Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1896-08-20

gold standard International bimetaIllsts
cannot complain that free coinage gives a
benefit 20 the mine owner, because inter
national bimetallism gives to the owner of
silver all the advantages offered by indie
pendent bimetallism ut the same ratio In
fernational bimetallists cannot accuse the
advocates Of free silver of being bullion
owners who desire 20 raise the value Of
their bullion, !" or debtors who desire to
pay their debts in cheap dollars" or
demagogues who desire to curry favor
with the people" They must rest their
opposition upon one ground only-namely,
that the supply Of silver available for coin
age Is too large to be utilized by the Unit
cd States.
Oar Capacity to Use Silver.
In discussing this question we must
consider the capacity Of our people 70 use
. silver and the quantity Of silver which can
come to our minis. II must be remen.
bered that we live in a conntry only par
TALLY developed, and that our people far
surpass any equal number Of people in the
world In their power to consume and pro.
duce. Our extensive railroad DEVELOPMENT
and enormous internal commerce must
also bc & into consideration Now,
how nue.. .cr can come here. Not the
all Of IL is more valuable at this time in
other lands than 1t will be at our minis
under free coinage. II our minis are
opened To free and unlimited coinage at
the present ratio, merchandise silver can
not come here, because the labor applied TO
IL has made it worth more in the form Of
merchandise than &c win be worth at our
mints We cannot even expect all Of the
annual product OF silver, because India,
ChiEa, japan, Mexico and all the other
silver using countries must satisfy their
~ s:sssf eass.ss@fYF "a 7rsnrsi H<sdsefF'
The arts viii require large amount, and
the gold standard countries viii need a
considerable quantity for subsidiary coin
nge We will be required to coin only that
which Is not needed elsewhere, but IL we
stand ready TO take and utilize all of IL
other nations will be compelled TO buy at
the price which we tx Many fear that
the opening Of our minis will d. followed
by the enormous increase in the annual
production Of silver. This Is conjecture
Silver has been used as money for thou
sands OF years and during ali Of that time
the world has never suffered from an over
production II for any reason the supply
OF gold or silver in the future ever exceeds
the requirements Of the arts and the needs
Intelligence Of the people will be Sufficient
To devise and enact any legislation neccs-
sary for the protection OF the public. II
Is folly to refuse TO the people the money
which they now need for fear they may
hereafter have more than they need. ] am
frmlyconyinced that by opening our mints
to free and unlimited coinage at the pres
cnt ratio we can create u demand for silver
which will keep the price Of silver bullion
at 81. 30 per ounce, measured by gold.
Some Of our opponents attribute the fall
in the value of silver, when measured by
gold, to the fact that during the last quar-
ter OF "a century the worlds supply Of silver
has increased more rapidly than the world S
supply Of gold. This argument is entirely
answered by the fact that during the last
five years the annual production Of gold
has increased more rapidly than the an
nual production of silver Since the gold
price of silver has fallen more during the
last five years than 1t ever fell in any pre-.
vious five years in the history Of the world
1t Is evident that the fall is not due to In.
creased production. Prices can Dc lowered
as cfrcctually by decreasing the demand
for an article as by increasing the supply
az it, and 1t seems certain that the fall In
the gold price of silver Is duo to hostile
legislation and not to natural laws
Our opponents cannot ignore the fact
that gold Is now going abroad ~: site oil
all legislation intended to prevent 1t, and
no silver IL being coined TO take its place.
Not only Is gold going abroad now, but II
must continue to go abroad as long as the
present financial policy is adhered to un
less we continue to borrow from across the
ocean, aud even then VIC simply postpone
the evil, because the amount borrowed, to
gcther with interest upon 1t, must be re
paid in approaching dollars. The Ameri
can people now owe n large sum to Euro
pcan creditors and falling prices have lef;
n larger and larger margin between ouI
net national income and our annual inter
est charge. There is only one way to STOP
the increasing flow OF gold from our shores
and that il TO stop falling prices. The res
toration Of bimctallism will not only stoI
falling prices, but will to some extent
restore prices by reducing tho worlds de
mand for gold. If IL Is argued that n rise
in prices lessons the value Of the dollars
which we pay II our creditors, I reply
that in the balancing of equities the
American people have as much right to In.
vor II financial system which will main
tain or restore prices as foreign creditors
have tn insist upon financial system that
will reduce prices. But the interests oil
society arc far superior 70 tho interests ot
either debtors or creditors, and the inter
csts of society demand financial system
which will add to the volume of the stand
ard money Of the world, and thus restore
stability 70 prices.
A Reply to Criticism.
Perhaps the most persistent misrepre
sentItion that we have to meet Is the
charge that VIC arc advocating tho payment
of debts in 90 cent dollars. At the present
time and under present laws n silver dol
lar when melted loses nearly half its val
TIC, but that will not be true when w,
again establish n mint price for silver anC
leave no surplus silver upon the market Il
drag down the price of bullion. Under bi
metalliSm silver bullion will DO worth a,
much as silver coin, just "a gold bullion 1:
now worth as much "a gold coin, and VI
believe that n silver dollar will 10 worth n
much as a gold dollar.
The charge of population comes will
poor grace from those who are seeking Il
add TO the weight of existing debts b,
legislation which makes money dearer anC
who conceal their designs against the gen
eral welfare under the euphonious pretens,
that they are upholding public credit ant
national honor.
In answer to the charge that gold viii
go abroad, it must be remembered that nj
gold can leave this country until the own
or of the gold receives something In return
for 1t which he would rather have II
other words, when gold leaves the country
those who formerly owned it will be bene
fitted There is no process by which vs.;
can be compelled to part with our gold
against our will, nor Il there any process