The Butler weekly times., 1896-08-13

other nation. We are not asking that new
experiment be tried; we are insisting up
on return TO financial policy ap-
proved BY the experience Of history
and supported by all the prominent
statesmen Of our nation from the days OF
the trst president down 10 1873. When We ask
that our min,s be opened TO the free and un-
limited coinage OF silver into full legal tender
money. We are simply asking that the same
mint privileges be accorded to silver that are
now accorded 10 gold When We ask that this
coinage be at the ratio OF sixteen TO one We
simply ask that our gold coins and the stand
ard silver dollar which. be 1t remembered, con-
tains the same amount Of pure silver the
first silver dollar coined at our mtnts, retain
their present weight and tineness.
The Necessity for Bimetaliism.
There is an actual necessity for bimetallism,
as well as q theoretical defense OF it During
the last % years legislation has been creating
an additional demand for gold, and this law
created demand has resulted in increasing the
purchasing power Of each ounce OF gold. The
restoration of bimetaliism in the United
States will take away from gold SO
much OF its purchasing power as was
added to il by the demonstration Of silver by
the United States The silver dollar is now
held up to the gold dollar by legal tender laws,
andAot by redemption in gold, because the
standard silver dollars are not now redeem
able in gold, either by law or administrative
power
We contend that free and unlimited coinage
by the United States alone will raise the bull
lion value OF silver to its coinage value and
thus make silver bullion worth 81. % per ounce
in gold throughout the world. This PROPOSE
tion is in keeping with natural laws not in de-
fiauce OF them. The best known law OF COM
merce is the law Of surnl- and demand. We
recognize this law and build our argument
upon it. We apply this law to money when we
raH,r ii in fha VOL nf ySril
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 sill
yer created by law will raise the price Of silver
bullion.
The question upon which international BIZ
metallists and Independent bimetallists differ
is: Can the United States, by the free and
unlimited coinage Of silver at the present legal
ratio, create a demand for silver which, taken
in connection with the demand already in ex-
istence, will be sufficient to utilize all the sill
yer that will be presented at the mints? They
agree in their defense of the bimetallic princi-
pies and they agree in unalterable opposition
to the gold standard.
International bimetallistS cannot complain
that free coinage gives a benefit to the mine
owner, because international bimetallism
gives to the owner of silver all the advantages
offered by Independent bimetallism at the
ratio. international bimetallists cannot accuse
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 10 curry favors with the people" They
must rest their opposition upon ground
only, namely, that the supply OF silver availa-
BILE for coinage is too large to be utilized by
| the United states.
The Silver Supply.
In discussing this question. We must conSid- :
npDnlp n and
| the quantity of silver which can come to our
mints. 1t must be remembered that we live in
a country only partially developed, and that
our people far surpaSS any equal number OF
| people in the world in their power to onsume
and produce. Our extensive railroad develop
ment and enormous internal commerce must
also be taken into consideration. Now, how
much silver can come here: Not the coined
silver OF the world, because almost all OF ii
Is more valuable at this time in other lands
than it would be at our mines under
| free coinage. II our mints are opened to free
| and unlimited coinage ut the present ratio,
merchandise silver cannot come here because
| the labor applied to it has made it worth more
| in the form OF merchandise than IL will be
| worth at our mipts. We cannot even expect
| all of the annual product OF silver, because In
| dia, China, Japan and Mexico and all the other
| silver-nsing countries must satisfy their an
nual needs from the annual products; the arts
| will require large amount. and the gold
| standard countries will need considerable
quantity for subsidiary coinage We will be
| required to coin only that which is not needed
| elsewhere: but IL we stand ready to take and
utilize all Of it, other natious will be compelled
! to buy at the price which we fix.
| Many fear that the open Ing OF our mints will
| be followed by an enormous increase in the an
nual production OF silver This is conjecture.
! Silver has been used as money for thousands OF
years, and during all of that time the world
| has never suffered from an over production. H.
| for any reason, the supply OF gold or silver in
the future ever exceeds the requirements OF
the arts and the needs of commerce, We con
| tdently hope that the Intelligence of the peo.
pie will be sufficient TO devise and enact any
legislation necessary for the protection Of the
public. 1t is folly to refuse to the people the
money which they now need for fear they may
hereafter have more than they need
| am firmly convinced that by opening our
msits to free and unlimited coinage at the
present ratio we can create demand for silver
which will keep the price OF silver bullion q
| fl.29 per ounce, measured by gold
The Fall OF Silver.
| Some OF our opponents attributed the fall in
the value OF silver, when measured by gold "a
the fact that during the last quarter Of q cen.
tury the worlds supply OF silver has increased
more rapidly thar the worlds supply OF gold
This argument is entirely answered by the
|
production OF gold has increased more rapidly
than the annual production OF silver
Since the gold price Of silver has fallen more
during the last five years than it ever fell il
any previous hve years in the history Of tbs
world. it is evident that the fall is not due tt
increased production Prices can be lowered
as efectually by decreasing the demand for an
article as by increasing the supply OF it, and /,
seems certain that the fall in the gold price Of
silver Is due to hostile Legislation
and not to natural laws Our opponent,
cannot ignore the fact that gold /.
now going ABROAD in spite OF al
legislation TO prevent 1t. and no silver is bein,
coined to take its place. Not only is gold 20
Ing abroad now, but it must continue to q
abroad as long as the present financial polio,
Is adhered to, unless We continue to borrow
from across the ocean. and even then we sim
ply postpone the evil. because the amount Dor
rowed, together With interest upon it, must b
repaid in appreciating dealings
The American people now owe a large su u
to European creditors. and falling prices hav,
left larger and larger margin between ou
national income and our national interes
charge There is only one way to stop the in
creasing flow OF gold from our shores. and tha
Is to stop the falling prices The restoration
OF oimetallism will not only stop falling prices
but will, to some extent. restore prices BY re