Mexico weekly ledger., 1896-08-20

which is not needed elsewhere; but If We
stand ready to take and utilize all of it,
other nations viii be compelled to buy at
the price which we fix. Many fear that
the opening OF cur Inints VIII be followed
by an enormous increase in the annual
production of silver. This is conjecture.
Silver has been used as money for thou
n of year d during all of that time
overproduction. II. fer any reason, the
supply of gold or silver in the future ever
exceeds the requirements of the arts and
hone hat the intelligence of the people
viii be sufficient to d<yfso and enact any
legislation necessary The protection of
It is folly to refuse to the people the
money which they now need for fear they
may hereafter have more than they need
mints to free and unlimited coinage at the
] present ratio we can create a demand Tor
silver which will keep the price OF silver
bullion at a.2s per ounce, measured pyl
Some Of our opponents attribute the fall
In the value of silver when measured by
Of a century the worlds supply of silver
has increased more rapidly than the worries
supply of gold: This argument is entirely
answered by the fact that during h last
five years the annual production of gold
has increased more rapidly than the an
nual production of silver.
Our opponents cannot ignore the fact
that gold Is now going abroad in spite OF all
legislation Intended to prevent Ii, and no
only is gold going abroad now, but 1t must
continue to go abroad as long as the pres
ent financial policy Is adhered to, unless we
continue to borrow from across the ocean,
and even then we simply postpone the evil.
because the amount borrowed, together
with the interest upon it, must be repaid
in appreciated dollars
Not Advocating Fifty-Cent Dollars.
Following in an earnest argument favor
ing the restoration of bimetallism, MIR.
B nfysSenr saua fht tRst we we nave to meet Is
the charge that We are advocating the pay
ment of debts in 50-cent dollars. At he
| present time and under present laws a. Sill
yer dollar, when melted, loses nearly half
it's value. but that Will not be true when
we again establish a mint price Tor silver
and leave no surplus silver upon the mar
ket to drag down the price or bullion. tn-
| der bimetalIism silver bullion will be worth
as much as silver coin, just as gold bullion
is now worth as much as gold coin. and We
believe that a silver dollar will be worth as
STATES heese 10 Una mai Hsak the Sar,tsy se.weeh ssid
out foreign aid. point to Mexico, and assert
that the opening of our mints Will reduce
premium. 1t is no reflection upon our sis
ter republic to remind our people that the
United States is much greater than Mexico
strength. 1t is absurd to assert that the
United States Is not able to do anything
which Mexico has failed to accomplish.
maintain the parity is to furnish a demand
great enough to utilize all the silver which
to do this is not proof that the United
States would also fail. In response to the
iessened the cost OF producing silver, Mr..
Bryan said 1t sufficed to say that the same
is true of the production or gold, ana not
Arguments Against Silver Answered.
He replied in detail to numerous argu-
ments against silver. If Ii is asserted, he
| said, that the free coinage OF silver Is IN
owners, il must be hat free
| coinage cannot restore to the mine owners
any more thar RECOMMENDATION loon away;
| loss which the demonstration OF silver has
brought t9 the mine owners is tnsignih-
can't compared to the loss which this poll
cy has brought to the rest of the people
The restoration of silver Will bring 10 the
people generally many times as much az,
from it. While 1t is not the purpose Of free
coinage to specially a!d any particular class,
Should not be deferred because an incl
dental benefit Will come to the mine owner
harbors, the Improvement of rivers, the
erection of public b~uildings-aii these con;
fer Incidental benefits upon individuals and
communities, and yet these incidental ben
efts do not deter US from making appropri-
atoms for these purposes wneneSer shE \
gooopd.
Debtor Should Have the Option.
If there are two kinds 1f money nor sb the o ?,
with the creditor. Assuming that their
rights are equal. we must look at the inter
s es.a 0e to Which n SIDE ss" the option should bs
given. Under the bimetanic system gold
and silver are linked de toget as pe by nav o 3f 2
ihs e Same Converted into fui legal tender
the metal In which payment shall be made,
it IL reasonable to suppose that he will
m nsda1irfif the there ef IS any % PerRe ay Is ' difrerenet
between the bullion values Of the metals
metal will make that metal dearer still
while the decreased demand for the cheaper
hl Tf On | the other hand. the debtor exercise.
the option, it IL reasonable to suppose tina
he will pay in the cheaper metal II one may
3 DEMAND thus created for the cheape,
metal will raise its price, while the lesseneo
demand for the dearer metal VIII lower It's
In other words, when the creditor has
whereas, when the debtor has the option,
the metals are held together approximate
dgenaesnsdh e created raste p IS Sufficient to absorb al
cfety is. therefore, interested in having
'n Th epi Tight e1 Of the debtor lei or to Choose the
coin in which payment shall be made ex-
f menf s ss 0 veil as to e a9s 1rSm b eas sexsi IN
dividuals. A government obligation is
JUSTIFY Gns " a ahp poPii eSpV Which SPu makes the interests
IF fio1 the suS ons person 70 th gh fiF hGlas Of fh the on many
who must be taxed to pay it. When, prior
to nsy ls7s' e%a sllSsT Sas nat at q na P / Ron 1t w re.
aaa atien t IN silver Ssra1 and the Matthews reso-
p r@eionl; aseRstead x Tie e Tight Of ii the e'I Tn. TED
| States to redeem coin obligations in stand
Upon this subject the Chicago platform
reads; W are opposed to the policy and
p ISs oSfis Of I~a9Ere en- ths gU fS tde s h9lasrs ,6 Of
option reserved by law to the government
ST eed eein or go sab eo~i 2elfsafi0ns in either
Cause of the Drain on the Reserve.
1t is constantly assumed by some that
the United States notes. commonly called
sued under the act of 1890, are responsible
for the recent drain upon the gold re
out foundation. In support Of this asser
ton Mr.. Bryan. quoted from testimony OF
Secretary Carlisle before the committee
on appropriations, January q, 1895. In
which the secretary said IL the policy Of
reserving to the government at the be
ginning of resumption the option OF re
scented had been adopted he thought Il
would have worked benef1cially. But tn,
secretaries OF the treasury, from the be.
ginning of resumption. had pursued a poll
cy of redeeming In gold or silver, at this
OptiSsl OF the HOluer OF the paper. ana j
any secretary had afterward attempted
to change the policy and force silver upor
q man who wanted gold and GOLD upon G
man who wanted silver his judgment was
that 1t would have been very disastrous.
This, Mr.. Bryan argued, showed that the
fault does not liza with the ~greenbacks
and treasury notes, but rather with the
Executive officers who have seen fit &c
surrender a right which should rave been
ests of the people. If the government
should retire its paper and throw upon the
banks the necessity of furnishing coin re-
demption the banks would exercise tbs
right to furnish either gold or silver; In
other words, they would exercise the OPP
ton just as the government ought to ex-
ercise 1t now
1t may be further answered that our op-
ponents have suggested no feasible plan foI
avoiding the dangers which they fear. The
retirement of the greenbacks and treasury
notes would not protect the treasury, be
cause the same policy which now leads tbs
secretary of the treasury to redeem ali
government paper in gold when gold is de
manded will require the redemption of al
If the and treasury notes are
Withdrawn from circulation. More thar
this. If the government should retire its
paper and throw upon the banks the neces
sity of furnishing coin redemption tbs
banks would exercise the right to furnish
either gold or silver. In other words they
would exercise the option, just as the gov
nmen ought to exercise IL now. The gov,
ernment must either exercise the right {.
Yer is more convenient, or Il must retirt
all the silver and silver certificates froy
circulation and leave nothing but gold q.
legal tender money. Are our opponeut!