The Coconino weekly sun., 1896-08-20

without waiting for the aid or consent of Q ny other nation. We are not asking that new experiment be tried; we are insisting up- on return to financial policy ap. proved by the experience of history and supported by all the prominent statesmen of our nation from the days Of the drst president down to is7s When we ask that our hints be opened to the free and un- limited coinage of silver into full legal tender money, we are simply asking that the same mint privileges be accorded to silver that are now accorded to gold. When we ask that this coinage be Ut the ratio of sixteen to one, VIC simply ask that our gold coins and the stand- ard silver dollar which. be 1t remembered, con- tains the same amount of pure silver as the hrst silver dollar coined at our hints, retain their present weight and flneness.
 The Necessity for BimetaIlisIn.
 There is an actual necessity for blmetallism, as well as theoretical defense of 1t During the last 2S years legislation has been creating 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 bimetallism in the United states will take away from gold so much Of its purchasing power as was added to 1t by the demonstration of silver by the United States. The silver dollar is now held up to the gold dollar by legal tender laws, and not by redemption in gold because the standard silver dollars are not now redeem able In gold, either by law or administrative power.
 We contend that free and unlimited coinage by the United States alone will raise the bull lion value of silver to its coinage value and thus make silver bullion worth i.29 per ounce Tn gold throughout the world This proposi- uoh IS in keeping with natural laws, not in de- nance or them The best known law of com merce Is the law of supply aad demand. We recognize this law and build our argument upon it. We apply this law to money when we say reduction in the volume of money will raise the purchasing power of the dollar: we also apply the law of supply and demand to silver when we say that a new demand for sil- yer created by law will raise the price Of silver bullion.
 The question upon which International bi- metalliSts and independent bimetallists differ is: Can the United States, by the free and unlimited coinage of silver at the present legal ratio- create demand for silver which, taken Tn connection with the demand already in ex- lstence, will be sufficient to utilize all the sil- yer that will be presented at the miutsg They agree in their defense of the bimetallic princi- pies and they agree in unalterable opposition to the gold standard.
 International bimetallists cannot complain that free coinage gives n benefit to the mine owner, because international bimetallism gives to the owner Of silver all the advantages offered by independent bimetallism at the ratio. International bimetallists cannot accuse the advocates of free silver of being bullion owners who de sire to raise the value of their bullion;" or debtors who desire to pay their debts in cheap dollars" or .demagogues who desire to curry favors with the people" They must rest their opposition upon one ground only, namely that the supply of silver availa- ble for coinage is too large to be utilized by the United States
 Tho Silver Supply.
 In discussing this question, We must consid- CT the capacity of our people to use silver and the quantity of silver which can come to our hints. It must be remembered that We live in a country only partially developed. and that our people far surpass any equal number of people in the world in their power to consume and produce. Our extensive railroad develop ment and enormous internal commerce must also be taken into consideration Now. how much silver can come here? Not the coined silver of the world. because almost all of it is more valuable at this time in other lands than 1t would be at our mines under free coinage. If our hints are opened to free and t0slimited coinage at the present ratio, silver cannot come here because the labor applied to 1t has made 1t worth more in the form of merchandise than it will be worth at our hints. We cannot even expect Ill of the annual product of silver, because h. dia, China, Japan and Mexico and ali the other countries must satisfy their an nual needs from the annual products; the arts will require large amount, and the gold countries will need a considerable quantity for subsidiary coinag,. We will be required to coin only that which Is not needed elsewhere but if we stand ready to take and utilize all of it, other nGtiols will be mpelled to buy at the price which We fix.
 
 be followed by an enormous increase in the an nual production of silver. This is conjecture. Silver has been used as money for thousands of years, and during all of that time the world has never suffered from an over production. If, for any reason, the supply Of gold or silver in the future ever exceeds the requirements of the arts and the needs of commerce, we con- | tldentiy hope that the intelligence of the peo- pie will be sufficient to devise and enact any | legislation Iry for the protection o, the public. It is folly to refuse to the people the money which they now need 10: fear they may | hereafter have more than they need.
 am firmly convinced tha. by opening our | hints to free and unlimited coinage at the i present ratio we can create demand for silver | which will keep the price of silver bullion a t l29 per ounce, measured by god
 The Fall of Silver.
 Some of our opponents attributed the fall in luc NaiuC VI oilNci, "hch hChoulcu Oy Bolu' lO l the fact that during the last quarter Of Il cen- | tury the worlds supply of silver has increased | more rapidly than the worlds supply of gold l 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 production of silver
 Since the gold price of silver has fallen more | during the last five years than it ever fell in | any previous five years in the history of the | world, 1t is evident that the fall is not due to increased production Prices can be lowered | as efYectually by decreasing the demand for an | article as by increasing the supply Of 1t, and it seems certain that the fall in the gold price of | silver is due to hostile legislation | snd not to natural jaws. Our opponents | cannot ignore the fact that gold is | now going abroad in spite Of all | legislation to prevent 1t, and no silver is being | coined to take it's place. Not only is gold go- | ing abroad now, but it must continue to go abroad as long as the present financial policy | Is adhered to, unless we continue to borrow | from across the ocean. and even then we sim- ply postpone the evil, because the amount bor. rowed, together with interest upon it. must be | repaid in appreciating dealings.
 The American people now owe large sum | to European creditors, and falling prices have | left larger and larger margin between our national income and our national interest | charge. There is only one way to stop the in- | flow of gold from our shores, and that | Is to stop the falling prices. The restoration |