Evening star., 1896-08-13

| quantity. Corn, wheat, manufactured pro-
ducts, etc, can be produced almost without
limit, provided they can be sold at a price
sufficient to stimulate production, but gold
and silver are called precious metals be-
cause they are found, not produced. These
metals have been the objects of anxious
search as far back as history runs, yet
according TO Mr. Harvey'S calculation, all
the gold coin of the world can be melted
into 22-foot cube, 81 d all the silver coin
IN the world into a 66-foot cube. Because
gold and silver are limited, both IN the
quantity now in hand and in annual pro-
duction, it follows that legislation can fix
the ratio between them.
ANY purchaser who stands ready to take
the entire supply of any given article at
certain price can pre- -ent that article from
falling below that price. So the government
can fix a price for gold and silver by Great
Ing a demand greater than the supply. In
iernational bimetailists believe that several
l.ations, by entering into an agreement to
coin at fixed ratio all the gold and silver
presented can maintain the bullion value
or the metals at the mint ratio. " hen 4
mint price is thus established 1t regulates
the bullion price, because any person de-
srlnS coin may have the bullion converted
into coin at that price, and any person de-
string bullion can secure il by melting the
coin.
The only question upon which interna-
'lonai binetallists and Independent bimet-
alilsts differ is, can the United States by
liie litc ana unlimited coinage of silver at
the present legal ratio, create demand
lor SILVER which, taken in connection with
'he demand already in existence, will be
sullclent TO. utilize all the silver that will
be presented al the mints? They agree in
their defense of tie bimetallic principle
and they agree in uralterable oppositioa
70 the gold standard Intern ltionaI BIZ
neta!ilsts cannot complain that free coin
age gives benefit to the mine owner be-
cause international bimetaliis,n gives to
the owner of silver Ill the advantages Of
fered by Independent bimetallism at the
same ratio. International bmetallists cam
not accuse the advocates OF free silver of
being bullion owners who desire to raise
the value of their bullion or debtors
VINO desire to pay their debts in cheap dol
iars, or 'denaSogues who desire to curry
isFof with the people They must rest
their opposition upon one ground onlv
namely: That the supply of silver avail
able for coinage is too large to be utilized
by the United States.
Capacity of the United States to Use
Silver.
I'm discussing this question We must
consider the capacity Of our people to use
silver and the quantity of silver which
can come to our mints. 1t must be remem-
pered that We live In a country only par
TALLY developed, and that our people far
surpass any equal number of people in the
world in their power to consume and pro-
duce our extensive railroad DEVELOPMENT
ana enormous internal commerce must al
SO De taken into consideration. Now how
mucn silver can come here? NOT the coin
ed silver of the wo:,d, because almost all
OF 1t Is more valuable at this time in other
iands man 1t VIII be at our mints under
!ree coinage. III our minths are opened
10 free and unlimited coinage at the nres-
en- ratio, merchandise silver cannot come
mere, because the labor applied to il Ia a
ii,aoe II worth more in the form Of mer-
chandise than 1t Will be worth at ON.
mnts. q" oui
We cannot even expect all Of the annual
product of silver, because India, China.
| Japan. Mexico and all the other slver-using
countries must satisfy their annual needs
1rom the annual product: the arts will re-
| qulre large amount and the gold-standarcl
countries Will need a considerable quantity
lor subsidiary coinage. We will be required
| to coin only that which is not needed else
where; but if we stand ready to take and
utilize all of it other nations will be com
PEELED to buy at the price which We fix.
will be followed by an enormous increase
In the annual production of silver
No OverprOductiOn of Silver.
This is conjecture. Silver has been used
as money for thousands Of years. and dur
| Ing all of that time the world has never
suffered from en- overproduction
IL, for any reason, the supply Of gold or
| SILVER In the future ever exceeds the re-
| quirements of the arts and the needs of
commerce, We confidently hope that the in
telilsence of the people will be sufficient to
devise and enact any legislation necessary
for the protection of the public 1t is foIly
| to refuse to the people the money whfch h
| they now need for fear they may hereafter
| have more than they need. 1 am firmly
convinced that by opening our mints to free
and unlimited coinage at the present alto
we can create demand for silver whic h
| Will keep the price of silver bullion at 81 %
| per ounce. measured by gold.
n ot- I'll +I,o fs,,
! in the value of silver, when measured by
| gold. to the fact that during the last quar-
| ter Of a century the worlds supply of sill
| yer has increased more rapidly than the
| entirely answered 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 it ever fell in any
previous five years in the history of the
| world, 1t is evident that the fail is not due
| to increased production. Prices can be low
| cred as effectually by decreasing the de-
| mand for an article as by increasing the
| supply Of it, and it seems certain that the
| fall in the gold price of silver is due te
| hostile legislation and not to natural laws
| Gold Going Abroad.
'Our opponents cannot Ignore the fac
that gold is now going abroad in spite of al
| legislation intended to prevent it, and NJ
silver is being coined to take its place No
| only is gold going abroad now, but it mus
continue to go abroad as long as the presen
financial policy is adhered to, unless W.
| continue to borrow from across the ocean
| and even then We simply postpone the evil
| because the amount borrowed together
with interest upon it, must be repaid IL
| appreciating dollars.
| The American people now owe a larg,
| sum to European creditors and fallins
| prices have left larger and larger margin
| between our net national income and ou
| annual interest charge. There is only on,
| way to stop the increasing flow of goit
| from our shores, and that is to stop falling
| prices. The restoration of b.metallism vii
| iot only stop falling prices, but will, t
| some extent, restore prices by reducing tn
| worlds demand for gold. If 1t is argue,
| that rise in prices lessons the value of th,
dollars which we pay to our creditors.
| reply that in the balancing of equities th'
| American people have much right l.
| favor financial system which will main
| tain or restore prices as foreign cred.tor
| have TO insist upon a financial system tina
1 rtIllpr. ESrrf fta ipfa of or.