The times. [volume] (Richmond, Va.) 1890-1903, 1896-08-13
is In keeping with natural laws. not In
defiance OF them.
SUPPLY AND DEMAND.


defiance OF them.
SUPPLY AND DEMAND.
The best known law Of commerce Is the
law Of supply and demand. We recog-
nizc this law and build our argument
upon IT, We apply this law 10 money
when say that reduction In the
volume OF money will raise the purchas-
ing power OF the dollar We also apply
the law Of supply and demand 10 silver
when we say that new demand for
silver created by law will raise the price
OF silver bullion.
Gold and silver are different from other
commodities In that they are limited In
quantity. Corn. wheat manufactured
products. etc, can be produced almost
without limit provided they can be sold
at a price sufficient TO stimulate produce
iion. but gold and silver are called pre-
cious metals. because they are found. not
produced
ANY purchaser who stands ready 10 take
the entire supply OF any given article al
p certain price. can prevent that article
from falling below that price. So the
government can fix a price for gold and
silver Icy creating a demand erentor than
Tho supply International bimetallists
believe that several nations by entering
mo an agreement 10 coin AZ a fixed ratio
an the gold and silver presented can
maintain the bullion value Of the metals
80 the mint ratio. When nrn. ~
lion. '''o '"'-
WHERE THEY DIFFER.
Tho only question upon which inter
national bimetallists and independent bi-
mc'allists differ IS: ,'In Go Inlfef
Stdies by the free and unlimited coinage
OF SILVER at the present legal ratio create
4 deipand for silver. which. taken in con-
necton with the demand already I'm OK
lstchce. viii Toe sufficient to utilize all
inc SILVER mat will be presented at the
lnlhstS! They agree in their defence Of
the bimetallic principle and they agree I'm
unaiterahle opposition 10 the gold stand
hIc. international b.weiallists cannot
ciaim that free coinage gives a benefit To
the minc-owner because international hi
inetallism gives 10 the owner OF silver all
the advantages offered bv irdcnondont hi
rnetnlism at tho same ratio. Internation-
~ hinetallis's cannot accuse the advo-
Gates OF free silver Of being "huli0n own
ers. who de%iro 10 raise the value of their
bullion or debtors who desire to nav
their debts I'm cheap dollars" or dcma-
goSues who desire 20 curry favor with
The pcoplo. "Thev must rest their on
position IN bne ground Mandy.
that the SUPPLY Of silver available for
coinage = too large TO be utilized by the
United States"
Mr.. Prvan then discussed Tho conacitv
81 tho United S'afce 10 utilize silver and
their mower tc consume md produce.
and said II Is folly 70 refuse 10 tho
people the money which thcv now need
for fear they may hereafter have more
than they need
CREATE A DEMAND FOR SILVER.
am firmly convrc,i thi, ty opening
our minis to free and unlimited coinage
1T the present ratio We can create a
demand for silver which will keep the
price # silver bullion at 81 % per ounce,
measured by gold.
Some Of our opponents attribute the
fail IN the value of silver when measured
by gold. 10 the fact that during the last
quarter OF a century the worlds supply
OF silver has increased more rapidly than
the worlds supply OF gold. This argu-
ment Is entirely answered by the fact
that during the last five years the annual
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 II ever fell in any previous five
years in the history of the world. it is
creased production Prices can be- low
cred as effectually by decreasing the de-
mand for an article as 10y increasing the
supply OF ii. and IL seems certain that
the fall in the gold price of silver IS due
10 hostile legislation and not 10 natural
laws.
cur opponents cannot ignore the fact
that gold is now going ahrOad I'm spite
of an legislation intended 10 prevent it,
and no silver IS being coined TO take
its place Not only is gold going abroad.
but il must continue 10 20 abroad as long
as the present financial policy is add
hered TO. unless we continue to borrow
from across the ocean. and even then
amount borrowed. together with interest
upon it, must - repaid in aBlreciatins
AMERICA IN DEBT
The American people now owe a large
sum TO creditors. and falling prices have
left larger and larger mar.
gin between or next national
income and our annual interest
charge There is only one way 10 stop
the Increasing flow of gold from our
shores and that is to stop falling prices.
Tho restoration Of bimetallism Will not
only stop falling prices, but Will, 10 some
extent restore prices. by re-
ducing the worlds demand for gold.
II IL is argued that a rise i'm prices les
scnq the value of the dollars which we
balancing Of equities the American people
have as much right TO favor a financial
system which will maintain or restore
prices as foreign creditors have 20 Insist
upOn a final Cial system that Will reduce
prices But the interests Of society are
far superior 10 the interests OF either
debtor or creditor. ana the interests ~
society demand a financial system which
viii add TO the volume Of the standard
money of the world. and thus restore
stability 10 prices
Perhaps the most persistent misrepre-
sentation that We have TO meet is the
charge that We are advocating the pay
mcnt of debts i'm 5O-cent dollars. Al the
present time and under present laws
silver dollar when melted. loses nearly
half its value. hut that Will not be true
VIXEN We again establish MINI pri re- for
silver ard leave no surplus silver upon
the market TO drag down the price Of
bIlliCn.
BULLION WORTH AS MUCH AS COIN.
Under bim,tallism silver bullion viii
be worth as much as silver coin. just
gold bullion is now worth as much as
gold coin. and We believe thai a silver
dollar will be worth as much as a gold
dollar.
Those who deny the ability OF the Unit
ed states 90 maintain the parity between
gold and silver at the present legal ra-
ITO without aid point 10 Mexico and as-
sert that the opening Of our miuts viii
reduce us 70 a silver basis and raise gold
10 a premium. -