The Portland daily press., 1896-09-22
Free Coinage Self Convicted.
To the Editor of the Press:


markable for the eloquence of many of
its orators whose spec ohes have been en-
riohed with gems of imagery and nicely
of illustration and comparison, seldom
equaled and rarely, II ever, exoelled.
These are not all of the Bryan stan dard
Of merit, bat there seems to be no reason
why they should not be remem bered
quite as long. For instance: 1.-THE
British lion Is on the track, on the very
heels, I'may say, of the American eagle.
etc. Another speaker says: 1.-THE proud
ship Of State is sailing over the graves.o
our national d ishonor." Another: that
1.-THE lords OF finsnce have bridged the
Atlantic which is slippery with the gore
Of our mutillated coin; and still another
appeals to the sympathies of his hearers
in this way: "Will you take this mon
ster to your bosoms and hearts. my
friends, to be bitten, in turn, by the
golden calf of Monopoly"
OF course there is a certain catching
brillianoy to this style of rhetoric which
is pleasing to the people. 1t is strong In
euphony ii somewhat defective in con-
struction. Tn 9 forceful aptness of Illus
tration and elegance of fgurative de-
scription is particularly pleasing; but,
after all, Is 1t not vain and proftless
amusement to shoot at these starry silver
disks with Eoratorioal sky-rooketsq The
question is, eminently, practical ons.
That of hard money. Whether we want
gold or silver standard. "Bimetalism"
isn't in 1t. not to any Eextent. We must
either have one standard or the other.
Which 10 the better in sustaining the
integrity and credit of the government,
and promoting the business Interests of
the peopleP There can be but one intelli-
gent answer to this, and all the areu-
ments in favor of sound money have
been supplied, gratuitously. by free ooin-
age advocates. They have destroyed their
own case the whole strength of which
rests on the allegations OF ''demonetiza-
tion" and appreciation and consequent
low prices aud hard times.
Whether. or not. low prices are mis-
fortune depends altogether on which side
you look at 1t and the elucidation of this,
by narrowing the question down, clip
ping off one side Of It, makes clear just
what the free silverites mean by low
prices.
The fact that low prices make goods
cheap to the buyer and consumer Is moth
ing for anyone to complain of and much
for the working class to be thankful for.
The fact that low prices make profits
small to the man who has goods to sell
really reduces the effect, of low prices, to
this fact, as he, the seller, is the one
most seriously affected by it, Low wages
are az fairly Offset by low prices today as
high wages would be Offset by high
prices under free coinage. Then, too. get
at just what the sill yer men mean when
they say that denome tization and appre-
citation are the cause of low prioes-they
| mean that these imaginary occurrences
have been the cause of small business
profits. This greatly simplifiss the ques-
for small profits would not be the slow
COST of production" or slow freight
rates." for his profits are small in spite
of these; hut he would tell you there
was ''no trade"-''no demand for
goods, THAT there is such reduction
in the gross amount of his sales he can
| make little or nothing over expenses
Well why is there emo trade" no de-
mand Of the individual dealer or pro-
Queer whom there are more conusmers
than ever as the population is steadily
increasingly The answer Is evident.
There are too many in business, too
many producers, manufacturers and
dealers to insure fair profits for each,
and as all are fully supplied with stocks,
90 10
clearly, and perhaps more directly shown
by the freq uent .sh utting down of mills
and factories.
This, then. is the first great cause of
"small profits" and low prices-over
production, and extensive business COM
petition which is perfectly natural re-
suit Of overproduction. This, it appears
to me, makes it necessary for the free
silverite to change the fol m of his allega-
ton to this: that q decrease in the
money supply Is the CauEe of small profits
and hard times, which puts him in the
position where he is obliged to admit
that II there has been NO decrease in the
money supply the times are prosperous
and profits good. Since there has been
an enormous increase In the currency
since 1872. the free silver man, as well
| as everybody else, must look somewhere
else for the cause of hard times.
Without the indisputable evidence of
treasury reports, reduction or clrcula.
| tion to an extent to seriously Affect the
industries and business enterprises of the
country ID a thing so utterly improba BILE,
| under the existing laws and powers of
government. as to be unworthy the at
tention, much loss, the belief, Of intelli-
gent men. 1t would have to be based on
the conclusion that our government is
SO weak, so imbeoile and incompetent,
that it is incapable of furnishing suffi-
oient money supply for the uses of the
people. This necessity is so absolute, as
a first principle of government, so neces-
sary to the very existence AMI main
tenanCe of govern ments, that, it goes,
without saying, that no honest and COM
petent government will ever concede
rights to associations and syndicates
which will enable them, at will, to de
range the entire monetary system of the
country by being able TO contract or ex-
pand it's whole currency. In what way
the system Of free coinage would prevent
contraction, when limited to the capacity
of the minis, about $50. 900, 600 a year,
as compared to the issues of greenbacks
under the acts Of Feb. 5, and July II,
T~n ives Sawed