The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-08-23

power to consume and produce. Our
extensive railroad development and
enormous Internal commerce must
also be taken into consideration. Now,
how much silver can come here? Not
the coined silver OF the world, because
almost all Of it is more valuable at
this time in other lands than il will
he at our mints under free coinage.
If our mints are opened to free and
unlimited coinage at the present ratio,
merchandise silver cannot come here,
because the labor applied to it has
made it worth more in the form of
merchandise than it will be worth at
our minis. We cannot even expect all
OF the annual product of silver because
India, China, Japan, Mexico and all
the silver-using countries must satisfy
their annual needs from the annual
product; the arts will require a large
amount, and the gold standard coun-
tries Will need n considerable quantity
for subsidiary coinage. We will be re-
CURED TO coin only that which is not
needed elsewhere; but, il we stand
ready to take and utilize all OF il. other
nations will be compelled to buy at the
price which we fix. Many fear that
the opening OF our minis will be fol
lowed by an enormous increase in
the annual production of silver. This
is conjecture. Silver has been used az
money for thousands Of years, and
during all that time the world has
never suffered from an over-produc-
ton. II, for any reason, the supply OF
gold or silver in the future ever exceeds
the requirements OF the arts and the
needs Of commerce, we confidently
hope that the intelligence of the peo-
pie viii be sufficient to devise and
enact any legislation necessary for
the protection Of the public 1t is
folly to refuse to the people the money
which they now need for fear they
may hereafter have more than they
need. l am firmly convinced that by
opening our minis to free and unlimit-
ed coinage at the present ratio we can
create a demand for silver which will
keep the price of silver bullion at S1.29
per ounce, measured by gold
FALL En- THE PRICE OF SILVER.
Some of our opponents attribute the
fall in the value of silver when meas
ured by gold, to the fact that during
the last quarter of a century the
worlds supply of silver has increased
more rapidly than the worlds supply
OF gold. This argument is entirely an
swered by the fact that, during the
last five years, the annual production
Of gold has increased more rapidly
than the annual production Of silver.
Since the gold price of silver has fallen
more during the last five years than il
ever fell in any previous five years in
the history of the world, it is evident
that the fall is not due to increased
production. Prices can be lowered as
effectually by decreasing the demand
for an article as by increasing the sup
ply of it, and it seems certain that the
fall in the gold price OF silver is due
to hostile legislation and not to natur-
al laws.
Our opponents cannot ignore the
fact that gold is now going abroad in
spite of all legislation to prevent it and
no silver is being coined TO take it's
place. Not only is gold going abroad,
now, but it must continue to go abroad
as long as the present financial system
is adhered to, unless we continue to
borrow from across the ocean, and even
then we simply postpone the evil; be-
cause the amount borrowed, together
with interest upon it, must be repaid
in approaching dollars.
"The American people now owe q
large sum to European creditors, and
falling prices have left a larger and
larger margin between our net nation
al income and our annual interest
charge.
There is only one way to stop the
increasing flow of gold from our
shores, and that is to stop falling pri-
ces. The restoration Of bimetallism
will not only stop the falling prices,
but will, TO some extent, restore prices
by reducing the worlds demand for
gold.
IF it is argued that a rise in prices
lessons the value of the dollars which
we pay TO cur creditors, reply that,
in the balancing Of equities the Amer
lean people have as much right to favor
financial system which will maintain
or restore prices as foreign creditors
have to insist upon a financial system
that will reduce prices But the Inter
ests of society are far superior to the
interest of either debtors or creditors,
and the interests Of society demand
financial system which will add to thu
volume or the standard money OF the
worla, and thus restore stability to
PRICES.
A FIFTY CENT DOLLAR.
Perhaps the most persistent mis-
representation that we have to meet
is the charge that we are advocating
the payment of debts in fifty cent dol
lars. At the present time and under
present laws a silver dollar when melt
ed, loses nearly half its value, but that
viii not be true when we again estab-
lish the mint price for silver, and leave
no surplus silver upon the market
to drag down the price of bullion.
Under bi-metallism silver bullion will
be worth as much as silver coin, lust
as gold bullion is now worth as much
as gold coin, and we believe that n sill
yer dollar will be worth as much as a
gold dollar.
The charge of Reputation comes
with poor grace from those who are
seeking to add to the weight of existing
debts by legislation which makes mon
ey dearer, and who conceal their de-
signs against the general welfare un-
der the pretense that they are UNFOLD