Evening star., 1896-10-23

profit remained; that Is, until the value Of
the silver dollar was Just the same as the
value OF the bullion In 1t. II. on the other
hand. the price of silver bullion is not
raised to y an ounce, 1t must inevitably
draw the value Of the silver dollar down
to the value Of the bullion in it. as bullion
would be coined until the two values met.
To raise the value of silver bullion it is
necessary to raise the value of the whole
worlds stock of silver, which exceeds four
thousand IN millions Of dollars from IS cents.
Its present price, to S1.29 an ounce.
Mr.. Bryan admits this. In his speech of
acceptance he said: I'VE contend that free
ana unlimited coinage by the United States
alone will raise the bullion value of silver
to Its coinage value. and thus make silver
bullion worth N.29 per ounce in gold
throughout the world
The Price of silver.
The question therefore resolves itself into
this: Would the demand in the United
States for silver dollars over and above the
present stock of 437, 100000 of them (treas-
| ury statement of October u. which we al
ready have on hand, be sufficient to double
the value of the worlds stock Of silver?
Mr.. Bryan says it will. but admits he
can't prove 1t, adding, neither can you
prove that 1t won't.
That is his argument He gives YOU his
claim and belief. and says that Is just as
good as what all the financiers claim and
believe, as neither can be proved: and 1t is
q,
that he asks the American people to elect
him. and to see If his belief won't come
true.
In Brooklyn. on September "a. he said:
You cannot prove by mathematics that
we can maintain a parity, neither can you
prove that we cannot
Fortunately we are not remitted to Mr..
Bryan's belief alone for our guidance. The
United States has had some experience in
trying to raise the price Of the worlds
stock Of coin above its market value.
In 1860 the bullion in silver dollar was
worth $1:OS in gold. and the gold dollar,
measured by silver, was deprecated 3 per
cent. Our mints were open to the free
coinage of gold as well as of silver. Did
that raise the price of gold to par with
silver? Not at all. Although the worlds
| stock of gold is much smaller than its stock
of silver, and although 1t was only neces-
sary to raise Its price per cent, We could
not accomplish 1t.
This lasted from 1894 to 1860 and down to
1873. The price of gold bullion was not
raised the 3 per cent, and being the cheaper
currency, 1t drove the silver out of circula-
tion. And as no silver had been in circu-
lation for over thirty-five years, in 1873,
after full debate, this coin was omitted
from our coinage list.
In 1892 under the ratio of Is to dn force
| at that time) the bullion in a gold dollar
was worth cents more than the silver dol
lar, and the silver dollar, measured by gold,
was deprecated 3 per cent. Silver being
the cheaper, drove gold entirely out Of cir
Is, l., e.
| until 1884. when the government changed
the ratio from 15 to to 10 to l, with the
effect seen above.
In 1860 We were a nation of over 3OOOO,-
OOO OF people, and had no silver on hand
| Now we are nation Of about 70,OOO,OoO of
people, but have 437,OOOOOO Of silver dol
| lars on hand.
If, with all our power in 1860. we were
unable to raise the bullion value of gold
| but 3 per cent how can We expect TO raise
the bullion value of still larger quantity
| or silver not merely per cent but more
than fifteen times three, ie., Al per cent?
If. with over 3OOOO.OOO of people in 1860
we had been able to raise the bullion value
OF gold just B per cent to par, them being
Two and one-third times as great a people
| now as we were then, We might expect TO
raise the bullion prices of silver two and
one-third times as high. that is. per cent,
put now could we expect even then to raise
Six times seven. that is, A cents? especially
| when the only power we have to raise it
| with Is our demand for silver dollars. and
| tent of $l37 10000? -
Yet unless the price of the worlds stock
or silver Is nearly doubled. the price of
| bullion must. as we have seen. inevitably
pull the value Of the silver dollar down, as
bullion would be coined as long as there
was profit, ie., till the values met
| Mr. Bryan has presented his beliefs on
this subject.
opposed to them stand facts and history.
And not merely history of this country
| alone, but of all countries
| When the mint was first opened the in
| creased demand would undoubtedly raise
| the price Of silver bullion somewhat. but
| when this demand was supplied (the value
| OF the silver dollar having been brought
| d2wn 10 its bullion valued it is evident that
| with the continued supply and diminished
demand the price must fall off again.
But !; Is to be noted that even II the sill
| yer dollar did not depreciate, we would not
| escape the panic, as foreign and domestic
| creditors alike believe 1t would, and they
| consequently would call in debts and force
| sales just the same
| fully admits must occur. Therefore, the
consequences Of that panic are confessedly
sure to happen If he Is elected.
| Mr.. Bryan Is very fond of insisting It is
| inconsistent to assert that the silver mine
owner would make a profit in coming sill
yer, and also that dollars would be worth
| only so cents.
1t is not claimed that silver dollars will
| go 10 % cents the day the mint is thrown
open. but decline gradually, and at first
the silver mine owners could evidently
make large profit. When, by the coinage
% OF nus puiiion. they had deprecated to so
one time he could make profit, and at
another time We could and would have "a
| cent dollars. A little thought solves Mr..
| Bryans dilemma.
The Farmer and the Fifty-Three.
Cent Dollar.
| q
dollar to pay on his mortgage at half its
| face.
| How will this work?
On the 5th Of November next there wou1d
be no more silver dollars in circula tion
than today. nor on the 9Th of March next.
since no more could be coined until after
free coinage act had been passed.
| Such law could not be passed without
| the most desperate fight by the Opponents
of free silver. The fight against the VIII
son tariff lasted all summer (till August
| 2o, 1StD, and we could not reasonably ex-
pect this to be less determined, or that the
bill would become a law before about Sep
| tember 1 next.
Then. to coin $4,000 silver dollars to
| replace that number Of gold dollars driven
out Of circulation would require over eight
years. II the printing press was resorted
to. as the populists suggest, it would re-
| quire. at the present rate, for treasury
| notes. on the special paper required there
for. Of $1,26O,OOO day. over six weeks.
| which would bring 1t to the middle of Oc-
tober. and these could not be issued TN
$517.OOOOOO of silver had been deposited in
| the treasury, which would require some
time, and bring 1t to about November 1, or
| about year after Mr.. Bryan's election
Now. as the gold would have been driven
| out Of circulation. it is evident that until
| the coinage bill became law, or until
| September. 1897. or for ten months oftar