Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1896-08-19

duce. Our extensive railroad development
and enormous internal commerce must
also be taken into consideration. Now,
how much silver can come heres Not the
coined silver Of the world, because almost
all Of 1t is moro valuable at this time In
other lands than it will be at our mints
under free coinage. II our mints arc
opened to FREQ and unlimited coinage at
the present ratio, merchandise silver can
not come here, because the labor applied to
1t has made 1t worth moro In tho form OF
merchandise than it will he worth at our
minta We cannot even expect oil OF the
annual product Of silver, because India,
China, Japan, Mexico and all the other
silver using countries must satisfy their
annual needs from the annual product.
The arts will require largo amount, and
the gold standard countries will need a
considerable quantity for subsidiary coin
age We will be required to coin only that
which is not needed elsewhere, but II we
stand ready to take and utilize oil OF 1t
other nations will DO compelled to buy at
the price which we fix. Mnny fear that
the opening Of our mints will he followed
by the enormous increase In the annual
production Of silver. This is conjecture.
Silver has been used rs money for thou
sands OF years, and during all OF that time
tho world has never suffered from nm over
production. II for any reason tho supply
Of gold or silver in the future ever exceeds
the requirements of the arts and the needs
OF commerce, we confidently hope that the
intelligence of the people will bo sufficient
to devise and enact any legislation ncccs-
sary for the protection OF the public. 1t
is folly to refuse to the people the money
which they now need for fear they may
hereafter have more than they need. am
firmly cony inced that by opening our mints
to FREQ and unlimited coinage at the pres
ent ratio we can create demand for silver
which will keep the price OF silver bullion
ut $1.29 per ounce, measured by gold.
Some of our opponents attribute the fall
in tho value of silver, when measured by
gold, to the fact that during the last quar-
ter Of century the worlds supply Of silver
has increased more rapidly than the world g
supply Of gold. This argument Is entirely
answered by the fact that during the last
five years the annual production OF gold
has increased moro rapidly than the an
nual production of silver. Since the gold
price Of silver has fallen moro during tho
last five years than it ever fell in any pro
vious five, years In the history of the world
it Is evident that the fall is not due to In
creased production. Prices can DO lowered
as effcctunlly by decreasing the demand
for ON article as by increasing the supply
Of It, and 1t seems certain that the fall In
the gold price Of silver is due to hostile
legislation and not to natural laws
Our opponents cannot ignore tho fact
that gold Is now going abroad In spite Of
all legislation intended to prevent 1t, and
no silver Is being coined to take Its place.
Not only is gold going abroad now, but it
must continue to go abroad as long as the
present financial policy Is adhered to un-
less we continue to borrow from across tho
ocean, and even then we simply postpone
the evil, because the amount borrowed, to-
gether with interest upon 1t, must be re-
paid In approaching dollars. The Ameri-
can people now owe large sum to Euro
pean creditors, and falling prices have left
o larger and larger margin between, our
net national income and our annual inter
est charge There Is only one way to stop
the increasing flow Of gold from our shores,
and that Is to stop falling prices The res
toration Of bimetallism will not only stop
falling prices, but will to some extent
restore prices by reducing the worlds de-
mand for gold II It Is argued that rise
in prices lessons the value Of tho dollars
which we pay to our creditors, reply
that in the balancing Of equities the
American people have as much right to ia
vor O financial system which will main
tain or restore prices as foreign creditors
have to insist upon financial system that
will reduce prices. But tho interests Of
society arc far superior to the interests Of
either debtors or creditors, and the inter-
ests of society demand q financial system
which will add to the volume Of the stand
ard money Of the world, and thus restore
stability to prices.
A Reply to Criticism.
Perhaps the most persistent misrepre-
sentation that wo have to meet is tho
charge that we are adyocating the payment
Of debts In 30 cent dollars. At the present
time and under present laws q silver dol
lar when melted loses nearly half Its val
ue, but that will not be true when we
again establish mint price for silver and
leave no surplus silver upon tho market to
drag down the price Of bullion. Under b.
metallism silver bullion will be worth as
much as silver coin, just rs gold bullion Is
now worth as much as gold coin, and we
believe that o silver dollar will be worth as
much as gold dollar.
The charge of rcpudiation comes with
poor grace from those who are seeking to
add to the weight Of existing debts by
legislation which makes money dearer and
who conceal their designs against the gen.
eral welfare under the euphonious pretense
that they are upholding public credit and
national honor.
In answer to the charge that gold will
go abroad, it must be remembered that no
gold can leave this country until the OVID
er Of tho gold receives something In return
for 1t which he would rather have In
other words, when gold leaves the country
those who formerly owned 1t will be bene-
ftsd There Is no process by which we
can be compelled to part with our gold
|: asc:t:S;St our will, nor is there any process
by which silver can be forced upon us
without our consent Exchanges are mat
tors Of agreement, and II silver comes to
this country under free coinage 1t will be
Mt the invitation Of some one In this coun-
try who will give something in exchange
for it.
Those who deny tho ability Of the Unit
ed States to maintain the parity between
gold and silver ut the present legal ratio
without foreign aid point to Mexico and
assert that the opening Of our mints will
reduce us to silver basis and raise gold
to premium. 1t Is no reflection upon
our sister republic to remind our people
that the United States is much greater
than Mexico in area, in population and in
strength. 1t is absurd to as-
scrt TINT the United States Is not able to
DO anything which Mexico has failed to
Tho one thing necessary in
order to maintain the parity is to furnish