The Pioche weekly record. [volume] (Pioche, Nev.) 1877-1900, 1896-04-09
FREE COINAGE.
What Its Eject Would BE in Restoring
Prosperity.

What Its Eject Would BE In Restoring
Prosperity.
In n recent speech in the United
States senate favoring bimetallism and
free and unlimited coinage Senator
Bacon, of Georgia, said among many
other good things:
Personally, am in favor of unlim-
tied coinage of silver, not as a senti-
nent and not in Difference to popu-
lar cry. Upon what think to be sound
reason 1 believe in unlimited coinage
as the best means to an end, viz, true
bimotallism. There are many argu'
ments in favor Of il, but the controll-
ing reason is this: The best form of
bimetallism will undoubtedly be found
where the bullion value is the same as
the coin value. 1t is the only safe and
permanent basis for bimetallism. This
equality of bullion and coin value will
never exist under limited coinage.
That portion of silver which is denied
coinage WILL as the surplus, always fix
the bullion price. AS that surplus can
only be used for the baser purposes of
the arts, its price will always be less
than the coin value. Besides this, n
money metal which is denied right of
coinage cannot hold its proper place in
the public estimate as the material for
standard coin, clothed with the power
of final payment. do not favor de-
rrceiated silver dollar, nor does any
other true bimetallist, and l believe
the surest way to secure the parity of
the silver dollar with the gold dollar
is to give it the franchise of unlimited
coinage.
'rhe basis of the argument against
unlimited coinage is the alleged danger
that with our mints open we would be
flooded with the silver of tho world.
How could this occur? Whenever the
value Of silver rose here because of
unlimited coinage, it would rise cor
respondingly in every market in the
world. The world has no silver to
spare TO u.s. On the contrary, the re-
mainder of the world needs more than
is made outside of the United States.
The remainder Of the world would not
leave us all of our own product for our
own mints. The proof of this is incon-
tcstibly shown in the fact that there
has never been single year since 1864
when our exports of silver did not
largely exceed our imports, showing
that the product of silver outside OF
the United States is not sufficient for
the remainder of the worlds require.
ments. In one year the excess of cX.
ports of silver over imports exceeded
S37, ,ooO, 900, and even when the coinage
under the Bland Allison act was in
full blast there was one year when the
excess of exports of silver over import,
was more than SIS, 900, 600 and another
year when such excess of exports wa.
more than SIT, 600 600.
There is great misapprehensior
as to the worlds supply of silver ant
as to the worlds annual product o
silver. There has been such an outcrJ
about the great production of silvel
that many suppose that the supply i
practically limitless- This is very fa
from the truth. cannot lay my han,
ut this moment on the statement o
the product for 1899 and 1924, which
assume was some greater than in pre-
vious years But, taking the repor
ended with 1899, we have the follow
ing significant statements of the prod
uct of silver and of the relative prod
ucts of silver and gold: According t.
official reports, in the 100 years ende,
In the year 1892, there was nearl,