The Providence news. (Providence [R.I.]) 1891-1906, 1896-08-13


that gold Is now going abroad. In spite
OF all legislation intended 10 prevent IL.
and no silver Is being coined TO take Its
place. Not only IL gold going abroad
now, but IL must continue TO go abroad
as long as the present financial policy Is
adhered TO. unless we continue TO bor-
row from across the ocean. and even
then we simply postpone the evil, be-
cause the amount borrowed. together
with the interest upon II, must be re-
paid I'm appreciated dollars. The Amer
lean people owe a large sum to European
creditors, and falling prices have left
larger and larger margin between our
net national income and our annual In
terest charge. There Is only one way to
stop the increasing flow Of gold from our
shores. and that Is TO stop falling prices.
The restoration OF bimetallism will not
only stop falling prices, but Will. TO some
extent, restore prices by reducing the
worlds demand for gold.
Perhaps the most persistent misrep-
resentation that we have TO meet Is the
charge that we are advocating the pay
ment OF debts in 50-cent dollars. At the
present time, and under present laws.
silver dollar, when melted, loses nearly
half Of its value, but that will not be true
when we again establish a mint price for
silver and leave no surplus silver upon
the market TO drag down the price or
bullion. Under bimetallism, silver bull
lion will be worth as much as gold coin,
Just as gold bullion is now worth as
rnuch as silver coin, and we believe that
a silver dollar will be worth as much as
n gold dollar. The charge OF repudia-
tion comes with poor grace from those
who are seeking TO add u the weight or
the existing debts by legislation, which
makes money dcarer, and who conceal
their desires against the general welfare.
under the euphonious pretense that they
are upholding public credit and national
honor.
In answer to the charge that gold will
20 abroad, ii 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 owned
Il will be benefited. There Is no pro-
cess by which we can be compelled to
part with our gold against our Will, nor
is there any process by which silver can
be forced upon us withouA,o our consent.
Exchanges are matters of agreement,
end II silver comes to this country under
free coinage, IL will be at the invitation
of some one In this country who VIII
give something in exchange for 1t.
Those who deny the ability or 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
of our mints will reduce US TO silver
basis and raise gold to premium. 1t
is no reflection upon our republic TO re-
mind our people that the United states
is much greater than Mexico In area, In
population and in commercial strength.
IL 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 main
tain the parity, Is to furnish demand
great enough to utilize all the silver
which will come TO the mints. That
Mexico has failed to do this is not proof
that the United States would also fail.
IL is also argued that since number
OF the nations have demonetized silver.
nothing can be done until all Of thos1
nations restore bimetallism. This Is
also illogical 1t is immaterial how
many or how few nations have open
mints, provided there are sufficient open
nints TO furnish a monetary demand for
all the gold and silver available for
coinage.
In reply TO the arguments that I'm
proved machinery has lessened the cost
OF producing silver 1t Is sufficient to
say that the same is true OF the produc-
ton OF gold, and yet, Notwithstanding
that, gold has risen in value. AS mat
ter of fact, the cost of producing does
not determine the value of the precious
metals, except as II may affect the sup
Ply. IL, for instance. the cost OF pro-
ducing gold should be reduced 80 per
cent without any increase in the out
put, the purchasing power of an ounce
of gold would not fall. So long as there
is a monetary demand sufficient TO take
a a fixed mint price all the gold and sill
yer produced, the cost OF production need
not be considered.
While il is not the purpose OF free
10. toll fxr ataxy .ffi TOM 1ap
class. yet those who believe that the
restoration of silver is needed by the
whole people should not be deferred be-
cause an incidental benefit will come to
the mine owner. The erection OF forts,
the deepening of harbors, the improve
ment OF rivers the erection of public
buildings--all these confer Incidental
benefits upon individuals and communi-
ties. and yet these incidental benefits
do not deter us from making appro-
priations for these purposes whenever
such appropriations are necessary for
the public good. The argument that a
silver dollar Is heavier than a gold dol
venient to carry In large quantities, is
completely answered by the silver certi-
ficates, which is as easily carried as the
gold certificate, or any other kind OF
paper money
There are some whom, while admitting
btlictllo VI ODJetl " Sc
at the present ratio. If any are deceived
by this objection. they ought to remem-
Der that there are no Dimetallists who
are earnestly endeavorlng to secure IT at
any other ratio than 16 to /. We are op-
posed 10 any change In the ratio for
two reasons: First, because change
would produce great injustice: and Sec
ond, because change in the ratio is not
necessary a change would produce in
justice because If effected in the man
ner usually suggested, IL would result
IN an enormous contraction in the volume
of standard money.
There is another argument to which
ask your attention. Some of the more
jealous opponents OF free coinage point
TO the fact that 10 months must elaspe
between the election and the first regu-
lar session OF congress, and assert that
during that time. in case people declare
themselves I'm favor OF free coinage, all
loans Will be withdrawn and all mort
cages foreclosed. If these are merely
prophecies INDUCED I'm by those who
have forgotten the provisions of the con-
rtitution. Ii will be sufficient 10 remind
them that the president is empowered