The record-union., 1896-10-12
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SOuitiy upOu lIOSc WOulQ
the commercial nations together coin
of silver bullion to 81 20 per ounce?
Perhaps. Strong commercial reasons
suggest the contrary. Would America
alone bring silver to 81 % an ounce?
Assuredly not. Although, of course,
the new demand for silver from the
mints would give some increase to it's
value, which increase, however, might
again be offset by an increase of pro-
duction.
Some imagine that the ratio of silver
to gold was always 16 to l, or there
abOuts. The ratio was constantly
changing throughout historic times. At
one time silver was more valuable than
gold; at another time, since the diScOv-
cry of American silver. it was ten times
less valuable than gold: the ratio is
constantly changing, and the question
for us to-day is not what the ratio was
at preceding date, but what it should
be in our time.
But has not Herr Bismarck coun-
seled the United States to go ahead and
make the experiment alone? Yes, and
some Americans quote his words as au-
thority. The sly, old fox would, in
deed, be pleased to see America make
the experiment and go to the bottom of
the sea. Free coinage, then, will give
us money worth in the commercial mar
ket of the world a little over half it's
nominal value. No one imagines that
the stamp of the Government gives
value TO piece Of metal; it merely GER
titles to the quality and quantity. Other
wise the Government stamp might as
we'll be affixed to copper or to mere
paper.
If the Government stamp gave value,
the debased coin issued In the past by
impecunious sovereigns would not have
ruined the subjects of those sOvereignS,
and the assignatS of France and the pa
per issued by Ferdinand of Naples a
century ago would not have sold in the
market as Government rags. Legal
tender compelling men to accept against
their will money above it's commercial
value in the markets Of the world is
rank injustice.
The early financial statesmen of the
United States. Jefferson, Madison, Ham
ilton, never put the legal value of coin
higher than the commercial value of the
metal out of which the coins were
made. Therefore, with the passage of
free coinage, we shall have q currency
rejected at it's normal value in the COM
mercial markets Of the world, unstable
and fluctuating in real value. Business
cannot prosper with such a currency.
The life Of business is stability of cur
rency. No one will invest money of a
certain value to-day in commerce and
industry, if by the time the raw mate
rial has been turned into marketable
wares the currency is likely to have
changed in value. Business in all
hrop he's q
gamble, and conservative capital would
keep out of sight. No loans would be
made.
1t is nonsense to say that capital
must put itself into the American mar
ket whether the capital be American or
European. We should not be deluded by
words. We may clamor in vain for
capital. 1t will not come to us unless
there be security Tor it. 1t will remain
il, the vaults Of safety or go to other
parts of the world where reward is
small but certain. And without capi-
tai there would be no enterprises and
10 work for the people.
I am absolutely convinced that the
laboring classes will suffer the most of
all from free silver coinage. And yet
the laboring classes are those that are
the most urgently appealed to in this
free silver movement. A man who talks
against free silver is put down at once
as an enemy Of the common people"
Well, for my part I am willing to be
called an enemy Of the working
classes, Of "the common people," if 1
am in reality advising them for their
good and serving their true interests
Those above all others in the land who
Should to-day be on their guard against
the silver movement are the labOrers of
America.
But will not the farmers be benefited? :?
Will they not receive a higher price for
their products? May be higher price
but not higher value. OF what use is
it to have a dollar instead Of a half
dollar, if the dollar can purchase no
more than the half dollar? And why
will farmers receive even nominally a
much higher price than they do now?
The best market Of the farmers product
is his own country, and If his own coun-
try is impoverished, if factories are
closed, if laborers in cities are penni
less, the farmer will receive but little
for his harvest.
Men on salaries will scarcely hope to
have their salaries doubled even NOM
inally, and then their salaries, such as
they may be, will have only half the
purchasing power they have to-day.
Those who owe debts payable-princi-
pal or interest-in gold will receive the
same salaries as to-day, and their sal
aries will have but half the debt-paying
power which they have to-day
But those who owe debts not payable
in gold. Well, if the country is ruined
where will they find even silver to pay
thair dahtc in, ci1 he
benefited-and they are few to-day, and
it is scarcely worth while to bring
around a revolution in the country to
benefit them-are the debtors who have
to-day gold on hand, and who by free
silver coinage will have their store
doubled in nominal value and will be
enabled to reduce their debts by one
half. And for those the question re-
mains, Is 1t honest? 1t is a delusiOn
to imagine that silver will circulute so
plentifully that it can be had easily
by all and that the quantity will make
up for the lack of value. If silver bull
ion does not increase in commercial VAL
ue, silver will not be produced in guam
tity, and as owners of silver will not
part with it except in exchange for COM
mcdity or labor which they deem use
full and valuable, if the business of the
country is not prosperous, the people
will get very little or no profit from it's
mintage. But and here is the popular
argument in favor Of free silver-we
have had hard times under. the gold
standard. That is true; and what is
also true, under the silver standard we
will have much harder times 1t is the
great fallacy of the day to be at
tributing our hard times to the gold
standard.