The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1896-10-22
ISSUES Of The DAY
Bryan's Argument in a
Circle as to the Value
of Silver Bullion. :
THE NATIONAL METALLIC RATIO
Popoeraey's Aim to Reduce Us
to Intercourse with Sill
yer Standard Nations.
"
Reputation and Fiat Money
His Dishonest Aims-Ap-
peal to History.

The quotations in this pamphlet are all
taken from the speeches of William j.
Bryan, now a candidate for the Presi-
dency, when he was a member of Con-
gress from the State of Nebraska. The
date Of each speech has been placed in
front of the citation from IL. Each ex-
tract from his speeches is accompanied
by These extracts and conn
ments, read in connection with each
other. VIII enabl intelligent voters to
decide whether they believe Mr., Bryan
to be q man of the knowledge, experience
and Judgment required to qualify him for
the high office to which he aspires.
WOULD BULLION GO UP?
August 16, lssS.-"That there could be
no difference Tin value) between the dol
lar coined and the same weight of silver
uncoined, when one could be exchanged
for the other, needs no argument"
There is no difference in purchasing
power between the silver dollar coined
and the gold dollar: yet the quantity of
silver GIN sgrains) in a silver dollar I'M
coined is not worth a gold dollar. It is
worth only 53-1o0 of a gold dollar. How
would free coinage of silver make 1t
worth any more?
Mr.. Bryan has not in his mind the
difference In value between 371A grains
of pure silver (the silver .dollar'') and
1922 grains Of pure gold fthe gold IDOL
lar'). The value of the silver dollar and
that of the gold dollar being different,
the question arises, whether Mr.. Bryan
means to say thai Blk grains of pure
silver could be exchanged for a silver
dollar, or that 1t could be exchanged for
a gold dollar. If by 1.-THE dollar coined"
he means a silver dollar, all that he as
serts is that the owner of the bullion
would get his bullion back, without
charge. assayed, minted and stamped;
this no one denies. But the stamp on the
silver dollar is nothing more than a GER
tiicate of its, weight and fineness; it is
not. properly speaking. a certificate Of
value, and II adds nothing to the previous
value of the same silver uncoined. If,
on the other hand, he means that S1A
grains of pure silver, after being minted,
could be exchanged for a gold dollar. it
devolves upon him to prove the assertion.
1t certainly could not, unless the bullion
in the silver dollar could be exchanged
for a gold dollar before minting. 1t is
Incredible upon its face that the mere
act of coming should possess the mystical
potency attributed to it and be able thus
to transmute values.
THE NATURAL RATIO.
August 49, 1s@-"No change in the
ratio can be made with fairness or in
telligence, without first putting gold or
silver upon 2 perfect equality, in order
to tell what the natural ratio is"
BY equality, Mr.. Bryan means that
both metals must be admitted to the
mint for coinage, on the owners account
and at his demand. BY .'naturalo ratio
he must be supposed to mean the com
mercial ratio. The commercial ratio will,
he thinks. be materially affected by the
demand for bullion for the purpose of
coinage This is perhaps doubtful; but
it is certain that, while both metals were
admitted to the mint, from 1892 to 1873,
the ratio fuctuated between 1917 and
1911, which proves that not even free
coinage is able to maintain that sta
bility of purchasing power which Mr..
Bryan regards as essential to honesty in
the silver dollar.
The demand that free coinage of silver
shall be re-established in advance of the
determination Of the coinage ratio is an
evasion Of the issue. The opponents of
free coinage at Is to l insist that free
coinage shall not take place at any but
the commercial ratio. Mr.. Bryan replies
that without free coinage at 16 to / the
commercial ratio cannot be ascertained.
This is not true.
COMMERCE AND POPULATION.
August 16, 1854 silver standard
would make us the trading centre of all
the silver using countries of the world.
and these countries contain far more tina
one-half OF the worlds population
Suppose they do: what Is the pertinence
or relevancy of this remark What have
they to sell that We want, in comparison
with the more highly civilized nations
of the earth? IN comparison with these
nations, what will they buy of us? The
value of foreign trade is not measured
by population. And if it were, Napoleon's
shrewd observation is to the point: That
since the invention of the steam engine.
the s'iron mem in each nation must be
aiken into account IN estimating relative
population. 1t is not the number of in
habitants. but their aggregate productive
capacity n the number of their artificial
wants which makes the trade of any
given community valuable. Apply this
test to the silver-using countries of the
world and what would we gain by SUBJ
stituting them for our present customers.
who now pay for the surplus products
in gold? Nor could we compel them to
buy Of us If we would.
BRYAN ON REPUTATION.
August is, 1sss.-.Some Of our Eastern
friends accuse the advocates of free coin
age Of favoring Reputation. Repudia-
cent years by the debtor; but in 1869 the
credit Strengthening act enabled the
~pondhoider to repudiate a contract made
With the Government, and to demand coin
II payment of a bond for which he had
given paper, and which was payable in
lawful money"
The retort. You are another, has been
popular In all ages, especially with those
who have no other reply to make to an
accusation. It is said that whenever the
government passes the HINT of its ability
to maintain the silver dollar at par with
gold It will become a dishonest dollar, the
easy rejotnder is that the gold dollar is
q dishonest dollar. If It is said that
to pay public or private Indebtedness in
deprecated currency Is reputation, Mr..
Bryan venture to suggest that the demand
for payment of Government bonds In
~, - <ox<.3Ixf1- 49,