The Progress., 1896-09-19

mfats will BE- followed by the en9r.
nous increase in the Snnual produc-
ton of silver This Is conjecture. Sill
yer has been used as money for thou
sands Of years. and during all Of that
time the world has never suffered from
an oyerproduction I am firmly con-
WINGED that by opening our mints to
free and unlimited coinage at the pres
ent ratio we can create demand for
silver which will keep the price o. sill
YER bullion at S1.29 an ounce. measured
by gold.
Some Of our opponents attribute the
fall in the value Of silver, when meas
ured by gold, to the fact that during
the last quarter Of a centu'y the
worlds supply of silver has increased
more rapidly than the worlds supply
of gold. This argument is entirely an
swered 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, it is evident that
the fall is not due to increased produc-
ton. Prices can be lowered as effect
ually by decreasing the demand for an
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 the
fact that gold is now going abroad in
spite of all legislation intended to pre-
vent it, and no silver is being coined
to take Its place. Not only is gold 60
ing abroad now, but it must continue
to go abroad as long as the present
financial policy is adhered to unless we
continue to borrow from across the
ocean, and even then we simply post
pone the evil, because the amount bor-
rowed, together with interest upon it,
must be repaid in approaching dollars.
There is only one way to stop the in
creasing flow of gold from our shores,
and that is to stop falling prices. The
restoration Of bimetallism will not
only stop falling prices, but will--to
some eXtent-restore prices by re-
ducing the worlds demand for gold.
Answers the 80 Cent Dollar" Talk.
Perhaps the most persistent mis-
representation that we have to meet is
the charge that we are advocating the
payment of debts in 50-cent dollars.
The charge of reputation comes with
poor grace from those who are seeking
to add 10 the weight of existing debts
by legislation which makes money
dearer, and who conceal their designs
against the general welfare under the
cuphOniOuS pretense that they are up
holding public credit and national
honor.
1T must be remembered that 70 gold
can leave this country until the owner
Of the gold receives something in re-
turn for it which he would rather have.
There is no process by which we cal
be compelled to part with our gold
against our WILL nor Is there sny proc
ess by which silver can be forced upon
us without our consent.
"Those who deny the ability of the
United States to maintain the parity
between gold and silver at the present
legal ratio without foreign aid point to
Mexico and assert that the opening of
our minis will reduce us to silver
basis and raise gold to premium. 1t
is absurd to declare that the United
States is not able to do anything which
Mexico has failed to accomplish. The
one thing necessary in order to main
tain the parity is to furnish demand
great enough to utilize all the silver
which will come to tho minis.
As to Cost Of Production.
I'm reply to the argument that i'm
proved machinery has lessened the cost
of producing silver, it is sufficient to
say that the same is true of the pro-
duction q. gold, and yet, notwithstand-
ing that, gold has risen in value. AS
a matter Of fact, the cost OF production
does not determine the value Of the
precious metals, except as it may affect
the supply. If, for instance, the cost
Of producing gold should be reduced
80 per cent, without any increase in
the output, the purchasing power Of an
ounce Of gold would not fail. So long
as there is a monetary demand sufi-
cient to take at fixed mint price all
the gold and silver produced, the cost
of production need not be considered.
Tho Mine Owners Not Specially Benefited.
~ Il IL asserted by our opponents
that the Gee coinage of silver Is in
tended only for the benefit of the mine
owners, 1t must be remembered that
free coinage c2nuot restore to the mine.
owner any more than the demonetiza-
ton took away: and 1t must also be
remembered that the loss which the
decentralization Of silver has brought