Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1896-10-08


their own results. The wisest govern
mehts recognize TINS. Such an appeal
will do in China, to whose monetary
standard Mr.. Bryan would assimilate that
Of the United States. But | do not be-
leve that 1t can be made successful here.
But he knows better than this. He was
instructed in a different school from that
In which such arguments found tolerance.
He had had to face such appeals to a
false Amerlcanlsm, when they were made
in favor OF restricted commerce. and OF
the right of privileged class to corral
the American people and calling theirs a
home market to levy an unlawful toll
upon their industry. A protest was met
by the inquiry whether the protestants
wanted British policy of free trade, or
an American policy for Americans alone.
Upon all this Mr.. Bryan has poured the
walls OF hie indignant scorn, and his elo-
quent denunciation. With what cords
has this Samson been bound that he no
longer contends with the devouring lion
of protection? Is 1t that his new-found
mistress of free coinage has shorn his
locks, that he now rivals the great apos-
tie Of protection himself in his appeals for
an American policy Of finance, that shall
worldr Stranger and still more strange,
this American financial policy of finance
is espoused in the interest of higher
prices for the necessarles Of life, Just as
the other great American policy Of pro-
lection was to create higher prices for the
manufacturer. Cheapness, you remember,
was denounced; a cheap coat made a
cheap man. What a picture this unhoiy
allIanRa N tpI.n ot,d L..
one supplements the other and between
the two low prices and cheapness are to
be banished from American soil
How prices Of wheat and corn and food
are to be raised, If free coinage, as Mr.
bryan says In the speech already quoted
viii make silver bullion worth s1.29 per
ounce throughout the world, he at no
time has sought to explain. He and the
other advocates Of free coinage of silver
at 16 to l have certainly proclaimed to
the owners of mortgaged farms, and
other debtors, that it is in their interest
that cheaper dollar was to be created by
law. that the present standard made
2oO-cent dollar, and that debts contracted
to be paid on the present gold standard
could be paid in cheaper silver dollars
They say we are debtor nation, and
the tribute we are paying abroad. How
can all this be true, If, as Mr.. Bryan de-
liberately says in the written statement
referred to, THE free and unlimited coin.
age by the United States alone will raise
the bullion value Of silver to its coinage
value, and thus make silver bullion
worth $l.29 per ounce throughout the
world"
FALLING PRICES.
ask again, what are we to say to all
this? Falling prices is the burden OF
their complaint. The cause of falling
prices is said to be the appreciation of
the gold standard. But IL free coinage OF
silver at the ratio of 16 to | is either by
the operation of the law of supply and
demand, or by the mere force of legisa-
tive fiat, to bring silver bullion up from
&c cents per ounce to $1.29 per ounce In
gold, then the silver dollar will conform
to the gold standard as it does now, and
no cheaper dollar Is furnished with which
the debtor may cheat his creditor, or by
which as a standard of value prices of
agricultural and other commodities may
be raised.
Speak, Mr.. Bryan. and tell us what you
mean. Is the silver dollar to conform to
the gold standard, by reason of legislative
nat, or are all debts to be scaled, and all
prices raised by new and cheaper silver
standard? You cannot mean both. II
you mean the first, then there will be
some awfully disappointed men among
the boomers of the West, who have been
'peculating on borrowed capital, and who
lind the booms collapsed, but their debts
1t will disappoint also many
honest men engaged in agricultural pur-
suits, who have promised themselves
largely increased price for the product of
their lands.
Do you think you can honestly appeal
to the great wage-earnng masses to agree
TO this great change in the financial policy
of the country unless you can more ex-
Dlicitly and clearly tell them what the
effect of the change is to be?
But l do not propose to leave the case
here. and rely on the failure of the silver
advocates Ito meet the obligation that rests
Upon them to satisfactorily answer these
questions. l assert that the free coinage
)f silver at the ratio of 16 to 1 would at
'nce put this country upon a silver mono
metallic basis. That silver at its pres
mt, or little above It's present bullion |
'alue, of about G5 cents per ounce would
become the monetary standard of the |
country. Gold would disappear from COM
nerce and become commodity. And all |
he attendant consequences of panic, com
nercial disaster and painful readjustment |
o new conditions, would be matters of |
lctual experience. The prices of all the |
lecessaries Of life would enormously in |
rease when measured by the silver stan
lard, while wages would lag in the rear,
8 they have always done in like situa-
ions.
And this is not mere assertion. It all |
epends upon the truth of Mr.. Bryan's |
roposltion that free coinage at 16 to / |
iould make silver bullion worth 129 cents
n gold throughout the world.
Let us see. Mr.. Bryan says free coin
ge will create an unlimited demand for
he silver OF the world at a fixed price.
Tut the government will not under free
oinage become the purchaser of silver at
129 per ounce, or at any other price. All
hat 1t will offer to do is to divide the
ullion into discs of certain weight and
neness, stamp them and return them to
heir owner.
Is there any demand In the proper sense
the word created by this transaction?
demand for something that has value
nd goes into consumption will affect it's
alue. Because to supply such demand
'ssens the remaining quantity of the ar
Gle available for the market. Oats arc
! demand near large cavalry stables, and
hen supplied they are consumed and
1e stock Of oats is thereby lessened, and