Democratic Northwest and Henry County news. [volume] (Napoleon, O. [Ohio]) 1894-1905, 1896-08-20

| accomplish. Inc one tn1ng necessary
order TO maintain the parity Is to furnis
9 demand great enough 20 utilize all q
silver which viii come TO the mints. Thl
Mexico has failed TO do this is not pro-
that the United States would also fail
II is also argued that, since a number
the nations have demonetized silver, notl
| ing can be done until all Of those natioI
restore bimetallism. This is also illogica
1t is immaterial how many or how fe'
nations have open mints, provided thel
are sufficient open mints to furnish o moi
etary demand for all the gold and silvC
available for coinage.
In reply to the argument that improve
machinery has lessened the cost of produC
ing silver, 1t is sufficient to say that th
same is true of the production of gold, an
vet, notwithstanding that, gold has rise
In value As q matter Of fact, the cost q
production docs not determine the valu
of the precious metals, except as it ma
affect the supply. If, for instance, the cos
of producing gold should be reduced 8
per cent without any increase in the out
put the purchasing power of an ounce o
gold would not fall. So long as there
a monetary demand sufficient to take Mt
fixed mint price all the gold and silve
produced the cost of production need no
be considered.
Prices of Gold and Silver.
1t is often objected that the prices o
gold and silver cannot be fixed in relation
to each other because of the variation il
the relative production of the metals. Thi
argument also overlooks the fact that,
the demand for both metals at a fixed pric,
is greater than the supply of both, RELATIVE
production becomes immaterial. In the
early part of the present century the an
nual production of silver was worth, al
tho coinage ratio, about three times al
much as the annual production of gold
whereas, soon after 1S49, the annual pro
duction Of gold became worth about thre,
times as much, at the coinage ratio, rs thc
annual production Of silver, and yet, ow.
ing to the maintenance of the bimetallic
standard, ths-9 enormous changes in rola-
tive production had but llight effect.up
On the relative values OF INC It.,etaIS A.s1.4.
If 1t Is asserted by our opponents thnt
the free coinage of silver is intended only
for the b6heft Of the mine owners, it must
be remembered that free coinage cannot
restore to the mino owners any more thar
took away, and it must
also DO remembered that the loss which
the demonetization Of silver has brought
to the mine owners is insignificant com,
pared to the loss which this policy has
brought to the rest Of the people. The res
torati3h of giiyef viii bring to the 15Srrlls. 55srls
generally many times as much advantage
6s tho flino owners can obtain from it
While it is not the purpose Of free coinage
to specially aid any particular class, yet
those who believe that the restoration Of
silver is needed by the whole people should
not be deferred because an incidental ben-
eft will come to the mine owner. The cree
ton Of forts, the deepening of harbors
the improvement Of rivers, the erection OF
public buildings, all these confer inch
dental benefits upon individuals and com
and yet these incidental benefits
do not deter us from making appropria-
tiors for these purposes whenever such ap.
pronriations are necessary for the public
good. -. ,.i,..,-s ..>-
The argument that o silver dollar is
heavier than gold dollar, and that there
fore silver is less convenient to carry in
large quantities, is completely answered
by the silver certificate which is as easily
carried as the gold certificate or any other
kind Of paper money.
AS to the Present Ratio.
There are some who, while admitting
the benefits Of bimotallism, object to coin.
age at the present ratio. If any are deceiv
ed by this objection, they ought to remem
her that there are no bimetallists who are
earnestly ondeavoring to eecure it at any
other ratio than 16 to l. We are opposed
to any change in the ratio for two reasons
first, because n change would produce
great injustice, and, second because q
change in the ratio is not necessary. A
change would produce injustice because,
if effected in the manner usually suggest
ed, it would result in an enormous con.
traction in the volume of standard money.
If, for instance, it was decided by inter
national agreement to raise the ratios
throughout tho world to 32 to /, the change
might be effected in any one of three
ways.
The silver dollar could be doubled in
size SO that the new silver dollar would
weigh 80 times as much as the present gold
dollar, Or the present gold dollar could be
reduced one-half in weight, so that the
present silver dollar would weigh 80 times
as much as the new gold dollar, or the
change could be made by increasing the
size OF tho silver dollar and decreasing the
size of the gold dollar until the new silver
dollar would weigh 80 times os much as
the new gold dollar, Those who have sd-
vised change in the ratio have usually
suggested that the silver dollar be doubled.
If this change were made, it would neces-
sitate the recoinage of 1900, 900, 900 of sill
yer into s2,000,0 100000. There would be
an immediate loss Of $2,000 900, 600 either
to individuals or to the government, but
this would be the least Of the injury. A
shrinkage Of one-half in the silver money
of the world would mean shrinkage Of
one-fourth In the total volume Of metallic
money. This contraction, by increasing
the value of the dollar, would virtually
increase the debts of the world billions oi
dollars and decrease still more the value ot
the property of the world as measured by
dollars Besides this immediate result
such o change in the ratio would per1na
nently decrease the annual addition to tht
worlds supply Of money, because the an
nual silver product, when coined into dol
lars twice as large, would make only hal
as many dollars.
The people of the United States woult
be injured by change in the ratio no
because they produce silver, but becaus
they own property and owe debts, an
they cannot afford to thus decrease tn
value of their property or increase the bur
den Of their debts
In 1878 Mr.. Carlisle said, "Mankint
will be fortunate indeed If the annual pro
duction Of COLO and silver coin shall keeI
pace with the annual increase of popula
tion and industry" l repeat this asser
ton. All of the gold and silver annual
available for coinage, when converted int
coin at the present ratio, will not, in m
Judgment, more than supply our monetar
needs.
The Sherman Act.
In supporting the act of 1890, known a
the Sherman act, Senator Sherman, o.
June of that year, said: