The morning times. [volume] (Washington, D.C.) 1895-1897, 1896-07-24
Bimetallism and Public Expenditures.

coinage of both gold and silver but when there is dis
parity in the commercial value of these metals and
their production neither be limited definitely
known, attempt to make bmetallsm practical oper-
alive is impossible physical flight to heaven.
The Democratic platform declares for bimetasm indie
pendent of every other nation It proposes do what
experience has pronounced impossiby. 1t would
have the United States adopt financial policy that has
ruined country that has heretofore declared IN its
favor, and would reduce wageearners to the I'M
poverished condition of those of Russia Mexico Colon
bIa, Paraguay China Peru, and the few other minor
countries where silver exists for that Is
taism in practice according to every experience
where gold has been the most valuable metal.
1t is bold assumption to claim that this country is
rich enough and powerful enough force silver to
parity with gold by act of Congress- especially when the
market price of silver is fixed elsewhere and there is
restrict the greed of silver producers through
out the world At present silver worth SO cents
ounce Coined into American dollars it would bring
ST. % per and Congress cannot limit its prodnc
ton control its commercial value it is not difficult to
see that mine everywhere would double their out
put their eagerness to fill the country up with silver
dollars to realize the increased profit made by coming
their metal This country has already failed twice in
attempting to force up the price of silver by legislation
and free coinage would only record another failure
but would so bring financial panic disastrous to
our business interests
passed
chase of from s. 600 600 S4 600 900 of silver bullion
per month. Up to 1891 when the law was repealed,
0S ounces of pure silver had been purchased and
$500 900 coined The total production of silver in the
United States during this period 400 O0O 900
and about 200, 600 600 were exported 1t will be
that the entire silver product this way taken
Of When the act took effect, silver worth 80 cents
When it was repealed to be replaced by the
Sherman law silver had fallen to 76 cents ounce
showing a decline of 13 In 1891 Sherman
went into operation and the government purchased
of fine silver every month"; against which
Treasury issued During the three years of
the operation of the law, 168 of silver
purchased In 1891 silver fell to 76 cents in 1892
81 cents; 1893 to 90 cents. Therefore, it will be
that legislation that provides for surplus
silver will not sustain its price long the white
metal is mined in other countries.
The effect of free coinage in this country may be
briefly summed, follows Gold would go to premium
and to be used either legal tender
fund.- is at present 1t would practically go out of
circulation except for speculative purposes and its
various fluctuations in the market would keep prices
settled and prevent the transaction of stable business
The moment gold went to premium there would be
panic stocks and capital would seek hiding Places
business firms dependent on bank accommodations
would be refused credit and be compelled to close their
door failures would be the order of the day and thou
sands of working people would be thrown of employ
ment meantime. the cost of living would advance in
the imitation of prices caused by the gold pre-
and thosewho champion free silver would become
objects general detestaton Perhaps in the of
five or six years conditions might become settled
but the blight of debased money would be put
country, and nothing but return to sound financial
principles would satisfy the public.
The country needs relief from trusts and syndicate
Influences but this through free silver
or if it could the remedy would be than dis
ease Wage earners need and must have and bet
ter employment but it be found by following
false financial theory system of imitation is always
detrimental to those who labor for hire Investment
prosperity and fuctuatng unstable monetary system
can never create these requirements. the efforts
were influence Congress to authorize liberal APP
preparations for public work that being put forth to
bring about free coinage, the money thus circulated
would start the channels of trade This country
L.