Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1896-09-17

price, and to issue in payment therefor
| treasury notes of the United States.
These treasury notes were made re-
deemable in coin, gold or silver, at the
discretion of the secretary of the treas
ury, and had full legal tender value
Under this act, 100000 silver dollars
were to be coined per month up to July
| /, 1891.
Notice the effect of the Sherman law
| Under this act $2S,29S,4 95 were coined
| and UP to April /, 1891, $500, 1913 in
chases issued. We find that on Novem-
Der /, 1891, there were of silver dollars
coined, and in existence in the United
States under all the acts, the total of
$409, 475,36S of which sum $347 ,339, 907
were in the treasury, and less than
about one-seventh of the total coinage
of silver dollars, or $62, 1872, 4Gl in circu-
lation.
! The intendment of this law was to
provide a home market for the entire
output of our silver mines, which has
never been estimated TO exceed $4,000
900 ounces yearly, and at the same time
enlarge the circulating medium of the
country.
1t was argued, and generally believed,
that the effect of this law would be to
enhance the price of silver. This proph-
ecy was freely made by free coinage
advocates everywhere.
But what were it's results?
The law went into effect July 4, 1890.
In anticipation of rise in the price of
silver by reason of this law, silver bull
lion was driven up by spectators to
$1.05 per ounce in April, 1890; $1.0S in
May; $1.15 in August; $1.21 in Septen-
Der.
When the artificial pressure was re-
moved the law of supply and demand
began to resume its natural sway.
The worlds market, at which so
many sneers are freely cast by free
coinage advocates to-day, insisted on
playing the mischief with the home
market.
What followed?
The inevitable, of course. Silver
broke and ran-ran hard-ran till out
of breath and black in the face.
Why? The reason, it seems to us,
is very simple. The country was able
to sustain a certain amount of sih er
coin, as a circulating medium at par
with gold, but wholly unequal to the
task of sustaining the market value
of silver bullion higher than the law
of supply and demand of the world
at large saw fit to fix it.
Note results. BY October, 1890, sill
cember, S1.O6. 1t has been going down
ever since.
In December, 1891, silver was worth
94A cents May 80, 1892, SSA cents.
To-day it is worth about SO cents.
Have you failed to observe, intelli-
gent reader. that although able to take
the entire silver product of this coun-
try, which this government did, until
the Sherman act was repealed, even
this demand was inadequate to keep
the market value of silver from declin-
ing.
In the face of these facts, it requires
no little assurance to ask the American
| people to believe that free and unlmit-
ed coinage of silver at the ratio of six
teen to one would furnish such a market
for and demand for silver that its com
mercial value would double and remain
in that position.
But up hobs Mr.. Bryan, and says:
"The Bland-Allison act and the Sher-
man act were not free coinage legisla-
ton. They were only steps in that
direction. They recognized silver in a
way, provided for large purchases of
silver, but did not GO far enough"
But you will admit, Mr.. Bryan, that
the Sherman law provided for the pur-
chase by the government of 100000
ounces of silver per annum, or the en-
tire output of our silver mines?"
"Oh, yes"
'And you'll admit that even this great
demand didn't raise the price of silver
for any length of time?"
rrienr yrney always say that, it's popu-
lar with the galleries), under the Sher-
man law, the government paid for sill
yer at the worlds market price. Under
free and unlimited coinage, sixteen to
ohS, VIC pOolliS TIC prize VI
silver-doubles it, as it were"
But who gets the benefit?"
"Why the mine owner, who was
robbed by the Crime of 1873 (there you
go AGAIN. and the people,"
How does it benefit the people,"
"Oh, there'll be more money, and
they'll get it-somehow."
But if $67s, 100000 of gold gets scared
and lights out, will there be any more
money!"
"Well, hardly. We propose to create
| an enormous demand for silver. We
propose to double it's commercial value
by legislation. We propose to be indie
pendent of Europe, and fix our prices"
"Why don't you do all this for wheat,
corn and hogs?"
Don't interrupt me, my goldbug
friend. We propose to stimulate the de-
mand, and presto, the price goes up"
Then you admit that no demand en-
| lists for it to-day!
But the crime of 1873 gave silver a
black eye," says Mr.. Bryan.
won't you admit that the purchase
and coinage of $685., 100000 of silver