The Van Buren press. [volume] (Van Buren, Ark.) 1859-1914, 1896-08-15
VAN BUREN, PRESS.

tons in silver when silver is more con-
venient, or it must retire all the silver
and silver certificates from circulation
and leave nothing but gold as legal ten
der money. Are our opponents willing
to outline financial system which will
carry out their policy to its legitimate
conclusion, or will they continue to cloak
their designs IN ambiguous phrases?
Bimetallism Necessity.
There is an actual necessity for BIZ
metallism as well as a theoretical de-
Tense of it, During the last twenty
three years legislation has been Great
ing an additional demand for gold, and
this law-created demand has resulted in
increasing the purchasing power of each
ounce of gold. The restoration of bi
metallism in the United States will take
away from gold just so much of its pur-
chasing power as was added to 1t by
the decentralization of silver by the
United States. The silver dollar Is now
held up to the gold dollar by legal ten
der laws and not by redemption in gold
because the standard silver dollars are
not redeemabla in gold either n law OF
by administrative policy. We contend
that free and unlimited coinage by the
United States alone will raise the bullion
value of silver TO its coinage value ana
thus make silver bullion WORTH $1.29 per
ounce in gold throughout the world.
This proposition IL in keep NJ with nat
ural laws, not in defiance . them
The st known law of commerce is
the law of supply and demand. We recog-
nize this law and build our argument
upon it. We apply this law to money
when that q pl6notiOp in thp
volume of money will raise the pur
chasing power of the dollar; we also APP
ply the law Of supply and demand to sill
yer when we say that a 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 pro-
vided they can be sold at price sufficient
to stimulate production, but gold and
silver are called precious metals be-
cause they are found, not produced.
these metals have been the objects Of
anxious search as far back as history
runs, yet according to Mr.. Harvey's cal
culations, all the gold com of the world
can be melted into a twenty-five foot
cube and all the silver coin in the world
into a thirty-six foot cube. Because
gold and silver are limited both in the
quantity now on hand and N the annaul
production, it follows that legislation
can fix the ratio between them. ANY
purchaser who stands ready to take the
entire supply of any givel article at
certain price can prevent that article
from falling below that price. So the
movement can fix price for gold and
silver by creating demand greater tlan
a supply.
Some of our opponents attribute the
fall in the value of silver when meas
ured by gold to the fact that during the
last quarter of century the worlds sup
ply of silver has increased more rapidly
than the worlds supply of gold. This
argument is entirely answered by the
fact that during the last five years the
annual production of gold has increased
more rapidly than the annual prtiuc-
ton of silver. Since the golu price OF
silver has fallen more during the last
five years than it ever tell in any five
years in the history of the world, it is
eeilent that the fall is not due to over
production. Prices can be lowered as
effectually by decreasing the demand fer
an article as by increasing the supply OF
the gold price of silver is due to hostile
legislation and not to natura. laws. Our
opponents cannot ignore the fact that
gold is now going abroad u spite of all
legislation intended to prevent it, and
no silver is being coined 10 take its
place. Not only is gold so nS abroad
new, but it must continue to 80 abroad
as long as the present financial policy
is adhered to unless we continue 10 Dor
row from across the ocean, and even
then we simply postpone the evil because
the amount borrowed, together with N
terest upon it must be paid in apprP-
ciating dollars. The American people
now owe large sum TO European cred
itors and falling prices have left a lager
and larger margin between our net ma
tional income and our annual interest
charge. There is only one way to stop
the increasing flow of gold from our
shores and that is to stop falling prices.
The restoration of bimetallism will not
only stop falling prices, but will, to some
extent. restore prices by reducing the
worlds demand for gold If ii is al
gued that a rise in prices lessons the
value of the dollars which we pay to
our creditors l reply that in the balanc
ing of equities the American people
have as much right to favor nnanclai
system which will maintain or restore
prices as foreign creditors have to i'll
sist upon a financial system that will re-
duce prices. But the interests of So
Getty are far superior to the interests OF
either debtors or creditors, and the in
terests of society demand financial
system which will add to the volume OF
the standard money of the world ana
thus restore stability to prices
Perhaps the most persistent misrep-
resentation that we have to meet Is the
charge that we are advocating the pay
ments of debts in fifty-cent dollars AT
tho present time and under present laws
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 surpluSs silver
upon the market to drag down the price
of bullion. Under bimetallism silver
bullion will be worth as much as silver
coinage. justs as gold bullion Is now
worth as much as gold coin, and we
believe that a silver dollar will be worth
as much as gold dollar.
Charges of Reputation.
The charges of reputation come with
moor grace from those who are seeking
TO add to the weight of existing debts
h.nT