Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1896-09-26
tbe cl6ab sIi4sf OK I'D wsfIJ, aud sltslsbi.

way anothcfl hstch purhno "a dumping
erounhu HiryAs the purp1sc Of arGuri-..,
stag.v vvmesItp tho mind visions Of gar
naee plles,lrsp bsaps, ana pDes OF rubbish,
gold standard. what "a the use OF 6is
thinking upon the subjsclf Doesn't be soc
piles or that worthless silver dumped, by
selfish aud greedy Foreigners, upon his un-
happy country III you would stnrtlo that
untbinking Individual, ask him II he would
refuse any vacant lot he may own for such
a dump pileY Ask him how thess foreign
ers would dump their silver Ia the United
States? Woula they make US a present of
tf Hardly. Would they exchange II for
our productsi Then we would make a
proht ~ selling what we want TO sell. aud
would be getting IN return money that we
need. bet the dumping begin; we win
grin and bear IL.
The proposition 10 absurd. There would
DO no unusual amount Of silver and l s
lway from foreign countries TO this coun-
Try. Whyl Because, nothing but the
surplus would come, and there IL none In
lextstence. India, China, Japan. and the
straits settlemsnts are not producers Of
rsilysrin largejqpanthies, aud, being on a
silver basis, are constantly In the market
as purchasers OF the metal. The European
nations have about 81, 900, 900, 900 In silver,
or w 30 per capita, the most OF which has
been minted Ut a,cost of $1.33 TO SLAB per
ounce; therefore, TO send tn at silver to us
to be coined into American money, would
entail a loss OF from . TO 10 cents an ounce.
These countries need all Of their silver
money in their daily trade, and are com.
PEELED to add to rather than ldeplete their
supply. Silver plate aud the arts would
/ not furnish the surplus silver that the gold
re would throw on the dump pile, because
tbs skillful labor represented In IL makes
1t too valuable to melt and coin into moo
I 40 IVhuro fAA 10 fhlo ofIaaw IN nnrru from ?
Is II In the bullion silver? The United
States alone has bullion silver, and 1t Is
mostly stored In the treasury vaults, to
secure the silver certificates. We now see
that this surplus silver, that was to make
dump piles all over our country, has
dwindled down 10 the products OF the
mines.
The greatest production Of silver was in
1894. when the whole world produced 1885,
DOC. 900 ounces-87, 000, 900 ounces were
coined in the various countries, 81 900 600
ounces were used in the arts-this lett Co.,
OOO, 900 ounces surplus. The growing pop
uiation and the necessary increase OF busi-
ness Ia the United States alone, require an
increase to our circulating medium that
would more THAI consume this surplus. In
the light OF these facts, what becomes Of
our dump pile?- II proves to be . catch
phrase invented as a scare crow.
CAN WE GO 1T ALoNEI
1t is impossible to present this subject in
a lecture with any degree of satisfaction,
point out defects, outline pene fetal
changes, and answer the arguments OF OPP
ponents. / have only attempted to answer
a few OF the prominent arguments opposed
TO the free coinage of silver. The chief
contention Of the goldi.e Is, that this gov
ernmeDt could not, because OF the differ
epce in the price OF gold and silver, main
tain the parity Of both as a money, at a
ratio OF 10 to /, independent Of this GOLD
standar nations OF Europe. | have an
swered this objection by showing that law
makes money and not the substance, and
that demand creates values; that because
of unfavorable laws gold was forced up in
value and silver was forced down 10 value.
BY favorable laws we shall create a de-
mand for silver and thereby lessen the de. |
mand for gold. Under such a condition
silver would rise and gold would fall, and
at 3 point where they houId meet they
would balance. and at that point their
parity could be easily maintained. The
that Q free and Independent
coinage act would make a dump pile for
the silver Of the world and destroy their
| have already ef~fectually an
swered.
The assertion that our money value
could not be maintained, that 1t would
greatly depreciate. ending IN imitation and
tcPaQtatiVuy Dtt1ubo tutEt WOulQ D6 more |
silver TO coin than this country could abb
s0rb, is easily d~isproved. We should add
900 600 a y ear TO our circulating medi-
UNI to keep pace with the growth OF our
business and the increase in population.
Now the surplus from the greatest yearly
about thar much, therefore, basing our
calculation upon ascertained facts, the
States would easily absorb the sur
plus silver and derive great benefit. We
are now short of sufficient money to safely
and profitably transact the business OF TINS
Franco furnishes us with an ex-
ample TO follow. II she has S37 per capita,
why should not this great conutry have at
cast as much? Its much more ex pensive
to do bushes in this country than in
for we have to do business over a
territory fifteen times larger. We never
or since enjoyed such prosperity as
when our per capita circulation was hover
ng about the sum OF $50, and we never
such depres sions as to-day, wnen
,ur per capita circulation is lowering
1913. With these facts proven, who
'as the temerity to dlsclaim against au IN
Here, then, Is q demand for about
100, 000, 600 new money t. replace that
vhIcn the contractionists ave subtracted
rom our medium of exchange. To coin
his deficiency, would require all the sur.
silver, based upon the present pro-
l%ucrion, for the next twenty five years.
But, exclaims the goldite, with the
'heque, bills OF exchange and other inn
banking facilities for doing bust
less, there is not that demand for actual
money that there used 10 be. | answer that
III those banking devices were developed
nd In full operation previous to 1856 ex-
ept the clearing house system, FOR meet
exchange balances. II there Is money
why the bankers panic In 1898? {
WY did all the bankers in the United (
'tates suspend payments, and why did I
hey issue $50. 900. 900 clearing house GER
.ficates adding $50, 600, 900 to their bill cir {
why did they import $60,0 O0, 900 I
old from Europe, borrowed on their /
boicest securities making an aggregate !
iDety daysf There is no other answe !
, these questions, but that our country S
ad insufficient money to meet the de
lands. Our currency had been contracted :,
, such an extent that it lacked elasticity. |
ont tell me that this great nation can do S
usiness as easily and as successfully with +
%. 90 per c apita as with $500 per capita. /
GU might as well say that the merchant !
in de business as well with a capital of 2
on as with a capital of $40. 000.0 90 il
France for seventy years maiatsined the I
arity between gold and silver on a ratio !
1911 to l, and during that time there =
as greater difference, greater fluctuations a
Lu6 amOunb Oh pfOuucliOus Oh THESE "
oney metals, than there has since been, 4
is ever likely to be. 10 lS4S the ratio of i
lese metals, in production, was 81 tons of D
Iver to | ton OF gold; but in 1872 the ratio
but 10 tons of silver to one ~ ton Of "
I'D. The ratio to-day Is about Is tons of h
lver to ton of gold. Now if France :,
'uld maintain the ratio when silver stood 9
lie to do it when the ratio is but IS tons O,
silver to ton OF Colds During these !,
verse conditions, on account of bi met .,
lie France standing ready to take and p!