The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1896-08-19
Bryan's Speech.
Continued.

either SOl(t or SILVER, ara HcC iiIlCe lIltt&l1
tains the parity Between gold and silver at
the ratio of 15E to and retains in cir
culation moro silver per capita than we do
in the United States.
It may be further answered that our op-
ponents have suggested no feasible plan for
avoiding the dangers which they fear. The
retirement Of the greenbacks and treasury
notes would not protect the treasury, be-
cause the same policy which now leads the
secretary OF the treasury to redeem all gov
ernment PAPER in gold. when gold is &c
mandcd, will require the redemption Oh all
silver dollars and silver certificates IN gold
if the grcenhacks and treasury notes are
withdrawn from circulation. More than
this, if the government should retire its
paper and throw upon the banks the ne
cessity Of furnishing coin redemption, the
banks would exercise the right to furnish
either gold or silver-in other words, they
would exercise the opticn. just as the gov
eminent ought to exercise it now. The
government must either exercise the right
to redeem its obligations in silver when
silver is more convenient, or it must retire
all the silver and silver certificates from
circulation and leave nothing but gold as
legal tender money. Arc cur opponents
willing to outline a fna-cial system which
will carry out their policy to its legitimate
conclusion, or will they continue to cloak
their designs in ambiguous phrases?
Necessity For Bimetaliisln.
There is ;.A actual necessity fer bilnctal-
ism as we'll as g theoretical defense OF it.
During the last 90 years legislation has
been creating an additional demand for
gold, and this law created demand has re-
suited in increasing the purchasing power
of each ounce of gold The restoration Of
bi1netallis1n in the United States will take
away from gold just so much OF its pur-
chasing power as was added to it By the
demonetization of silver by the United
States. The silver dollar is now held up to
the gold dollar by legal tender laws and
not by redemption in gold, because the
standard silver dollars are not now re-
deemablc in gold either in law or By ad-
n,inisrative policy.
We contend that 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
$1.2o per ounce in gold throughout the
world. This proposition is in keeping with
natural laws, not in defiance of them. Ihe
best known law of commerce is the law of
supply and demand We recognize this
law and build our argument upon it. We
apply this law to money when we say that
a reduction in the volume Of money will
raise the purchasing power of the dollar.
We also apply the law of supply and dc
mand to silver when we say that new
demand for silver created by law will raise
the price of silver bullion. Gold and silver
are different from other commodities in
that they are limited in quantity. Corn.
wheat, manufactured products, ETC., can be
produced almost without limit, provided
they can Ee sold at q price sufficient to
stimulate production, but gold and silver
are called precious metals because they are
found, not produced. These metals have
been the objects Of anxious search as far
back as history ru1s; yet, according to MIR.
Harvey's calculation, al the gold coin of
the world can be melted into {. % foot cube
and all the silver coin in the world into
66 foot cube. Because gold and silver are
limited, both in the quantity now in hand
ard in annual production, it follows that
legislation can fix the ratio between them.
ANY purchaser who stands ready to take
the entire supply of a'2y given article at q
certain price can prevent that article from
falling below that price. So the govern
ment can fix a price for gold and silver by
creating a demand greater than the sup
ply. international bilnetallists believe that
several nations, by entering into an agree
men5 to coin at 4 fixed ratio all the gold
and silver presented, can maintain the
bullion value Of the metals at the mint
ratio. When mint price is thus estab-
lished, it regulates the bullion price, be
cause any person desiring coin may have
the bullion converted inteNFoin at that
price, and any person desiriIg bullion cln
secure it by melting the coin. The only
question Gbon which international bi1netal
lists and independent bimetallists differ is,
Can the United States by the free and un-
limited coinage of silver at the present
legal ratio create demand for silver
which. taken in connection with the de-
mapd already in existence, will be suf-
fcient to utilize all the silver that will Ec
presented at the mints: They agree j.: their
defense of the bimetallic principle, and
they agree in unalterablc opposition to the
gold standard international bimcts;llists
CaOuOC COlUp1ti1Il lilsIG iiCS COl.tt1C S1r ID q
benefit to the mine owncr, because inter
national bimctallisin gives 10 the owEc' Of
silver all the advantages offered by indc-
pendent D:Iietallis,,. 1t the same ratio IL
ternatioDal 5ilEetallissS c;s3.roc ;ccUsc TIC
advocates oi free silver of being 'tull!:n
owners who desire 20 raise the v;.iuc G.
their bullion" I" Or debtors WHO desire &;
pay their debts il cheap dc!i;;lS.' ci'
l'dc,nagogucs who desire 70 curry fave
with the people They must rest 1ie.i
opposition upon one ground c:lly-l;;ll'c:2,
that TIE supply OF silver available f@r ccin
age IS TO large to &c utilized by the Unit
ed States.
Our Capacity 70 Us. SILVER.
In discussing this question We Elss
consider the capacity OF Our people to ':se
silver and the quantity of silver w;:ich c;:A
conc to cur mints. 1t must be r"nlci!.-
bered that wc livc in 4 country cnl" i.al'-
TALLY developed. and that or people ia"
surpass any caual number OF i;ccpic Iii the
world in their power TO cciis;nc and pro-
duce. Our extensive railroad development