The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-09-24
A PUNCTURED TIRE.

To the Editor of the Globe.
SIT: In the records of the first session of
the flIty-nrst congress, the Sherman silver
purchasing bill being under discussion, oc-
ours report 81 some remarks by John Lind
OF New uim MINI. After expressing pref
erence for the bill mentioned to free coin
age measure. also proposed at the time as
more likely to let us down easy Mr.. Lind
said: That this bill will raise the price OF
a matter OF certainty. 1 predict that it will
passage"
WIN yeu kindly give your readers the nr;ce
OF silver per ounce when this bill was under
discussion, and again two years after its
ratio"
Is there any way Of estimating at the pres
ent Tune which is the better prophet. Mr.
Llnd' OF New Ulm, or Mr.. Bryan, of Lincoln
NeBrasKa! III Mr.. Bryan is true prophet
ana SILVER goes up to its old ratio with gold
tatoes and wheat?
How much will it raise the price of anthra-
Minneapolis, Sept. %, 1886. 81
Mr.. Corsers questions are as seffec-
tive as tacks on a bicycle path in pune
turing the free silver argument. One
has but to answer them, and compare
the facts thus brought forward, to see
the essential weakness Of the free sill
yer position. The Sherman silver pur-
chase act was under debate during the
summer of 1890. 1t was approved in
July of that year. The highest price of
silver bullion during that year was a
little less than s1.2o per ounce, which
figure was maintained but for short
time. 1t was reached by speculative
dealings in bullion certificates on the
strength Of the debate, and not by a
legitimate advance in actual value The
lowest silver Squotatto for that year
was 951s cents per ounce. The average
price for the entire year was $1.046
For the Year 1889; after the law had
been in unhampered operation for two
years, the average price of the silver
ounce was 81 cents The par of silver
at the coinage ratio of 16 to 1 is 81. 1929
1t will thus be seen that not only was
the predictioffof Mr.. Lind not fulfilled,
but the pricegof silver fell by between
Is and 20 per Gent in two years coinci-
dent with the purchase by the United
States treasury Of practically the en-
tire product of this country.
In the matter of prophecy, it seems to
us that Mr.. Lind, as represented by the
above prediction, and Mr.. Bryan, as
represented by his public speeches, are
two Of a kind There is no reason what
ever for supposing that Mr.. Bryan is
correct in assuming that silver would
rise to $1-29 per ounce on the passage
of a free coinage act. All history, all
experience. all economic authority, all
that we know of the nature of men,
of commodities, and Of prices, denies
it. II. however, 1t were possible that
this should happen, then the whole of
the other side Of Mr.. Bryan's argu-
ment falls to. the ground. When he
talks to the farmer his whole plea is
that prices are too low Free coinage
cannot raise them If the silver dollar
is worth 100 cents. In such event prices
would remain practically stationary,
and such slight change as might occur
would affect the prices of all cemmod-
tiles equally. The free silver case is
badly punctured the moment that 1t
runs against statistics and facts.