The Progress., 1896-08-22

Ih'''' NV i'lh' w NV HHHlhi DfNllIf'
tto9 Of silver This IL conjecture" Sil
V"r has been used ~ money for non
sands Of yenra. and during all ~ hot
i'm" tn" world has never suffered from
az ov"rprodncto0 am nruiy con
WINGED THAT Ivy opening our minis 20
tr"" and unlimited coiup&e 1T thn pres
"ni ratio v" can create u d.mnnd fri
silver which wilI keep the prize" Of "a
vrr bullion at 81 % AZ ounce. m"asured
by gold
Some oi our oppnn"u's st'"ibnt" II"
fall IN the value of silver, when m"as-
,lrrd by gold. TO the fact that dHrlng
the last quarter Of n c"ntay tie
worlds supply OF silver has increased
more rapidly than tn" worlds supply
Of gold. This argument il 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. SIn""
the gold price OF silver has fallen more
during the last five years shan it eyer
fell In any previous Ave years IN 'he
history OF the world. il il nvIdcn, that
tn" fall - not due to Increased produG-
ton. Prices can be lowered as effect.
naIlN by decreasing The demand for an
! ar'icl" an by increasing tn" supply OF
II, and !, seems certain that IN" fall
in tho gold price of silver IL du" to
| ho3lil" legislation. and not to natural
| iHWa
"Dnr opponents cannot ignor" 'ho
! spite OF all legislation intended TO pro
| vent il. aud no silver Is being coined
TO take It's place. Not only iH gold go.
! Ing abroad now. but II must contiuuc
! TO 90 abroad rs long aa The present
| financial policy is adhered 10 unlos.; We
! COntinn" 10 borrow from across the
ocean, and even then "" simply post .
! DOnc III" OWL. because The amount Dor
roWcd. together with interest upon it..
must be repaid in approaching dollars.
| There is only ono way to stop the IN
crca.ing low Of gold from our shores,
and that Il 10 atop falling prices. The
| restoration Of bimetalism will not
only stop falling prices. but will-tO
som" cNtent-restor" prices by re-
| ducEng the worlds demand for gold.
Answers tn. "5U-C-nt Do,ipr" Talk.
"Pcrhaps the most persistent mi
! representation that We have to meet IL
tn" charge that We are advocating the
payment of debts in JO-ccnt dollars.
| The charge Of reputation comes with
| poor grace from those VINO are seeking
10 add to the weight Of existing debts
| by Legislation which makes money
dearer, and who conceal their designs
against tn" general welfare under the
ouphonious pretensr that they ale up
holding public credit and national
h0nOr.
1T must be- remembered that 70 gold
can leave this country until the owner
Of the gold receives something in re-
turn for ii which he would rather have.
There is no process by which we cal
ne compelled to part with our gold
against our will, nor Is there any proc
ess by which silver can he forced upon
u8 without our consent.
Those who deny the ability of the
| United States TO maintain she parity
between gold and oliver at the present
legal ratio without foreign aid point TO
Mexico and assert that the opening of
our mints will reduce us to q silver
basis and raise gold to premium. 1t
Ia absurd to declare that tho United
States Is not able 10 do anything which
Mexico has failed to accomplish. The
one thing necessary In order to main
tain the parity 10 to furnish demand
great enough to utilize all the silver
which will come to tho minis.
A. to Cost Of Production.
''In reply TO the argument that i'm
proved machinery has l0ssened the cost
of producing silver, it is sufficient tC
say that the same is true of the pro.
durtion q gold. and yet, n0twithstand
ing that gold has risen in value. As
n matter of fact, the cost Of production
does not determine the value Of the
precious metals, except as it may affect
the supply. II, for instance, the cost
Of producing gold should be reduced
90 per cent, without any increase il
the output, the purchasing power OF an
ounce Of gold would not fail SO Ions
as there is q monetary demand suf!l
cicnt to take at Gxed mint price al
the gold and silvt. produced, the cos
Of production need not be considered
Tho MIno Owners Not Specially Benefited
''.s 4 ~ asserted by our opponent!
that the fsce coinage of silver Is in
tended only for the benefit Of the mine
owners, II must be remembered tina
free coinage canuOt restore to the mine
owner any more than the demonetiza
ton .AOk away: and it must also b'
remembered that tho loss which tn,
decentralization OF silver has brough
to the minc-OHncrs is insignificant
compared to the loss which this policy