Daily capital journal. (Salem, Or.) 1896-1899, 1896-08-14
pRyAN's ACCEPTANCE.
Continued from second page.l

ubich they fear. The retirement OF
,be precnbacks and treasury notes
wonld not protect the treasury, be-
c,nse the same policy whichnOy leads
the secretaey Of the treasury to re-
deem all government paper, when
gold is demanded, will require the re-
domntion of all silver dollars and sill
var certificates in gold, II the green
hacks and treasury notes were with
drawn from circulation. More than
this, IL the government should retire
~ paper and throw upon the banks
the necessity of furnishing coin re-
demption, the banks would exercise
tbe right to furnish either gold or
silver. In other words, they would
exercise the option just as the gov
eminent ought to do now. The gov
ernment must either exercise the
right TO redeem its obligations in sill
yer when silver is more convenient,
or Il must retire all the silver dollars
and silver certificates from circulation
and have only gold as legal tender
money. Are our opponents willing to
outline financial system which will
carry out their precepts to a legiti-
mate conclusion, or will they continue
to cloak their designs In ambiguous
phasesY
1--WE contend that free coinage by
the United States alone will raise the
bullion value Of silver to its coinage
value, and thus make silver bullion
worth sl.29 per ounce In gold through
out the world. This proposition is
In keeping with natural laws, not in
defiance Of them. The best known
law Of commerce Is the law of supply
and demand We recognize this law
and build our argument upon 1t. We
apply this law to money when we say
reduction in the volume Of money
will raise the purchasing power OF the
dollar, We also apply the law OF
supply and demand TO silver when we
say that new demand for silver
created by law, will raise0the price o.
silver bullion. Gold and silver ar,
different from other commodities II
that they are limited in quantity
Corn, wheat, manufactures, ETC., cal
be sold at price sufficient to stimu
late production; but gold and silve
are called precious metals becaus
they are found, not produced. Thes
metals have been objects OF anxiou
search as far back as history runs
yet, according to Mr.. Harvey's calcu
latlOn, all the gold coin in the worlt
can be melted into a 22.foot cube ant
allthesilyer coln.in. the worldinto SO
loot cube. Because gold and silve
are limited both In quantity now II
hand and in actual production, it fol
lows that legislation can fix the ratio
between them. Any purchaser wh'
stands ready to take the entire suppl.
OF any article at a certain price cal
prevent that article from falling be
low the price. This government Cal
nxa price for gold and silver by Great
ing demand greater than the supply
I'm reply to the argument that i'm
proved machinery has lessened TN
cost OF producing silver, it is sufficien
'osay that the same is true OF tn
production Of gold, and yet, notwitt
Standing that, gold has risen in value
AS matter of fact, the cost OF pre-
auction does not determine the yalu
VI the precious metals, except as
may afect the supply. II, for IL
stance, the cost of producing gol
snould be reduced 90 per cent withsu
any increase in the output, the pul
ouasihg power Of .an ounce OF gol
"ould not fail. So long as there is
monetary demand sufficient to take q
nAed mint prices all the gold and 81
reproduced, the cost OF the produ,
uon need not be considered
CLOSING SENTENCES.
IN conclusion, permit me to say
SOru In regard to international agre
Sent, looked to for the restoration
uleialllsm. The advocates OF fr'
.S'nage have on all occasions show
s saelf willingness TO cooperate wit
inner Sn nations in the reinstatement
III a' out they are not willing
a VAT the pleasure Of other Cover
ealS when immediate relief Is need'
:, 'ne people OF the United State
"u they further believe that ind
10. a -.