The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-08-22


tionally bimetallic country. Bimet-
allism Is truly the money of the faith
ers and the money Of the constitution.
Mr.. Bryan and his party lay great
stress on their claim as bimetllists. We
too are bimetallists. But If free coin
age of silver would defeat bimetallism
we have a right 10 demand that they
abandon their claim for free coinage of
silver or else frankly admit that they
are false to bimetallisn. They seem to
use the phrase bmetallism as il it were
only another name for free silver. 1t
lis nothing of the kind. Bimetallsm
has but one meaning, the use of two
metals as money. No monetary sys-
tenn can be bmeta!lic which doesn't
adequately secure the circulation of
both metals. Now this is exactly what
we demand We insist that no system
of coinage shall be permitted in this
country which win drive either metal
out of circulation. Il Is because free
coinage at 16 to l. with the present low
value of silver, would drive gold out of
circulation and give us silver mono
metallism that we are opposed to free
coinage. A!r. Bryan and his Followers
are buund 10 show that. with the free
Cuiuagc O. nfty-thTee cent silver dol
lars. gold viii stay in circulation. To
accomplish that would require tinOn-
Cial miracle. 1t has been t:ied a great
many times, but there never was power
enough in any government to make it
work. Not even such an absolute mon
arch as Henry VIII. could prevent his
dcbased shillings from driving the un-
dctased money out of circulation. They
make no attempt TO prove that gold
would stay i'm circulation under free
coinage Indeed, it is becoming more
evident every day that they do not
even desire that it should. Al their
talk about doubling prices and paving
their debts with half the wealth that
would now be required, and their ire
qucnt reference to the prosperity OF
Mexico, japan and other silver stand
ard countries, shows that what they
really want is not gold and silver but
silver recommendation. They want US to
get to a silver basis in the mistaken be-
lief that Q deprecated dollar Is advan-
tCgeOus to debtor class. In reality
there fore we are the true bimotalliSts
and they are the monome to lists mas
VucraGing in the garb of bimetallism
and not cheap dollars We're the real OBJ
lect they would consent to the free coin
age of silver as its market value the
same as gold. but any such proposition
which would give genuine bimetallism
and with it the free coinage of both
metals, they vigorously reject, and de-
mand free coinage at l6 to l. Why do
they insist upon 16 to /? Manlfestly
because 1G to l would insure eighty-sev-
en- Der cent. profit to the producers OF
silver bullion and forty-seven per cent.
discount in the payment of debts with
fifty-thTee cent silver dollars.
THE TRUTH ABOUT RATIO.
So much has been said about 16 to l
that there seems almost to have been
created a feeling that there is some oc-
cult influence associated with that par
ticular ratio. l have received a great
INtt Wit
months asking what it meant by 16 to l.,
and why that particular ratio is pre-
ferred. OF course, 16 to l simply means
that congress passed law that silver
dollar should weigh sixteen times as
much as a gold dollar. The ratio of l6
to | is not very old. 1t was only estab-
lished in 1884 At the beginning of our
government the ratio was fixed at 10 to
and so it remained from 1872 to 1884.
The reason it was fixed at 10 to i was
that in 1872 fifteen ounces of silver hau
had the same market value as one ounce
of gold. The value of silver subse-
uuently fell so that the silver in silver
dollar at Is to / was not worth as much
as the gold in a gold dollar. In order to
make the gold dollar of the same mar
ket value as well as coinage value, ana
to prevent sold from being driven out
of circulation. the ratio was changed in
1894 from 10 to | to 16 to I.
Y
would drive gold out of circulation and
make real bimetallism impossible, on
what ground can it be expected that
in 1896 gold will remain in circulation
with q freely coined fifty-three cent
dollar The same reason that made 10
to | necessary to maintain bimetalilsm
with free silver in 1884 would make 81
to 1 necessary to maintain bimetallism
with free silver in 1896.
SHOE ON THE OTHER FOOT.
The assumption that the restoration
of free coinage Of silver would re-es-
tablish the monetary and industrial
conditions of 1873 is equally misleading
and deusive. They have enormously
assumed that all the changes in the
value of silver and commodities since
1873 were the result of demonetizing
silver, and consequently falsely reason
| that to re-eStablsh free coinage would
re-establish all the other conditions of
| that period. The policy they are now
advocating was never approved by
the experience of history" nor was it
| ever supported by q single prominent
| statesman in this country. No coun-
| try in the world was ever foolish enough
| to try to keep two metals in circulation
with free coinage at q ratio which gave
| one metal forty-seven per cent. the
| advantage of the other. II is true that
prominent statesmen from the 1irst
president down to 1878" favored the
| free coinage of silver, but always and
only at legal ratio substantially
| en,iivalent to the market ia ito of the
| two metals Mr.. Bryan'S statement
that 1--WE are simply asking that the
| same mint privileges be accorded TO
| silver that are now accorded TO Eoid
| is not true. The privilege that Is ac-
corded to gold is that it shall have free
| coinage at it's market value. ana they
are asking that silver shall have free
! coinage at ffty-three per cent. OF Its
! market value. To put silver on the
| same condition for coinage as gold
| v.nIIJd he to give II free coinage at its
bullion value, which would not be 16 to
| / but 81 to l. Hence free coinage at l6
| TO I today is a totally different propo-
sition from !6 to l in 1878 and would
produce entirely different consequence
| 90 In 1873 the free coinage of silver
| did not tend in the least to drive gold
| from circulation. because at that time
! ,be silver in a silver dollar was worth
| nearly Sl0G, SO that every person who
! took silver to the mint would lose near
| " three cents by the transaction. Con-
| seuuently no silver dollars were coined.
| silver was thcn worth little more
| than S132 an ounce. Today IL is Wofth
| a little less than siXty-nine cents an
ounce. In 1896 he would make profit
| of sixty-three cents an ounce. or eight
! eay-eu nor cent. more by having 1t
coined than by selling it in the open
| market. It is this eighty-seven per
| cent. profit instead Of a three per cent.
! loss that makes all the difference be
| tween free coinage in 1873 and in 1896.
AND HOW ABOUT WAGES.
we now come to the last claim, that
| free COINAGE of silver will create pros
| perity. Prosperity is what we all want.
| ~ ,,Iol-a clear thc truth of that prOpO-