The Kimball graphic. (Kimball, Brule County, Dakota [S.D.]) 1883-1905, 1896-08-22
cloak their designs in ambiguous
ptmetarlism a Necessity.

Bimetaliism n Necessity.
There is an actual necessity for BIZ
metaliSm as we'll as a theoretical de-
Tense of 1t. We contend that free and
unlimited coinage by he United states
alone will raise the bullion value OF sill
yer to Its coinage value, and thu make
silver bullion worth $1.29 per ounce in
gold throughout the world. This propo-
sition Is in keeping with natural laws,
not in defiance of them. The best known
law of Is the aw of supply
and demand. We recognize this law
and build our argument upon 1t. we
apply this law to honey when we say
that a reduction in the volume OF money
VIII raise the purchasing power OF the
dollar; we also apply the law of supply
and demand to silver when we say that
q new demand for silver created by law
will raise the price of silver bullion.
Gold and silver are different from 9TH
er commodities in that they are limited
In quantity. Because gold and silver are
limited, both in the quantity now in
hand and in actual production, 1T fol-
lows that legislation can fix the ratio be-
tween them. Any purchaser who stands
ready to take the entire supply of any
given article at a certain price can pre-
vent that article from falling below that
price. SO the government can fix q price
for gold n silver by creating a demand
greater than the supply. International
blmetauists believe that several nations
by entering into an agreement to coin
at a fixed ratio all gold and silver
product can maintain the bullion value
OF the metals at the mint ratio. When
a mint price is nus established it regu-
lates the bullion price, because any per-
son desiring coin may nave the bullion
converted into coin at that price, and
any person desiring bullion a secure
IT by melting the coin. International
plmetalllsts cannot accuse the advo-
Gates of free silver of being "bullion
owners who desire to 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 II ground only, name
~. the supply OF silver available for
coinage Is too large to be utilized by the
United States.
Fears No Silver Flood.
In discussing this question we must con-
s.der the capacity of our people to use sill
yer, and the quantity of silver which can
can come here? Not the coined silver of
the world, because almost all of it is
more valuable at this time IN other lands
than 1t will be at our m.nts under free
coinage: II our mints are opened to
1ree and unlimited coinage at the present
here here becanse tbe ab sl,ye ann fadno OF come nas
made it worth more in the form of mer-
chand:se than 1t will be worth at our
that which is not needed elsewhere, but.
II we stand ready to take and utilize all of
1t, other nations will be compelled to buy
at the price which we fix. Many fear that
the opening of our hints VIII be followed
by an enormous increase in the annual
production of silver: This is conjecture.
sands of years, and during all of that
time the world has never suffered from
an t ose naa0's mdnav ; It is f9lly to refuse
for fear they. may hereafter have more
than they need.
Our opponents cannot ignore the fact
that gold IS now going abroad in spite of
all legislation Intended to prevent 1t. and
no silver is being coined to take its place.
Ing flow of gold from our Sores, and that
is TO stop falling prices. The restora-
ton of bimetall.sm will not only stop fall
ing PRICES, but Will. to some extent. restore
prices by reducing the worlds demand for
gold. If It is argued that a rise IN prices
lessons the value of the dollars which we
balancing of equities, the American peo-
pie have as much right to favor a financial
system which, VIII maintain or restore
prices as foreign creditors have to insist
upon a financial system that will reduce
prices.
Perhaps the most persistent m.srepre-
sentation that we have to meet is the
charge that We are advocating the pay
ment of debts in 5O-cent dollars. AT the
present Ii1Hsr ad tine and and, under present laws a
half its value. but that will not be true
when we again establish a mint price for
the market to drag down the price of bull
ION. Under b.metallism silver bullion Will
be worth as much as silver coin, just as
coin. and we believe that a silver dollar
will be worth as much as a gold dollar.
AS to Reputation.
The charge of reputation comes with
poor grace from those who are seeking
legislation which makes money dearer
and conceal their designs against the
general welfare under the euphon!ous pre-
It and national honor.
Those who deny the ability of the United
states to maintain the parity between gold
and silver at the present legal ratio with
out foreign aid point to Mexico as proof
that the opening of our m-iits will reduce
US to a silver basis and. raise gold to a
premium. 1t is no reflection upon our sis
ter republic to remind our people that the
United States is much greater than Mexico
IN area, IN population, and in commercial
strength; II IS absurd to assert that the
United States is not able to do anything
which Mexico has failed to accomplish.
tain the parity IS to furnish a demand
great enough to utilize all the silver which
viii come to our m.nts. That Mexico has
failed TO do this is no proof that the
United States would also fail.
II IS also argued that since a number Of
ilaiions nave demonetized silver nothing
can be done until all those nations restore
b-metalism: This is also Illogical. 1t is
immater.al how many or how few nations
have open mints provided there are suf-
ncient open m.nts to furnish a / onetary
demand for all the gold and silver avail
able for coinage. 1t is often objected tina
the prices of gold and silver cannot be
fixed in relation to each other because OF
the variations in the relative production
Of the metals. This argument also over
looks the fact that If the demand for both
metals at a fixed price is greater than the
immaterial.
the free coinage of silver is intended only
for the benefit of nine owners. It must be
remembered that free coinage cannot re-
decentralization took away: and it must
also be remembered that the loss which
the demonstration of silver has brought
70 the mine owners Is insignificant COM
pared to the loss which this policy has
brought to the rest Of the people. The re-
storat.on of silver VIII bring to the people
generally many times as much advantage
as the owners can obtain from it.
me argument that a silver dollar Is
heavie e thar a gold dollar and that there
large quantities Is completely answered
by the silver certificate. which is as easily
carried as the gold certificate.
10 to 1 the Only Ratio.
There are some WAC, while admitting
the benefits OF b.metallism. object to com
age at the present ratio. 1T any are de-
ceived by this objection they ought to re-
member that there are no bimetau.sts
who are earnestly e~ndeavoring to secure
any other ratio than 16 to l. We are op-
posed to any change in the ratio for two
reasons: First, because a change would
produce great injustice; second, because a
change In the ratio is not necessary. A
change would produce injustice because II
erected In the manner usually suggested
(an increase in ratio) it would result in
an enormous contraction In the volume of
standard money.
This contraction, by increasing the value
OF the dollar, would virtually increase the
debts of the world by billions Of dollars
and decrease still more the value Of prop
9rty' OF the world as measured by dollars.
Besides the immediate result such a
change in the ratio would permanently de-
crease the annual addition to the worlds
supply OF money because the annual silver
production, when coined into dollars twice
as large, would ony make half as many
dollars.
The people of the United States would be
injured by q change in the ratio not be-
cause they produce silver. but because they
w property and owe debts, and they
cannot afford to thus decrease the value Of
Their property or increase the burden Of
Their debts. All of the gold and silver an
nuaily available for coinage, when con-
verified into coin at the pl.pSant va ia will