New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-13
SIXTEEN PAGES.

thing which Mexico has failed to accomplish The
| parity IS to furnish demand great enough to
utilize all the silver which will come 10 the minis.
That Mexico has failed to do this Is not proof that
the United States would also fail.
| 1t Is also argued that since n number or the
nations have demonetized silver. nothing can be
done until all of those nations restore bimetalsm
This Is also Illogical IT IS immaterial how many
or how few nations have open minis provided
there are sufficient open mns to furnish none
ary demand for all tho gold and silver available
In reply to the argument that improved machin-
cry has lessened the cost Of producing silver 1t Is
sufficient to say that the same Is true OF the pro,
ducton OF gold. and yet. notwithstanding that, gold
has risen in value. AS matter OF fact, the cost
OF production does not determine the value OF the
precious metals. except as it II ay affect the supply.
IL for instance the cost OF producing gold should
be reduced 90 per cent without any increase In me
OUTPUT the purchasing power of an ounce OF gold
would not fall SO long as there is monetary de.
mand sufficient to take at fixed mint price all
the gold and silver produced the cost OF produc-
tion need not be considered
1t is often objected that the prices OF gold and
silver cannot lie fixed In relation TO each other. be-
OF the variation In the relative production OF
the metals This argument also overiooks the rae,
price is greater than the supply Of both. relative
production becomes immateral In the early part
Of the present century the annual production OF
silver worth. at the coinage ratio about tnree
whereas soon after ls49 the annual production OF
gold became worth about three times as much ~
tn coinage rate as ohe Of the b
metallic standard. these enormous changes IN reia-
tive production had but a slight erect upon 'he
relative values Of the metals.
THE INTEREST OF THE NINE OWNERS
If 1t is asserted by our opponents that the free
coinage of silver Is intended only for the benefit OF
the mine owners II must be remembered that free
coinage cannot restore TO the mine owners any
more than demonstration took away; and 1t must
also h. remembered that the loss which the De
monetization OF silver has brought TO the NINE
Cwners Is insignificant compared TO the loss "hlch
this policy brought to the rest or the pe"pIs.
The restoration OF silver Will bring 10 the Peopc
generally many times much advantage aS thc
mine owners can obtain from IL. W hlie IL Is no.
particular class yet those who believe that tio
restoration Of silver is needed by the Whoe PoPlo
should not be deferred because an lncidentai peHe
fl will come the mine owner. me eTertIoIl y.
forts the deepening of harbcrs, the Improvement
of rivers the erection of public buidlnssIal thes
confer incidental benefits upon lndlNlnuaS "i,u
communities and yet these incidental peneh!s w
not deter from making appropriat lohs LOT 10
purposes whenever such appropriations are "'~'9
sary for the public good , =, ,a,.or ,hor
The argument that silver dollar IL neaNiei ' TO.
q gold dollar and that. therefore, silver Is itsS
convenient to carry in large quantities IL COIL
pleely answered by the silver certncate' w anv
Is as easily carried the gold certlhcate OF ANY
other kind o. paper money. ,, ., hama
There are some who. while admitting the bene-
0ts # bimetasm object to coinage at tle Dis
ent ratio II any deceived by TINS opJection'
they ought to remember that there are no DH.'a.-
lists who are earnestly endeavoring TO secure IL AZ
any other ratio than l6 TO l. We are oppo,,r.n ~
because a change would produce great injustice
and second because change In the rallo Is ,Io'
necessary A change would produce injustice pc
cause II effected In the manner usually susss.ru,
II would result I'm enormous contraction III the
volume Of standard money