The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-08-17
CHEAP MONEY FOR CREDITORS.
Denies That silver Men Want to Pay In
so Cent Dollars.

90 Cent Dollars.
Perhaps the most persistent misrepre-
sentation that we have to meet Is the
charge that we are advocating the pay
ment of debts In 50-cent dollars. Al the
present time and under present laws
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. Under bimetallism silver bullion
will be worth as much as silver coin, just
as gold bullion Is now worth as much as
gold coin, and we believe that silver
dollar will be worth as much as gold
dollar. The charge of Reputation comes
with poor grace from those who are seek
ing 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 euphonius pre-
tense that they are 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 gold receives something in
return for IL which he would rather have.
In other words, when gold leaves the
country those who formerly owned it will
be benefited There is no process by
which we can be compelled to part with
our gold against our will, nor is there any
process by which silver can be forced upon
us without our consent. Exchanges are
matters Of agreement, and II silver comes
to this country under free coinage 1t will
be at the invitation of some one in this
country who will give something in ex-
change for it,
Those who deny the ability of the United
States to maintain the parity between
gold and silver at the present legal ratio
without foreign aid point to Mexico and
assert that the opening OF our mints will
reduce us to silver basis and raise gold
sister republic to remind our people that
the United States Is much greater than
to premium. 1t is norefiection upon our
Mexico In area, In population and in com.
mercial strength. Ii Is absurd to assert
that the United States Is not able to do
ANYTHING which Mexico has failed to ac-
complsh. The one thing necessary In
order to maintain the parity Is to furnish
a demand great enough to utilize all the
silver which will come to the minis. That
Mexico has failed to do this Is no proof
thas the United States would also fail.
1t Is also argued that since number Of
the nations have demonetized silver moth
ing can be done until all OF those nations
restore bimetallism. This is also illogical
It is immaterial how many or how few ma
lions have open mints, provided there are
sufficient open minis to furnish none
tary demand for all the gold and silver
available for coinage.
In reply to the argument that improved
machinery has lcssened tho cost Of pro-
ducing silver It Is sufficient to say that the
same is true Of the production of gold and
yet Notwithstanding that, gold has risen
In value AS matter of fact the cost of
production does not determine the value
of the precious metals, except as 1t may
affect the supply II for instance the cost
of producing gold should be reduced 90 per
cent. without any increase In the output
the purchasing power OF an ounce OF gold
would not fall SO long rs there Is
monetary demand sufficient TO take at
fixed mint price all the gold and silver
produced the cost OF production need not
be considered.
1t is often objected that the prices OF
gold and silver cannot be fixed in relation
TO each other because Of the variation In
the relative production OF the metals.
This argument also overlooks the fact that
II the demand for both metals mt n fixed
price Is greater than the supply Of both
relative production becomes immatcrial.
In the early part Of the present century
the annual production Of silver was worth,
at the coinage ratio, about three times as
much ms the annual production Of gold;
whereas soon after 1919 the annual produc-
ton Of gold became worth about three
times rs much, at the coinage ratio, as
the annual production OF silver; and yet,
owing to the maintenance Of the bimetal-
lie standard, these enormous changes In
relative production had but a slight effect
upon the relative values Of the metals.
II 1t Is asserted BY our opponents that