Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1896-08-17

at the present ratio can create demand for
silver which will keep the price OF silver bullion
at Sl29 per ounce. measured by gold
Fall in the Va1ue o. Silver.
Some of our opponents attribute the fall in the
value of silver, when measured by gold TO the
the worlds supply of silver has increased more
argument is entirely answered by the fact that
during the last five years the annual production
nual production of silver Since the gold price
of silver has fallen during the last five
| in the history of the world, IT is evident that
| the fall is not due, to increased production
Prices can be Lowered as effectually by decreas
| ing the demand for an article as by increasing
the, supply of it. and it seems certain that the
fall in the gold price OF silver is due to hostile
legislation, and not to natural laws. -,
is now going abroad in spite Of all legislation in
tended prevent it, and no silver is being coined
to take its place Not only is gold going abroad road
as the present financial policy is adhered to-.
unless we continue to borrow from across the
evil. because the amount borrowed together
sng daa De in
large sum to European creditors, and falling
tween our net national income and our national
| interest charge There is only one way to stop
| that is to stop falling prices The restoration of
bimetallism will not only stop falling prices, but
| WILL TO some extent, restore prices ny
! the worlds demand for gold. If it is argued that
a rise in prices lessons the value of the dollars
tbe balancing of eouates the American people
| have as much right to favor a financial system
eredor w have to insist t
/ that will reduce prices. But the interests of
debtors creditors, and the interests of society
| demand financial system which will add to the
| volume of the standard money of the world and
| thus restore stability to prices.
Perhaps the most persistent misrepresentation
the Of in
dollars. At the present time and under present
half its value, but that will not be true when
| we again establish mint price for silver ana
down the price of bullion Under bimetallsm
| silver bullion will be worth as much as silver
/ as gold coin. but believe that a silver dollar
will be worth much gold dollar. The
from those who are seeking to add to the weight
| of existing debts by legislation which makes
against the general welfare under the euphonious
| pretense that they are upholdlng public credit
In answer to the charge that gold will go
abroad, it must be remembered that no gold
can leave this country until the owner of the
gold receives something in return for it which
| he would rather have. In other words, when
gold leaves :, the country, those who formerly
/ by which we can be compelled to part with our
| gold against our will; nor is there any process
| by which silver be forced upon without
our consent. Exchanges are matters of agree
ment, and if silver comes to this country under
free coinage, it will be at the invitation of some
one in this country who will give something in
| exchange for it.
Parity Between the Metals.
Those who deny the ability of the United
| States to maintain the parity between gold and
/ silver at the present legal ratio without foreign
aid point to Mexico and assert that the opening
raise gold to a premium It is no reflection upon
! our sister republic remind people that tie
! United States is much greater than Mexico in
area. in population and in commercial strength.
1t is absurd TO assert that the United States is
not able to do anything which Mexico has failed
/ to accomplish. The one thing necessary in order
to maintain the parity is to furnish a demand
great enough to utilize all the silver which will
| come to the minis. That Mexico has failed to do
| this is no proof that the United States would
also fail. It is also argued that, since a
| Der of the nations have demonetized silver, moth
ing can be done until all these nations restore
bimetallism This is also Illogical. 1t is imma
terial how many or how few nations have open
mints, provided there are sufficient open minis to
furnish monetary demand for all the gold and
silver available for coinage.
| In reply TO the argument that improved ma
chinery has lessened the cost of producing silver
it is sufficient to say that the same is OF the
production of gold, and yet, Notwithstanding
fact the cost of production does not determine
the value of the precious metals except as it
cost of producing gold should be reduced 90 per
cent. without any increase in tie output, the
purchasing power of an ounce of gold would not
| fall. So long there is monetary demand suf-
| icient to take at fixed mint price all the gold
and silver produced, the cost Of production need
not be considered.
1t is often objected that the prices of gold and
silver cannot be fixed in relation to each other
| because of the variation in the relative produc-
/ ton of the metals. This argument also overlooks
| the fact that if the demand for both metals at
n fixed price is greater than the supply of both.
relative production becomes mmaterial. In the
early part of the present century the annual pro-
duction of silver was worth at the coinage ratio
about three times as much as the annual pro-
| ductlon OF gold; whereas. soon after 1919, the
annual production of gold became worth about
three times as much at the coinage ratio as the
| tie maintenance of the bmetallic standard,
these enormous changes in relative production had
but slight effect upon the relative values OF
| the metals.
Mine Owners and Free Silver.
/ If it is asserted by opponents that the free
/ coinage of silver is intended only for the bene-
| fit of the mine 1t must be remembered
4 that free coinage cannot restore to the mine
owners, any more than demonstration took away,
and it must also be remembered that the loss
which the decentralization of the silver has
brought to the mine is insignificant com
| pared to the loss which this policy has brought
i to the rest of the people. The restoration OF
/ silver will bring to the people generally many
can obtain from it. While it is not the pur-
pose of free coinage to especially aid any par
ticuar class yet those who believe that the
restoration of silver is needed by the whole
people should not be deferred because an in
cidental benefit will come to the mine owner
| The erection of forts, the deepening of harDors
| the improvement of rivers the erection of pub
lie buildings-all these confer incidental benefits
| upon individuals and communities, and yet these
| incidental benefits do not deter from making
appropriations for these purposes whenever such
| appropriations are necessary for the public good.
| The argument that silver dollar is heavier
| than a gold dollar, and therefore that silver is
less convenient to carry in large quantities. is
which is as easily, carried the gold certificate
| or any other kind OF paper money.
There are some, who, While admitting the
benefits of bimetallism, object to coinage at
! the present ratio. If any are deceived by this
objection, they. ought to remember that there
| are bimetallistS who earnestly endeaVOr-
| ing to secure it at any other ratio than 10 TO l.
| We opposed to any change in the ratio for
| two reasons: First, because change would
produce great injustice; and second, because a
change in the ratio is not necessary. A change
would produce injustice because, If effected in
| the manner usually suggested, it would result
| in enormous contraction in the volume OF
standard money. IT, for instance, it was de-
| Hded by international agreement to raise the
ratios throughout the world to 81 to /, the
change might be effected in any ore of three
ways The silver dollar could be doubled in
! size, so that the new silver dollar would weigh
| thirty-two times much the present geld
dollar; the present gold dollar could be re-
| duced one-half in weight that the present
silver dollar would weigh thrty-two times as
much as the, new gold dollar; or the change
! could be made by increasing the size of the
silver dollar and decreasing the size of the
| gold dollar until the silver dollar would
weigh thirty-two times as much as the, new