The times. [volume] (Richmond, Va.) 1890-1903, 1896-09-01
THE LOGICAL OUTCOME OF FREE Sill

been always preaching thc au'dhtab'o vi
cheap money. and a plenty Of It, That
was the doctrine he dshed ont to the
hungry farmers OF the West, who wanted
higher prices for their farm products.
while they pay their labors old rates
In appreciated money. But when he came
10 speak ia New York city where the
greatest part OF his audience and his
readers were 10 be men wso work for
wages and salaries and who. therefore.
want the best dollar that can be had. be
changed his tune and declared that he
believed that free coinage would raiso
the value Of fllipn I'm silver dollar,
now only about fifty cents. to one hum
dred cents. and this is his explanation
OF the way in which IL will be done. lie
says.
I'VE contend that free and unlimited
coinage by the United States alone Will
raise the bullion value Of silver TO its
coinage value. and thus make silver bull
lion worth tll9 per ounce in gold through
out the world. The bcst-knOvn law OF
commerce. is the law OF supply and de-
mand. We recognize This law and build
our argument upon It, Any pur-
chaser who stands ready to take the
entire supply Of any given article at
certain price can prevent that article
from falling below that price. SO the
government can fix price for gold and
silver by creating a demand greater than
the supply"
This is. OF course. a total misconcepfion Of
what win be done. He puts the United
States under free coinage in the posi-
lions OF purchaser OF all the silver
that is brought 10 the minis. as the pro-
prietor Of hotel would by all the apples
grown by a certain orchard But that IS
by no means what will happen. What
will happen win be that the United States
viii coin the silver that IS brought 70
the mints and hand back the same sill
Yer I'm the form OF coined dollar pieces
that had been brought there in the form
Of a. bar. 1t VIII be neither more valuable
nor less valuable than it was before.
IL will be precisely the same silver in a
different form.
While there are gold dollars Of debt
due. these silver dollars. worth much
less than dollars. will. Of course, be used
10 pay those gold debts. and that VIII
make demand for them that will raise
their value somewhat-how much cannot
be said But all gold debts will soon
be adjusted 1--WE do not speak Of debts
due specifically in gold coin. but debts
where gold or its equivalent has been
parted with. The creditor will recognize
the inevitable and cease resistance in
very short time. and then business will
go on in rs usual way. debts, whsther
past or present, being paid, and payment
accepted. in the silver dollars. That will
end all Of the demand for silver except
the ordinary demand Of money. and the
silver dollars will have 10 travel upon
their own merits only There Will not
be the demand by the mints that Mr..
Bryan speaks of. because the mints Will
be wholly neutral. simply changing the
form Of silver that is brought TO them
without adding 10 or diminishing It's val
ne TO our mind, therefore, as soon as
the demand for silver 10 pay old debts
is mt. and that will be in a very short
time. silver will have to travel upon
no reason why that bullion value should
be greater than it now is. although there
Is every probability that IT will be less.
II this turns out to be the case, how
can free coinage. by any possibility prove
TO be beneficial? We Will reassort bust
ness and do business in the future upon
the basis of a hfty-cent dollar instead
upon the basis Of a j0l-cont dollar and
that is egerythng that Will happen. 1t
VIII be the case OF man who has been
living on the third floor moving down
to the second floor But # there is any
good in the move at ali, the real benefit
is in getting down 10 the bottom. II 1t
is a good thing for us to depart from
rhe 1oO-cent standard and thereby re-
pudiate one hair of all debts due, it is
doubly as good TO come down to a one
cent standani and repudiate ninety
nine hundredths Of what is due.
Logically, therefore, free silver means
total wiping out of the past and the
commencement of an entlrly new future.
In case it carries the country, Of which
We cannot suppose il possibility. the pub
lie conscience may become aroused by me
spectacss Of wholesale reputation that
will be presented. and this may arrest
any further downward progress. But II
free silver il carried to the logical con-
clus.on il will never stop short OF total
repudlation of debts and a division of all
existing property out amongst the masses.