
rational agreement to raise the ratio
throughout the world to 80 to / the change
might be effected in any one Of three ways:
The silver dollar cou;1 be doubled in size.
80 that the new silver dollar would weigh
thirty-two times as much the present
gold dollar; or the present gold dollar could
be reduced one-half in weight, so that
the present silver dollar would weight
thirty-two times as much as the new gold
dollar or the change could be made by IN
creasing the size of the silver dollar ana
decreasing the size Of the gold dollar until
the new silver dollar would weigh thirty
two times as much as the new gold dollar.
Those who have advised a change in the
ratio have usually suggested that the SILL
yer dollar be doubled. If this change were
made it would necesstate the recoinage or
four billions of silver into two billions OF
dollars There would be an immediate loss
of two billions of dollars. either to indi-
viduals or to the government but this would
be the least of the injury shrinkage OF
one-half in the silver money Of the world
would mean shrl1kage of one-fourth in
the total volume Of metallic money. This
contraction, by increasing the value Of the
dollar, would virtually increase the DEBTS
of the world billions of dollars and decrease
still more the value of the property or
the world as measured by dollars. Besides
this immediate result, such a change IN
no IN ms 7pntlV decrease
annual addition to the worlds supply or
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 IN
iured by charge in the ratio, not
because they produce silver, but be-
cause they own property and owe DENIS
and they cannot afford to thus decrease the
value of their property or increase the Dur-
den of their debts. In 1873 Mr.. Carlisle
said: Mankind will be fortunate indeed II
the annual production of gold and silver
coin shall keep pace with the annual IN
crease of population 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 tnan
supply Our monetary needs.
In supporting the act of 1890, known as
the Sherman act, Senator Sherman Oh June
of that year said: Under the law of FEB
ruary, 1873, the purchase of $2OOO,OOO worth
of silver bullion month has By coinage
produced annually an average of nearly
Sc, 100000 per month for period or twelve
years. but this amount, in view Of the re-
tirement of the bank notes, will not in
crease our currency In proportion to our
increasing population. If present cur
reucy is estimated at 81 400, 100000 aIN
our population is increasing at the ratio OF
g per cent rer annuln, it would require S4Z,-
OOO,OOO increased circulation each year 10
keen pace with the increase of population;
but, as the increase of population is accom-
Danied by a still greater ratio OF increase OF
wealth and business, 1t was thought that
an Immediate 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 $54OOO,000 q year of additional cur
rency is needed upon this basis. that
amount is provided for in this bill by the
issue OF treasury notes in exchange for bull
ION at the market price,
If the United States then needed more
than $40, 100000 annually to keep pace with
population and business it now. with q
larger population, needs still greater an
nual addition; and the United States is
only one nation among many. Our oppo-
nentS make adequate provision for the
increasing monetary 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
It's 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 BIZ
| metallism would be a hardship upon those
who have entered into contracts payable in
| gold coin, but this is mistake. 1t will be
easier to obtain the gold with which TO
NM ~N16 han of hn
| people can use silver, than it is now when
| every one is trying to secure gold.