The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1896-10-21
ARSOAUTEEY PURE

AA thS tdtC VA iAIItdSt O1 p0Quid[i0n.
The United States added ss4,0OO,OoO Tor
nearly 10 per cent? to its stock Of silver
IN 1894; and sSs, 10000 Cor ga per cent? to
It's stock Of gold. The annual rate Of in
crease Of population. from 1880 to 1890, was
less than w per cent.
The statement that silver cannot be
retained in circulation, as a part of the
worlds money if the United States aban-
dons it." is wild. The United States has
no intention of abandoning it. Refusal
10 coin silver at a false ratio, on account
OF the owner, cannot fairly be SO con-
sirued. But If there were never anothre
silver dollar coined in this country, even
on account of the Government, this
would not stop the coinage of silver else
where; nor would 1t wipe out of circula-
llon the 1000, 000.00 % of silver now current
IN the channels of
FREE COINAGE
August l6. 1893-sWe can, In our judg-
nlent, maintain the parity at the present
tne opening Of our mints to the free and
unIlInited coinage. of gold and silver would
.mmediately result in restoring silver Is
only here, but everywhere"
ihis 10 precisely what most people
familiar with the subject do not believe.
because they do not believe it, they op-
pose free and unlimited coinage at this
ratio, Mr.. Bryan's belief, or their disbe-
lef, viii not change the. fact. If he had
given his reasons for the faith which Is
IN him, it woui have been possible to
examine and pass upon them, but he gives
none.
The reasons for disbelieving that silver
mot nnlr Iara h,1< axya,r-lo..ss --.,t -
in the market to s1.2s per ounce. are co.
gent. II not conclusive. The stock Of sill
yer In the form Of coin in the world is
estimated at more than $4,000, 900, 600 -four
billions). The addition of 47-53 to the value
of this coined silver means the creation
OF value to the enormous amount of
S,7s5. 227.SSS In addition, the stock of sill
yer uncoined. which 1t is impossible to
estimate, would nave to be doubled in
value 1t Is safe to say Iii Mr.. Bryan
wishes to be understood to assert that
the United States, without waiting for the
consent of any other nation. can, by a
simple act of legislation, create value
amounting in the aggregate to more tha
twice the valuation of the entire stock Of
coined silver in the world. If his result
should follow, it might well be said that
the g of miracles has not passed away.
and that the a~ichemists dream was a
prophetic vision of unrealized possibili-
ties.
But IL it were true that the price Of
pure silver, under the expansive influence
of free coinage, would advance TO sl.2s
per ounce, and that the bullion in a sill
yer dollar would Immediately be worth
100 cents in gold, instead of continuing
to be worth las now only IS cents in
gold, how would this legislation benefit
the debtor class, whom Mr.. Bryan re-
CARDS as having rights superior TO those
of their creditors, and who. as he tells us,
should be preferred to them? If the gold
dollar is a dishonest dollar, because it has
appreciated in value relatively to the
prices OF the various commodities for
which it can be exchanged in trade, does
Mr.. Bryan think 1t officially right to bring
about such an enormous appreciation in
the value of the silver dollar also? And
what would be the effect upon prices of
the creation of eight of ten billions Of
value at one fell stroke7 Would not the
imitation of prices which would ensue be
more fictitious than REAL? NJ would
NV S4tk4 90NACh L461C 49, al
of speculation such as the world has not
yet seen. the results of which would be
disastrous beyond the power of the hui
man imagination to conceive?
Free coinage is supposed TO be in the
interest of debtors; bur If free coinage
should Immediately result in restoring
silver to the coinage value Of s.@ per
ounce, not only here but everywhere"
it would not nave the effect of scaling
Indebtedness by one penny, ana the hopes
of those who fancy that it would are
vain.
THE COST OF MINING.
August IS, 1ses.-"No calculation can be
made as to the profits of mining, which
does not include money spent In prospect
ing and in mines which nave ceased to
pay, as well as those which are proftably
worked"
This would be to apply to mining a rule
applied to no other industry in the world.
1t would be impossible to take any BUSH
| ness whatever and calculate how much
has been lost in the aggregate by those
| who have engaged in it without success.
REDEEMABLE AND IRREDEEMABLE.
June 5, IS94.-'sThere are two kinds OF
| paper money, namely, redeemable and ir-
| redeemable paper. Redeemable paper has
l TWO advantages OF special importance.
1t conforms to the prejudice of mankind
In favor of metallic money, and retains
their confidence in the money as a me-
| dunn Of exchange"
The implication in this assertion is that
| the greater confidence which mankind In
| general feel in redeemable paper is a
prejudice" which Mr.. Bryan. who Is SUI
| perior to the ordinary weaknesses Of
human nature. does not share. Irredeem-
able paper would be good enough for him.
MONEY OF THE CONSTITUTION.
August 16. 1s93.-"Can we afford to
abandon the constitutional right to pay
in either gold or silver?"
There is not a line in the Federal Con-
stitution in which this right is conferred
or asserted. The only reference to silver
in the Constitution is found in Article I,
Section 10, where 1t Is declared that "No
State shall make anything but gold and
silver coin a tende in payment of debts,
Therefore, the Constitution does not in
any take silver under its special
protection.
Section 8 Of Article I gives Congress the
right TO coin money, regulate the value
thereof and of foreign coins" There is
no direction for the use Of any particular
metal as coin, and Congress may. at its
/ own nfoasl1re darraa fha rnfno~a ~ aru