Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1896-08-22

theiut<IuX XQfks4HkQrE VINO desire TO
P1y 70 a' s%ss1fs.i, ss sr
o%p,pt1lnea1 e:ys1as.ssss ss sas.s
~, the supply of silver available Tor
coinage is too large to be ut.uzed by the
United States.
Fears No Silver Flood.
In discussing this question we must con-
s,der the capacity Of our people TO use sill
yer. and the quantity of silver which can
come TO our m.nts. Now, how much silver
can come. here? Not the coined silver OF
the world, because almost all OF IL ~
more valuable at this time IN other lands
than II VIII be at our minis under free
coinage. III our minis are opened 10
free and unlimited coinage at the present
ratio merchandise silver cannot come
here, because the labor applied to x has
made 1t worth more in the form OF mer-
chand.se thar it will be worth at our
minis. We will be required to con only
that which Is not needed elsewhere. but.
IL We stand ready to take and utilize all OF
at the price which We fix. Many fear that
the opening OF our m.nts VIII be followed
10y an enormous Increase In the annuai
production Of silver. This is conjecture.
Silver has been used as money for thou
sands OF years, and during all OF that
time the world has never suffered from
an overproduction. 1t Is folly to refuse
TO the people money which they now need
for fear they. may hereafter have more
than they need.
our opponents cannot ignore the fact
that gold IS now go:ng abroad In spite or
all legislation intended to prevent IL, and
no silver is beng coined to take its place.
There is only one way TO stop the .ncreas-
ing flow OF gold from our shores, and that
Is to stop falling prices. The restQra-
ton Of bimetall.sm will not only stop fau-
ing prices, but VIII, to some extent, restore
prices by reducing the worlds demand for
gold. II e is argued that a rise IN prices
lessons the value of the dollars which we
nav m nUlr NFanifnrg T0nlV that I'm fhes
balancing of equities. the American peo-
pie have as much right 10 favor a financial
system which Will maintain or restore
prices as foreign creditors have to insist
upon a financial system that will reduce
prices.
sentation that we have TO meet is the
charge that We are advocating the pay
ment of debts In J-cent dollars. At the
present time and under present laws a
silver dollar. when melted. loses nearly
half its value, but that will not be true
when we again establish "a mint price for
silver and leave no surplus silver upon
the market TO drag down the price of bull
ION. Under b.metallism silver bullion viii
be worth as much as silver coin, just as
coin, and we believe that a silver dollar
will be worth as much as a gold dollar.
As TO liquidation.
The charge of reputation comes with
poor grace from those who are seeking
s-ensrsi' welfare ialhalk e tsss s. si.s;ss Sssss by
tense that they are uphofding pub 49,
IL and national honor.
Those who deny the ability of he -
States to maintain the parity between gold
and silver at the present legal ratio with.
that the opening OF our mats VIII reduce
us TO a silver basis and raise gold TO a
premium. 1t Is no reflection upon our sis
ter republic to remind our people that the
United States - much greater than Mexico
in area, IN population and in commercial
strength. II Is absurd to assert that the
United States Is not able to do ANYTHING
which Mea:to has failed to accomplish.
The one thing necessary In order TO main
tain the parity IS TO furnish a demand
great enough TO utilize all the silver which
will come to our m.nts. That Mexico has
failed to do this is no proof that he
United States would also fail.
1t IS also argued that since a number OF
nations have demonetIzed silver nothing
can be done until all those nations restore
immater.al how many or how few nations
have open minis provided there are SUI
fcient open m.nts to furnish a l .onetary
demand for all the gold and silver avail
able for coinage. II Is often objected that
the prices OF gold and silver cannot be
fixed In relation to each other because Of
the variations In the relative production
OF the metals. This argument also over
looks the fact that IL the demand for both
metals at a fixed price is greater than tho
supply of both relative production becomes
immaterial.
II it is asserted by our opponents that
the free coinage OF silver Is Intended only
for the benefit of nine owners, Il must be
remembered that free coinage cannot rel
store TO the mine owners any more than
also he remembered thai the loss wh!eN
the characterization of silver has brougA4
10 the nine owners Is Insignificant coN#
pared to the loss which this policy h%nk
brought to the rest of the people. The re-
storat.on OF silver Will bring TO the people
generally many tines as much advantage
as the owners can obtain from II.
TIL argument that a silver dollar Is
heavier than a gold dollar and that there
fore silver = less convenient TO carry IN
by the silver certificate. which Is as easily
carried as the gold certificate.
10 To I the Only Ratio.
There are some who. while admitting
the benefits Of b.metallism, object to CON-
age at the present ratio. II any are de-
ceived by this objection they ought to re-
member that there are no b!metall.sts
who are earnestly endeavoring TO secure
posed to any change in the ratio for two
reasons: First, because a change would
produce great injustice; second, because u
change In the ratio Is not necessary. A
change would produce injustice because IL
effected I'm the manner usually suggested
Ian increase In ratio) 1t would result In
standard money.
This contraction, by increasing the valus
debts a. ,ne of o'ii tSe' worIa BY Srt Siil.Sn ,ne Of doIla sns
and decrease still more tho value Of prop
erty OF the world as measured by dollars.
Besides the Immediate result such =
change in the ratio would permanently de-
crease the annual addition 10 the worlds
supply OF money because the annual silver
production. when coined into dollars twice
as large. would ony make half as many
The people OF the United States would be
injured by a change in the ratio not be-
cause they produce silver. but because they
own property and owe debts, and they
cannot AFFORD to thus decrease the value OF
thar nrAnaFrv ar fnorAn1n thu I.R1a. 80
their debts. All OF the gold and silver an
nuaily available for coinage. when con-
verted into coin at the present ratio. will
monetary needs.
In supporting the act OF 1880, known as
the sherman act. Senator Sherman. ON
June 3 OF that year. said:
III our present currency Is estimated ae
y zoo. 10000 and our population Is increaf
Ing Il w az the se fat1e g t, : pes ef insr ess AnI IN 4
Circulation each year to keep pace with the
II the United States needed more than
$2. 100000 annually to keep pace with the
population and business then. II now,
with a larger population. needs a stil
States II only one nation among many.
Our opponents make no adequate provision
for the Increasing monetary needs OF the
b.mstal.sm would be q hardship upon
those who have entered into contracts pay
able in gold coin. but his 10 2 mistake, it
which to meet a gold contract when most
Of the people can use silver than II 10 now.
when everyone 10 trying to secure gold.
The Chicago platform expressly
declared In favor. Of such lesiS-
prevent for the future the demonetisA-
ton OF any kind Of legal tender money by
private contract. Such contracts are obs
1ected to on the ground that they are
There 10 another argument to which Z
ask your attention. Bome Of the more
to the fact that thirteen months must
elapse between the election and the first
regular session OF congress. n assert
clare thsmsslvos In fsvor q tree coinage