Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1896-10-08


our interests will not be- iniuriously af-
fected by such change. Is there anything
unfair or unreasonable about that? Yet,
no answer other than that have quoted
has been given by Mr.. Bryan in all his
200 speeches.
But this is not ALL 1,530,00 persons
have on deposit s1,Sob, 100000 in state
banks, trust companies, and private
banks; 100000 persons have on deposit
in national banks, s1,70O. .O00, 900; 1,745, ,725
men and women have $3.50, ,G67. 900 invested
in shares Of building and loan associa-
tions. These sums combined with the
savings bank deposits, aggregate $5,3O0.-
100000, and the number OF depositors and
shareholders is in the aggregate 1O,141,-
244. Even MAILING some allowance for
Those counted twice, by reason Of dupli-
cate holdings. here is a goodly number of
those who make up the bone and sinew of
the country, and who are interested in
its prosperity, who have the right to de-
mand some reasonable assurance that
their savings will not be cut down to one
half or near II Of their present value, by
the cheapening of the dollar.
When we ask in the name OF the great
creditor class Of the country. II we must
have classes at ALL mean the great
army who work for wages or salary on
the farm, in the shops, in the mines, and
on the great highways Of transportation
by water or rail. who are each day or
week or month the creditors for the
money they have earned-I say, when we
ask In their name, for some reasonable
assurance that the dollar that is to re-
ward their toll. will not be robbed of a
large part OF its purchasing power, by
this great change proposed in the none
tary standard, what satisfaction do we
get? None except what is given by the un-
supported assertion that the free coinage
of silver at the fixed ratio of 16 to 1, will
by reason Of an increased demand for sill
yer, bridge the chasm between its pres
ent commercial value and that Of gold.
EXACT MARKET RATIO.
That 16 TO l. being the ratio established
by law, will become the exact market ra-
tio-not a fraction more or less. But let
us give Mr. Bryan the benefit of his own
carefully prepared and written statement
We quote again from his Madison
Square Garden speech He says:
1--WE contend that free and unlimited
coinage by the United States alone will
raise the bullion value of silver to dts
lion worth $1.29 per ounce in gold
throughout the world. This proposition is
in keeping with natural laws, not in def
ance Of them. The best known law OF
commerce is the law Of supply and de.
mand. We recognize the law and build
our argument upon 1t. We apply this law
to money when we say that reduction in
the volume of money will raise the pur-
ph m ,f tha a1e.
the law Of supply and demand to silye,
when we say that a new demand for sill
yer created by law will raise the price oil
silver bullion"
Then further he says: =
Because gold and silver. are limited
both in quantity now in hand and in atl-
nual production, it follows that legisla.
tion can fix the ratio between them"
II he rely on the law of supply and de
mand to raise the price Of silver bullion
under free coinage, how can he under
take to fix the exact point to which II will
be raised, s1.29 in gold per ounce. The
law of supply and demand does not work
in leading strings OF that sort. He mus
have experience before he could possibly
state the price at which silver bullion
would sell under the free working Of thai
law IL it could apply at all.
But evidently the law of supply and
demand fails to meet the exigence OF his
argument, because after an interval he
falls back on the fiat power Of leglsla.
tion. in the language just quoted, that on
account Of their limited production, legis,
lation can fix the ratio between the tive
metals. If legislation can for any reason
fix the ratio. why talk about the law OF
slIDDly and demand?
II by law we can fix the ratio, why con-
fine it to 16 to 1? There is nothing magi.
cal about those figures. They are the
Of former market ratio
which long since has disappeared WHY
not fix" the ratio at s to /, or to /
That will make money more abundant
still
1t is true that Jefferson and Hamilton
and the wise men OF their day, after care
fully and anxiously ascertaining the mar
ket or commercial ratio. founded the legal
ratio on that.
Mr.. Jefferson said. in regard to the ra
ito to be adopted:
Just principles will lead us to disre.
gard legal proportions altogether, to in
luire into the market price of gold in the
several countries with which we shall be
principally connected in commerce, and
to take an average from them"
Actually Mr.. Jefferson SO far forgot the |
Declaration of Independence. which his
1wn hand had drafted, as to recommend
that in fixing the ratio we should inquire |
nto the market ratio in the several coun-
ries with which We were principally con-
lected in commerce.
Now Mr.. Bryan denounces such bas; |
'ubservience to foreign nations, such ig |
noble surrender of the power of this great |
'eople to make ratio and a financial
,olicy to suit themselves. 1.-The Demo
ratio PLATFORM" exclaimed Mr.. Bryan in
lis speech in Tammany Hall night before
ast, declares in favor of an American
financial policy"
How un-American were jefferson and
hamilton and their compeers when they
ecognized the fact that the people OF the
United States whose independence and
reedom they had helped to establish, had
aiken their place among the family OF
lations; that like young giant this
lew nation was to grow and wax strong,
lot by isolation from, but by participation
n and cooperation with all the mighty
orces Of commerce and intercourse that
we're building up and advancing the civil
zation of the world.
ISsIDIoUs APPEAL.
It is an insidious and unworthy appeal
hat Mr.. Bryan makes to the patriotic
Instincts of an American audience, when
% seeks thus to arouse their prejudices
n favor of financial policy, which it