The Caucasian. (Clinton, N.C.) 188?-1913, 1896-08-27

age II too large TO be utilized BY the
United States
WE CAN USE ALL THE SILVER
In discussing this question we must /
consider the capacity Of our peoPIs |
to use silver and the quantity OF sill /
yer which can come 10 our minf4- IL
must he remembered that we live IA |
a country only partially developed. sad
that our people far surpass any equal
of people in the world IN their
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
be at our minis under free coinage.
III 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 il 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 large
amount, and the gold standard coun-
tries will need considerable quantity
for subsidiary coinage. We will be re
quired to coin only that which is not
needed elsewhere; but, il we stand
ready to take and utilize all of it, other
nations will be compelled to buy at the
kHnx
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 as
money for thousands of years, and
| during all that time the world has
| never suffered from an over-produc-
ton. If, 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 will 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. I am firmly convinced that by
opening our minis to free and unlimit
| ed coinage at the present ratio we cal
create demand for silver which will
keep the price of silver bullion at SIP!
per ounce, measured by gold.
FALL IN THE PRICE OF SILVER.
'Some of our opponents attribute thu
fall in the value of silver, when meas
ured by gold, to the fact that durin!
; the last quarter of a century tn
: worlds supply Of silver has Increases
more rapidly than the worlds suppl
;, of gold. This argument is entirely an
swered by the fact that, during tn
. !. last five years, the annual productio
l of gold has increased more rapid
i than the annual production of silver
> Since the gold price of silver has falle
!. more during the last five years than
ever fell in any previous five years i
the history of the world, it is evide1
that the fall is not due to increase.
:, production. Prices can be lowered q
|. etfectually by decreasing the deman
:. for an article as by increasing the SUI
= ply of it, and it seems certain that tt
fall in the gold price of silver is d.
to hostile legislation and not to natu
|. al laws.
l Our opponents cannot ignore til
e fact that gold is now going abroad
r spite Of all Legislation to prevent it an
e no silver is being coined to take il
n place. Not only is gold going a'broa4
J. now, but it must continue to go abroa
Il as long as the present financial syste1
e is adhered to, unless we continue
e borrow from across the ocean, and eve
: then we simply postpone the evil; b.
It cause the amount borrowed, togethe
y with interest upon it, must be repai
le in approaching dollars.
r ''The American people now owe
20 large sum to European creditors, an
d falling prices have left a larger al
W larger margin between our net natio
IL al income and our annual intere
d charge.
T 'There is only one way to stop tt
ID increasing flow of gold from o,
c. shores, and that is to stop falling Or
ID ces. The restoration of bimetallis
y will not only stop the falling price
70 but will, to some extent, restore pric,
ID by reducing the worlds demand fl
e. gold.
d. eff it is argued that rise in pric
IS lessons the value of the dollars viii,
s. we pay to our creditors, reply thu
r. in the balancing Of equities the Anne
D! lean people have as much right to fav
!, ! a AAduCld4 ~ Slcm WHICH WILL mania
~ or restore prices as foreign credito
III have to insist upon financial syste
u that will reduce prices. But the int
" ests of society are far superior to t
LII interest of either debtors or creditor
and the interests of society demand
70 financial system which will add to t
~ volume of the standard money of t
&c world, and thus restore stability
m prices.
So
Ia A FIFTY CENT DOLLAR.
er Perhaps the most persistent mi
d. representation that we have to me
Is, is the charge that we are advocati1
in the payment of debts in fifty cent dc
er lars. At the present time and und
On present laws a silver dollar when mel
10. ed, loses nearly half it's value, but tn
d, will not be true when we again esta
Sc lish the mint price for silver, and lea,
he no surplus silver upon the mark
at to drag down the price of bullion
On Under bi-metallism silver bullion w
he be worth as much as silver coin. iu
n as gold bullion is now worth as mu<
t. as gold coin, and we believe that a g