The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1896-10-28

fNAVDAAh <Of lONDs
exceeds four hundred millions Of dol
lars from Go cents. It's present price,
10 sl.29 an ounce.
Mr.. Bryan admits this. In his speech
Of acceptance ne said: I'VE contend
that free and unlimited coinage by
the United States alone VIII raise the
bullion value OF silver 10 It's coinage
value. and thus make silver bullion
worth ti.2s per ounce In gold through
out the world"
The question. therefore. resolves IT.
self into thls--Would the demand in
the United States for silver dollars over
and above the present stock OF 437. .OOO,-
900 Treasury statement Of October
list instJ which we already have on
hand be sufficient TO double the value
Of the worlds stock Of silver?
Mr.. Bryan says It viii. but admits
he can't prove IT. adding. neither can
you prove that II won't.
That Is his argument He gives you
his claim and belief and says that
II Just as good as what all the hnnn-
ciers claim and believe. as neither can
be proved; and Il is on this showing
alone that he asks the American people
70 elect him. and to see If his belief
won't come true.
BRYAN CAN'T PROVE 1T.
In Brooklyn, on September "a. he said
You cannot prove by mathematics
that We can maintain parity; neither
can you prove that We cannot.
can you prove that we cannot"
Fortunately we are remitted TO Mr..
Bryan's belief alone for our guidance.
The United States has had some ex-
perience in trying TO raise the worlds
stock Of coin above its market value.
In 1860 the bullion in a silver dollar
was worth tl.03 In gold; and the gold
dollar, measured by the silver. was de-
preclated per cent. Our mints were
open to the free coinage OF gold as
well as silver. Did that raise the price
Of gold TO par with silver? Not at all.
Although the worlds stock Of gold
is much smaller than its stock OF silver
and although 1t was only necessary to
raise its price per cent, We could not
accomplish 1t.
THE RATIOS.
This lasted from 1884 to 1860 and down
to 1878. The price OF gold bullion was
not raised the per cent. and being the
cheaper currency. it drove the silver
out Of circulation. And as no silver had
heen in circulation for over s5 years in
1873, after full debate. this coin was
omitted from our coinage list.
/ In 1899, under the ratio OF Is TO 1 Gn
force at that time) the bullion in a gold
dollar was worth three cents more than
the silver dollar. and the silver dollar.
measured by gold, was deprecated s
per cent Silver being the cheaper,
drove gold entirely out of circulation
for more than forty years, /. e.. until
1884, when the government changed the
ratio from Is to 1, to 16 to l. with the
effect seen above.
In 1860 we were a nation of over 3d.
100000 of people, and had no silver on
hand. Now we are a nation Of about
70, 900, 900 OF people, but have 4S7, ,0OO, 900
Of silver dollars on hand.
II. with all our power IN 1860 we were
unable to raise the bullion value of gold
but 3 per cent. how can we expect to
raise the bullion value OF a still larger
Quantity of silver not merely per cent.
but more than Is times 3, 1. e., AZ per
cent?
II, with over SOOOO,OOO of people in
1860 we had been able to raise the bull
lion value of gold just three per cent to
par, then, being two and One-third times
as great people now as we were then,
we might expect to raise the bullion
prices of silver two and one-third times
as high. that is per cent, but how
could we expect even then to raise its
price not cents alone but more than
six times seven. that is AZ cents, espe-
cially when the only power we have to
raise it with is our demand for silver
dollars, and that demand is already
supplied TO the extent of S4S7 100000?
Yet unless the price of the worlds
stock of silver is nearly doubled, the
price of bullion must, as we have seen, |
inevitably pull the value of the silver |
dollar down, as bullion would be coined !
as long as there was a profit i. e., till
the values meet.
Mr.. Bryan has presented his beliefs
on this subject.
Opposed to them stand facts and his
tory, And not merely history of this |
country alone but of all countries.
When the mint was first opened the
increased demand would undoubtedly |
raise the price of silver bullion some |
what, but when this demand was sup
piled (the value of the silver dollar hav-
ing been brought down to its bullion |
value) it is evident that with the con-
tinued supply and diminished demand,
the price must fall off again.
But it is to be noted that even If the |
silver dollar did not depreciate, we
would not escape the panic, as foreign
and domestic creditors alike believe it
would, and they consequently would
call in debts and force sales just the
same
This panic, as we have seen, Mr..
Bryan fully admits must occur. There
fore the consequences Of that panic are
sure to happen if he is
elected.
THE DOLLAR VALUE.