Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1896-08-13
LEGISLATION CAN FIX THE RATIO,
because the Production of the Precious
Metals Is Limited.

because the Production of the Precious
Metals Is Limited.
Gold and silver areditfcrcnt from other
commodities, in that they are limited in
quantity. Corn, wheat, manufactured
products, etc, can be produced almost
without limit, provided they car be sold
at n price sufficient to stimulate produc.
ton, but gold and silver are called prec-
ioUs metals because they are found, not
produced. These metals have been the
objects of anxious search as far back as
history runs, yet according to Mr.. Har-
yeyS calculation all the gold coin of the
world can be melted intoa - foot cube and
all the silver in the world into Il 66-foot
cube. Because gold and silver arc linn
TIED, both in the quantity now in hand
and in actual production. it follows that
legislation can fix the ratio between them.
Any purchaser who stands ready to take
the entire supply of any given article at u
certain price, can prevent that article
from falling below that price So the
government can fix n price for gold and
silver by creating demand greater than
the supply.
International bimetallists believe that
several nations, by entering into an agree.
ment to coin at a fixed ratio all the gold
and silver presented, can maintain the
bullion value of the metals at the mint
ratio When mint price is thus estab-
lished it regulates the bullion price be-
cause any person desiring coin may have
the bullion converted into coin aa that
price and any person desiring bullion can
secure IL by melting the coin. The only
question upon which international bimet.
ALI sfs n md inInnan1anr toll i-t,. "A
is: Can the United States, by the free and
unlimited coinage Of silver at the present
legal ratio, create n demand for silver
which, taken in connection with the de-
mand already in existence, will be sufli-
Gent to utilize all the silver that will be
presented at the minis? They agree in
their defense of the bimetallic principle
and they agree in unalterable opposition
to the gold standard
International himetallists cannot com.
plain that free coinage gives Benefit to
the mine owner, because international hi.
metallism gives to the owner of silver all
the advantages offered by Independent hi.
metallism ut the same ratio. Information.
al bimetallists cannot accuse the adyo.
Gates OF free silver of being bullion own
crs who desire to raise the value of their
bullion;" or debtors who desire to pay
their debts in cheap dollars" or '-dema.
gogues who desire to curry favor with the
people" they must rest their opposition
upon one ground only. namely: That the
supply OF silver available for coinage is
too large to be utilized by the United
States.
In discussing this question we must con.
slider the capacity Of our people to use siL
Yer and the quantity of silver which can
come tn rninfS II mn H.,
bered that we live in a country only par.
tally developed. and that our people far
surpass any equal number of people in the
world in their power to consume and pro-
duce. Our extensive railroad develop
ment and enormous internal commerce
must also be taken into consideration.
Now, how much silver can come here:
Not the coined silver VI the world, because
almost all Of it is more valuable at this
time If other lands than it Will be 1T our
mints under free coinage. If our minis
are. opened to free and unlimited coinage
at the present PATIO, merchandise silver
cannot come here because the labor an.
piled to IL has made il worth more in the
form Of merchandise than it will be worth
al our minis We cannot even expect all
NJ the annual product of silver. because
India, China, Japan, Mexico and all the
Other aIlver-using countries must satisfy
their annual needs from the annual prod
uct; the arts will require large amount
and the gold standard countries will need
considerable quantity for subsidiary
coinage.
We will be required to coin only that
which IS not needed elsewhere. but IL we
stand ready to take and utilize all of il
other nations will be compelled TO buy at
the price which we fix Many fear thar
the opening of our minis will be followed
by an enormous increase in the annual
production of silver. This is conjecture.
Silver has been used a. money for thea,