Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1896-10-08

ahect lts value free coinage would create
no demand whatever. 1t would undoubt-
edly make silver instead OF gold the stan-
dard for measuring value on the basis
that every 371A grains Of fine silver in
the world was dollar, but II could not
enhance the value Of that quantity OF sill
ver, men would give no more property
for 1t than they would now, and when
coined into dollar the government would
no longer sustain Its parity with gold, as
IT does now at great expense, because 1t
could not under free coinage.
The exigencies Of exchange under free
coinage would not demand additional coin.
age, because we only use about $50, ,000, 600
of silver dollars to meet the want OF
trade now, and we have a stock OF over
$500, 100000 Of silver dollars. So there is
no hope Of even a coinage demand to
meet the wants of trade.
Assuming, then what think I have
shown, that the law Of supply and de-
mand cannot apply in the case of free
coinage to raise the price of silver, is it
worth while to discuss Mr.. Bryans other
proposition in his Madison Square Gar
den speech, "that 1t follows that legisla-
tion can fix the ratio between them that
is between silver and gold. No reason or
argument is adduced in support of this
absurd proposition. suppose 1t required
none before Populists and the original
free silverites, because they were recruit
ed from the scattered cohorts Of green
back and fiat money people who made
go much noise some years ago. But as il
contradcts all human experience, and
rests upon no rational basis of argument,
1t cannot appeal to the intelligent minds
of the American people. Where. then, do
We find ourselves? Why simply here
that Mr.. Bryan's appeals to supposed
debtor class. more or less deserving oil
sympathy, are founded on the true basis
that free coinage will furnish them with
deprecated dollar in which to pay their
debts. and will enormously increase the
prices of the necessaries of life.
You can't transfer by legislative edict
great profit to the pockets of any class
whether they be mine owners or debtors.
mortgaged railroads or mortgaged land.
holders. without by the same edict TAX
ing 1t from somebody else And who that
somebody else Is. / have already in part
shown, when | spoke of the depositors In
savings banks and other banks. But
now want to point out by far the most
important class who will have to pay
the piper in this dismal dance. They are
the men and women and children who
work for wages, and whose wages must
be subjected to this cruel discount, to
satisfy the discomfort of this so-called
debtor class, Of whom we hear so much
and whom l have already described.
Surely the case should be made very
plain to those who work for wages or
salary in the mines. or the shops, in the
fields or on the great highways of trans
portation, by water or rail, that free silver
coinage at 16 to will not be to their det-
riment, before they should be asked to
support such a change in our financial
policy by their votes. / suppose 1t was
for these that the argument, such as 1t
was. was advanced, that in free coinage
the law Of supply and demand would affect
such a change in the value Of silver bull
Hon as to make the freely-coined silver
dollar conform to the gold standard.
RAISE THE PRICE OF NECESSITIES.
But as we have already pointed out, this
argument is not consistent with the prom
ises made to the debtor class, and more
over 1t is not true, as l have shown. In
stead Of 1t being made clear that the pur-
chasing power of the dollar that rewards
conform to the gold standard, 1t has been
made clear the other way. This whole
agitation for free silver coinage took its
rise in the outcry against the low price
of commodities, received by the producers
And 1T was and is proposed in Response
to that outcry to increase the price of the
necessaries Of life by legislation. If there
is any one thing against which the Demo.
tfH nj has
steadfastly, it is against every form OF
government. Yet here is
to raise by legislation the
price Of the necessaries Of life to those
whose daily bread is their daily toll, in
the interest of those who, as capitalists
or otherwise. produce them. What are
the wages that reward the labor of the
man who works with hand or brain OIL
with both, but so much of food, of shel
ter. of clothes, of comfort. which thoss
wages will buy. His wages are nothing
until translated into these things. Is II
not plain beyond the power OF misunder.
standing. that If they raise the price ol
these things, you necessarily reduce the
wages that must buy them?
Who are so much interested in this sta
bility Of the standards that measures the
value of commodities and services as those
who labor for wages? Does the dollar they
now receive purchase too much OF the com
forts Of life that they should be asked tc |
to a reduction in its purchasing |
power? |
Recollect too that all these commodities |
hat enter into the daily consumption Of |
he people, and about the present low |
price of which we hear so much, have fall |
EN- in price during the last twenty years |
rom causes that are easily observable, ,ani |
lbout which there ought to be no serious |
dispute among intelligent men.
/ know an alleged appreciation in the |
'alue of gold is urged as the cause Of the
all in the price Of commodities, and is U.S.
ID as a preteXt for this attempt to raise
Irices by legislation. But they do not at
empt to prove that gold has appreciated
xcept by the very fall Of prices, about
which we are disputing.
Yet, there is no single staple article OF
or daily use and consumption
'hose fall in price is not obviously ac-
ounted for by causes that have no rela-
ion Ito value of the gold standard.
These people either wilfully or Ignorant
y close their eyes to the vast economic
hanges which have been taking place in
he production, transportation and ex-
hange of commodities during the past 30
ears. The means of production have been
increased by labor saving ma
hinery. The facilities for transportation
ave been wonderfully augmented and
by sea and by land. And the
and italenhnna arc making eaSiar |