Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-09-23
MIR. Bryan and His Creed.

applied. mere allusion to these declara- |
lions Of the Chicago platform is all that is
necessary for present occasion.
MIR. Bryan and His Greed.
''On former occasion 1 said that in its
pledge to the free coinage of silver the
Chicago convention invoked not only the
Judgment, but the Imagination, of the
American people. The free coinage os sill
yer. as Interpreted by Mr.. Bryan. means
the advance in the commercial value Of
all the silver bullion and coin. and, indeed,
all the commercial silver to an equality In
commercial value to gold.
The promise is that the American dol
lar which, it may be- said, is worth fifty
three cents as compared with the dollar of
gold, shall by the adoption of this measure
by the United States be advanced in equal
ity. advanced in commercial value to an
equality with the dollar of Dds grains of
standard gold, and a similar promise Is
made with reference to all the silver coin
age of the civilized world.
1T was believed early in the canvass by
many honest and thoughtful men that 1t
would be possible by the adoption of
measure for the free coinage of silver TO
give to the silver coin of 4121a grains full
local amount of value. That belief has
yielded to the better understanding of the
question. 1t was conceded by Senator
Stewart in debate in the Senate that that
would be an impossibility. AT the same
time distinguished Senator from Missouri
said that free coinage would enhance the
commercial value of the silver dollar some
and depress the commercial value of the
gold dollar some. until they reached a point
of common value. That idea Senator Stew
art then declared to be false.
The Silver of the World.
Mr.. Bryan recognizes that commercial
law which makes a local value for silver
dollar to be a myth. He says the silver Of
the world would necessarily find common
value. He comedies that American silver
would, after free coinage, be supplemented
by the bullion and coin of other countries,
Until the silver of the world would find
common value. Mr.. Bryan's belief there
fore. that the adoption of the free coinage
of silver by the United States alone would
advance silver to equality in value with
gold must be assumed to be the official in.
depreciation of the Chicago platform, and
unless that belief has some foundation in
the experience of mankind it must neces-
sarily be rejected.
"Cnparalleled BOldness."
'It may be admitted and confessed that
Mr.. Bryan and his supporters abound In
courage, that the assumption of this vast
undertaking is characterized by degree of
unparalleled holiness. 1t is assumed and
it may be conveniently conceded. that the
silver bullion of the coinage of silver-usng
nations has today one-half the commercial
| value of gold. The undertaking is that a
| measure for free coinage of silver will
throughout
world and render the dollar of 412l. grains
| of standard silver equal in acceptability
| and value to the gold coin of 25.S grains of
| standard gold.
| his supporters reject the shallow definition
| of bmetallsm. which demands no more
| than the admission of both gold and silver
to the mints at a ratio Of Is to 1. but he
| asserts that the free coinage of silver at
| that ratio to gold will produce real bimetal-
| lsm, double and equal standard of value
| the coins of both gold and silver having
| equal power in the market and in the pay
| ment of debts
| Three Propositions.
! Let consider the import of this start
/ ling proposition for one moment First, It
| assumes that the unlimited coinage of silver
| on private account at the ratio of 16 of
| silver to 1 Of gold, with full legal-tender
quality. by the United States alone will
give to the 434,OOO,O0O of silver dollars al
ready coined an equal commercial debt-pay-
ing and purchasing power to the dollar con-
| tanning % $40 grains of standard gold,
| which at present the gold dollars are sup
posed to possess, supported by the national
| pledge to maintain the parity in value of
those silver dollars with gold COIN
| Second-It assumes that the same cause,
free coinage of silver, will maintain the
equally acceptable value of all dollars that
| may hereafter be coined on private account
| by the United States.
L
| OF silver by the United States alone would
at once advance the value of the CONNER
cial silver of the world to that of gold. 1t
| would in the same manner affect the value
| of all the silver coinage of all civilized ma
tions. 1t seems astonishing that in the light
| of all human experience such q proposition
| should not only be entertained by sane
men, but that upon its acceptance and be-
lief a great party should demand public
confidence.
Commercial Law
THE commercial law which controls this
subject is familiar to the country Under
its operation slight differences in the COM
parative values of silver and gold led to the
expectation of the American-coined dollar
to such extent that few or none of them
were in domestic circulation. If the I'M
limited coinage of silver dollars by the
United States should cause even a small adj
vance in silver, either in the form of bull
lion or coin. importations would follow until
prices were equaiZed and imports of silver
would become without profit. (Applause)
1.-THE real question then is. can the Ameri-
can people. by law authorizing the I'M
limited coinage of silver dollars on private
account at the ratio of 16 of silver to 1 of
gold, with full legal-tender quality for all
debts and dues, public and private, make
the silver coinage of the world Of equal ac-
ceptability and value and of equal power in
the markets and in the payment of debts
with all the gold coined in the world?
This statement Of the question Is made
in an unusual FORM but neither It's truth
nor its exactness will be questioned by any
thoughtful man after he has fully consid-
cred the rapid methods of modern intercom-
municatio and the activities of commercial
life. (Applause)
"This Ruinous Mensure.n
ST admit that silver bullion may be ad-
vanced In commercial value by its increas-
ed usefulness. but no advance to a parity
with gold Is possible. and the whole result
| of the measure would be the depreciation
| of value of the coinage the ruin of nuhliC