The Providence news. (Providence [R.I.]) 1891-1906, 1896-10-27
IF BRYAN Is ELECTED-No. 2.

IF BRYAN Is ELECTED-No. 2.
Mr.. BRYAN SAYS ne does not believe
the silver dollar would depreciate to 53
cents, or at all, but would continue to
be worth 100 cents in gold as now.
Is this view SOUND?
II the silver dollar under free coinage
is to remain worth 1c0 cents in geld, it
is apparent that silver bullion must be-
come W ,rth si.29 IN ounce, for IL worth
less, bullion holders would coin 1t for
the profit, and this process would con-
tinue until no profit remained; that is,
until the value of the silver dollar was
Just tho samssas the value OF the bullion
In it.. IL, On the other hand, the price
of silver bullion is net raised 10 sl.29 an
ounce, 1t must inevitably draw the value
OF the silver dollar down to the value Of
the bullion in it-as bullion would be
coined until the two values met.
To raise the value of silver 5ullion, 1t
is necessary TO raise the value of the
whole worlds stock OF silver, when ex-
ceeus four thousand millions of dollars,
from Go cents, it's present price, to s1.29
an ounce.
Mr. BRYAN admits this. In his speech
OF acceptance he said: "We contend
"that free and unlimited coinage by the
United States alone viii raise the bull
lion value of silver to it's coinage value,
and thus make silver bullion worth sl.29
per ounce IN GOLD, THROUGHOUT TIM
WORLD"
The question, therefore, resolves itself
into this: Would the demand in the
Unitea States for silver dollars over and
above the present stock of 437, 0OO 900 of
them (treasury statement of October
Ist inst.) which we already have on hand,
DE SUFFICIENT TO DOUBLE THE VALUE
OF THE WORLDS STOCK OF SILVER?
Mr.. BRYAN says.it will, but admits he
can't prove 1t, adding neither can you
prove that 1t won't.
That is bis argument. He gives you
his claim and belief, and says that is just
as good as what all the fnanciers claim
and believe. as neither can be Proved and
Il Is on this showing AND ON THIS SHOW
mo ALONE, that ne asks the Ameii can
people to elect him, and to see IL his be-
lief won't come true.
In Brooklyn, on September "a, he sal d
"You CANNOT PROVE BY MATHEMATICS
THAT WE CAN MAINTAIN A PARITY,
NEITHER CAN Yor PROVE THAT WE CAM
NOT"
Fortunately we are not remitted to Mr..
BRYAN's belief alone fer our guidance.
The United Safes has had some expert
ence In trying to raise the price OF the
worlds stock OF coin above Its market
value.
In 1860, the bullion In q silver dollar
was worth s1.o3 in gold; and the GOLD
dollar, measured by silver, was depre-
ciated 3 per cent. Our mints were open
to the free coinage OF gold as we'll as OF
silver. Did that raise the price of gold to
par with silvef2 Not at all. Although
the worlo's stock Of gold Is much smeller
than It's stock of silver and, although II
was only necessary to raise its price per
cent. We could not accomplish it.
This lasted from 1884. to 1860 and
down to 1873. The price of gold bullion
was not raised the , per cent, ana being
the ch esper currency, ii drove the silver
out OF circulation. And as no silver had
been in circulation for over 80 years, In
1873, after foil debate, this coin was
omitted from our coinage list.
In i've. under the ratio Of IS to Tin
force at that. time). the bullion In
gold dollsr was worth 3 cents more
than the silver dollar. aud tho SILVER
dollar, measured by geld, was depcoiateo
per cent. silver being tie cheaper.
drove gold entirely out % circulation Tor
more than 10 years, I. g.. until is-1.
when the goyernnent changed the ratio