The Progress., 1896-09-17

nous increase Ill lNe >IAuoA PAo""
ton of silver. This Is conjecture. Sill
yer has been used as money for thou
sands of years. and during all OF that
time the world has never suffered from
an overproduction. l am firmly con-
WINGED that by opening our mints to
free and unlimited coinage at the pres
ent ratio we can create demand fo1
silver which will keep the price o. sill
yer bullion at $1.29 an ounce: measured
by gold.
Some of our opponents attribute the
fall in the value of silver, when meas
ured by gold, to the fact that during
the last quarter of a centa'y the
worlds supply of silver has increased
more rapidly than the worlds supply
of gold. This argument is entirely an
swered by the fact that, during the
last five years the annual production OF
gold has increased more rapidly than
the annual production OF silver. Since
the gold price Of silver has fallen more
during the last five years than 1t ever
fell in any previous five years in The
history Of the world, 1t is evident that
the fall is not due to increased produc-
tion Prices can be lowered as effect
| ually by decreasing the demand for an
article as by increasing the supply OF
it, and it seems certain that the TALL
in the gold price of silver is due to
hostile legislation, and not to natural
laws.
"Our opponents cannot ignore the
fact that gold is now going abroad IN
spite of all legislation intended to pre-
vent it. and no silver is being coined
| to take it's place. Not only is gold 60
ing abroad now, but it must continue
to go abroad as long as the present
financial policy is adhered to unless we
! continue to borrow from across the
ocean. and even then we simply post
pone the evil, because the amount bor'
rowed, together with interest upon It,
must be repaid in approaching dollars
There is only one way to stop the In
3 creasing flow of gold from our shores
] and that is to stop falling prices. The
e restoration OF bimetallism will moi
e only stop falling prices, but willie
r some extent-restore prices by re
r ducing the worlds demand foy gold.
: Au.wers tho 80. Cont Dolier" Talk.
n perhaps the most persistent mis-
y representation that we have to meet i
- the charge that we are advocating tn
- payment of debts in 5O-cent dollars
. The charge Of reputation comes wit
moor grace from those who are seekin
to add to the weight nj existing debt
80 by legislation which makes none
&c dearer. and who conceal their design
IL against the general welfare under tn
euphonious pretense that they are w
N holding public credit and nation:
. honor.
1T must be remembered that 70 gol
:" can leave this country until the oWnt
~ of the gold receives something In r.
~ turn for it which he would rather hav
~ There is no process by which we ca
-. be compelled to part with our go
49, against our will, nor Is there sny pro
~ ess by which silver can be forced uDe
NO US without our consent.
in "Those who deny the ability OF Il
he United States to maintain the pari
"a between gold and silver at the prese
ell legal ratio without foreign aid point
Mexico and assert that the opening
NON our minis will reduce us to silv
er basis and raise gold to a premium.
a is absurd to declare that the Unit
it? States is not able to do anything viii
ght Mexico has failed to accomplish. I
old one thing necessary in order to maj
the tain the parity is to furnish dema
the great enough to utilize all the SLY
Gu which will come to tho minis.
we Az to Cost Of Production.
In reply to the argument that
TED proved machinery has lessened the c
Will Of producing silver, 1t Is sufficient
Its say that the same is true OF the p
lver duction q gold, and yet, notwithsta
gold ing that, gold has risen In value.
osi- a matter Of fact, the cost Of product
lws, does not determine the value OF
best precious metals, except as It may at
OF the supply. If, for instance, the
nlze Of producing gold should be redu
pom 80 per cent, without any increase
men the output, the purchasing power O
ume ounce Of gold would not fail. So
sing as there is a monetary demand 8
the cient to take at 4 hxed mint price
liver tho gold and silver produced, the
LOT Of production need not be conside
The Mine owners Not Specially Bsnef
'.f e y asserted by our oppon
that the Gee coinage Of silver 10
m tended only for the benefit OF the N
emo owners, IL must be remembered
the free coinage cannot restore to the u
INIT owner any more than the demone
lesa' ton tsok away: and It must also
nicn, remembered that the loss which
nand ..S...,...,or ~ a,,v.r has bro
Client ~. .,,r. ovrera IA insienif]