The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1896-10-01
The True Inwaraness Of 10 60 l..

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The True Inwardness Of no 90 L.
San francisco Examiner: So much
misapprehension prevails regarding the
question OF l6 to that ii is well to state
few facts which will not be controvert-
ed. The republicans are flooding the
country with literature going to show
that II Mr.. Bryan and his party attain
control the purchasing power Of silver
coins will be deprecated one-half by an
act OF congress authorizing the free coin
age Of silver money with the legal tender
quality. though the facts as revealed by
experience tell in exactly the opposite
direction.
A certain number Of countries adhere
to the silver standard. Among these are
Russia, Argentine, Mexico, India and
China. In these countries there has been
no change in values since 1873, when sill
yer began to decline, An ounce OF silver
will buy therein the same quantity OF
wheat or cotton or other products or la
Dor as it bought twenty-five years ago,
though the gold value OF the silver ounce
has declined from $i.29 to 81 cents. But
producers in the silver standard countries
sell their products in England and have
to accept half the money tor them which
they did get twenty-five years ago, aud
the United states, which has to meet
them In the English market, has to &C.
cept the same reduction. Thus the ef-
fects Of the depreciation Of silver as COM
pared with gold have already been rea-
LIKED by American producers, and there
10 no further loss to come. Americans
have not only to compete with countries
in which cheap labor has always been
the rule, but also with countries in which
the monetary silver standard has steadily
been declining In gold value.
The republicans argue that We should
walt for the assent OF Great Britain,
France and Germany before we under.
take to restore silver to its proper place.
But these three nations have in absolute
ownership one.half OF the gold now pos
sessed by the world, and OF the other hall
they have loaned the bulk TO nations
weaker financially, returnable in gold OF
it's equivalent. Why should we expect
them to assist us in depreciatlng the val
ne OF commodity Of which they hold Q
substantial monopoly? The lower silver
falls relatively with gold the larger Their
| profits and the more the debtor nations
will have to pay for the use of money
there might be some sense in inviting CO.
operation from Russia or Austria or Italy
which have enormous quantities Of I'M
covered paper afioat which they have moi
gold enough to redeem; but it Ia not t.
them that the republicans propose to ap-
peal. Russia has $3.50 .0Oo, 600 OF uncov-
cred paper, Italy 6o.0o0.000, S,,utl
America SIS. 900, 900. 1.-THE United States
lent hand to silver these nations might
be induced, In order to protect their paper
to absorb. between them, 81 100 900 ,00t
OF silver, which would go long way TO
ward restoring the old ratio Of 10 to 1
The whole annual silver production o.
the world is only 150,000,000 ounces
This would be absorbed in short while
But the silver standard nations will await
the action OF the United States before
taking any steps to call in their uncover.
ed paper.
The actual amount of coined money II
the world is about 5000, 900 900. evenly
divided between gold and silver. In
bulk the production Of silver bears te
i goii the ratio of sixteen to one. Thirt J
iyears ago the bulk product Of sill
yer was about twice as much III
as the bulk production OF gold, til
ratio for coinage being 10 to l. Ths
volume OF uncovered paper money, ex
clusiye OF silver certificates. is in round
i figures $3.50, 900 900. II these were called
in, aud silver coin substituted. there
would be no discovered paper at the end
of five years, and Russia. Argentine
Austria and the South American coun'
tries would naturally follow our example
4 The demand would more than exhaust
! the l50.000.000 ounces supplied by the
minea, and silver would naturally Rravi,
! tate to its old place, with proportionats
increase In the value OF wheat. cotton,
other products aud labor. When con.
gress meets after the election of Mr.,
Bryan, should Mr.. Bryan be elected, the
, demand for the ratio Of 16 to l will
/. probably take some such shape as this.
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