The San Francisco call., 1896-11-01

INoM odlQ NCN IOTk knew OeItor, ana d M
going to show you why New York knew better.
1t did not know better on account of its
knowledge of the fall of the Roman empire.
[Laughter.l But it knew better on account of
Its knowledge of what had happened in the
United States and had happened within the
memory OF every person now present old
enough to VOTE These men said there will be
demand for silver. The moment the United
States gives it free coinage there will be such
a demand that it will go up. Don't you believe
in the law OF supply and demand Yes, do;
but what is the law they are talking about? 1t
Is that If there are O certain number of things
In the world, and there is constantly in
creasing demand. the price will go up. So it
WILL but there is another law of supply and
demand and that is, given steady Increase of
demand and there will always be a steady in
crease OF supply at lower prices. [Applause.l
That is the history of the world from railroad
iron down 10 furniture.
= 1t doesn't matter what you take; If there is q
tremendous and continuous demand there
VIII be supply and that supply will always
tend to lower prices Now, that is theory and
theory Is not safe 10 trust to because these men
nave theories. Why they had one in 1892.
IL was that If we gave up our own market we
would get the markets of the world. And we
are struggling for them now. Now, do not
give much for my own theories unless can
IL
ing up this theory do not intend to go to
CHINA, do not intend TO 60 to Mexico, 1 do
not mean 10 adorn Japanese annals by any
translation OF them; do not intend even to
go back to the fall of the Roman empire.
am going to talk of modern American history
ICries of "Good"1
IN 1878 we had a pleasant situation of af-
iairs. we were trying TO get back to specie
payments. We had been foolish enough to
issue green backs thar off for
cents on the dollar for our lands and had al
lowed them TO. sink down and they were grad
ually getting back to power, and if you have
ever Deen below par you will know how hard
II Is to get back. tLaughter.l The worli was
full OF noisy people then as 1t is now. They
were abusing every respectable man in the
community because there was no way in
winch they could become respectable them
selves and they declared that something must
be done Finally we voted-I did MOTTO buy
$2OOO,OO0 silver a month, 81 900 900 worth
$24, 100000 in year. Now that is u tremen-
dous sum. We talk very frequently about
millions. have conception of quarter of
q million, have struggling idea of half
million.
l only know it relatively. but understand
it is big sum. In 1890 we raised the amount
which we were to purchase to 4,50O 900
ounces. l was in some way responsible for
that. but thought that 1t saved the country
from worse state of affairs from that which
these gentlemen are proposing now. What
was the effect of that tremendous purchase ae-
gregating in its results 600, 900 900 of coined
dollars and half-dollars The demand was in
creased. Did the price go up? No. 1t was not
that law OF supply and demand. 1t was the
other. The production increased and in
creased overwhelmingly, so that the result
was that it went from per cent discount
down to so per cent discount. Now, is my
theory backed up by facts or is it not2 TCries
of "Yes.''l
Now let me put little question in the rule
of three which has troubled some gentlemen
since first put 1t. IA voice, "why does not
gold go down?"J Gold does not go down be-
cause there are certain classes of people in the
world. If you borrow 500. 600, 900 OF silver
and the silver Went down 43 per cent what
would be the effect of buying all the rest of it?
What would be the effect of coming all the
rest OF 1t? 1t would go down. certainly. IAN
other interruption. at would grow with the
country.'l 1t could not grow with the eoun-
try, because we would not have any country
for it TO grow with.
Some say that the production is limited.
tell you, the mountains of Mexico are unlim-
tied. And another thing, while Mexico has
improved the reason why it has improved is
because it has a sta bic government.
Bandits are suppressed and men can go
down there and open up their silver mines
that have been closed for centuries almost T.
The manufacture of lead developed the pro-
duction of silver. want 20 say to you that in
my Judgment the mine-owner himself is max
ing mistake in wanting the free coinage of
silver. Ee would get the only benefit, / admit,
because for time he might be able to dispose
of his silver at a higher price, but he would
make the mistake which q manufacturer
friend of mine told me he never made and
that was he kept his prices down because he
did not dare to substitute boom for a busi-
ness. [Applause.l And the silver-.nine owner
had better take lesson from that. But
whether or not, believe in doing justice to
all the industries of this country have
always been ready TO assist in that direction
The United States has bought 1856 900. 900
of silver or thereabouts and has lost $780,
100000 in doing it And l think that this
shows disposition to do the straight thing /
have another reason. lived in California for
little while in comparatively early days and
saw the miners and m ine-owners that helped
TO people this country, and its improvement
might have been put very far back If it had
not been for the sudden discovery OF the
mines. Men came here and worked in the
mines and when the mines gave out they
looked around them and found that they had
richer country than there was anywhere
under the Lords sun. loud applause.l
Therefore 1 look with interest upon the
pioneers, the miners, who are the pioneers of
civilization; but, alter all, payment for pio-
neering must be reasonable and consistent
with the general advantage of the commu.
nifty. We have got to so do things in this
world that the best results will happen to the
greatest plumber. [Applause.I Well, then, If
silver is going down, what is going to be the
effect OF it2 / am talking about free coinage
by single country and not about free coin
age undertaken by the whole world A free
coinage undertaking by any country has been
a failure to-day. no matter where it has been
tried or under what sun. 1t has been a fail
ure, and what would be the result IL the
whole world took it Vi do not know.
The United States has made failure OF 1t.
They undertook to keep up silver coinage at
the ratio of Is to 1. They failed Then they
undertook it at 16 to 1, and ct that time thew
made the silver dollar worth 1O3 cents, and
the result was that the silver dollar disap-
peared. Nobody was going to give anybody 1O3
cents when he would be paid back with 100.
Why, the very best men of the day would not
do it. [Laughter.l But the United States
adopted 16 to deliberately, and for that pur-
pose. In 1884 law was passed with the in
tention of demonetizing silver because thew