The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1896-08-15
z. ~ : !. ~ 4 d n
hostile Iegislatiorl

sspCacAS ofe silver lis due ito hostile lesaslAtton
Cur EoppOlae Its cannot ignore The FAC that
gold is now going abroad in spite OF ALI leg
+ lisiatlon Intended TO prevent It, ard no Sill
only is gold going abroad now, but 1t must
continue to go abroad so long as the present
financial policy is adhered to, unless we
continue to borrow from across the ocean,
and even then we simply postpone the evil
because the amount borrowed, together with
interest upon it. must be repaid in. appre-
SciEting dollars. The American people now
owe {. large sum to European creditors. and
falling prices have left a large and larger
margin between our net national income ana
our national interest charge. Tneres1ssonly
one way to stop the increasing. flow of gold
from our shores, and that is to stop falling
prices. The restoration OF bimet lAsm will
not only stop falling prices but WILL. to some
worlds demand for gold. II it's: argued
that a rise jn prices. lessons the value, OF the
dollars which We pay to our creditors, y re-
ply, in the balancing OF equities the AHeri-
can people have as much right to favor y
financial Ssyster. which vii Inaintam or Re-
slst upon financial system that VIII re-
duce prices. But the interests Of society are
far superior to the interests OF either aep o
ETY. demand a financial system Whlcn VIII
add to the volume Of the standard money OF
the world, aud thus restore STABILITY 70
FirtTY-CENT DOLLARS.
Perhaps the most persistent risrepsenta-
ton that we have to meet is the charge
.that,.we are advocating the payments OF
debts in 50-cent dollars. AT the. present
time and under the present laws silver dol
G lar. when melted. loses nearly half ats value,
but that will not be true when we again es-
tabiish mint price for silver and leave no
surplus silver upon the market TO drag
down the price Of bullion. Under bi,n act !.
silver coin, just, gold bullion is worth as
much as gold coin, and we believe that a sill
yer dollar will be worth as much as a gold
dollar
The charge OF reputation comes with poor
grace from those who are seeking to add 10
;be weight Of existing debts by lesls Ss ,
ceal their designs against the general wei
fare under the euphonious pretense that
they are upholding public credit ana nation
al honor. .--
In answer to the charge that gold will go
abroad it must be remembered that no gold
can leave this country until the owner re-
ceiyes something in return for it which he
would rather have. In other words, Wnen
gold leaves this country, those VINO w 10Y
no process by which we can be compelled
to part with out gold against our WILL nor IS
there any process by which silver can De
forced upon us without our consent IN.
changes are matters OF agreement ana II
silver comes to this country under rec
coinage, it will be at the incitation Of some
one III this country who Will give something
in exchange for II.
Those who deny the ability of the tnited
States to maintain the parity between sola
and silver at the present ratio without for
eisn aid point to Mexico and assert thal the
opening of our minis viii reduce US 70 q
silver basis. and raise gold to q prem, ,l5;o
II is no reflection upon our sister republic
to remind our people that the United states
ID '1nucl, greater in area in populat ZION anu In
commercial strength. 1t is absurd to assert
anytl,ing which Mexico has failed to a;-
complish. The one thing necessary IN order 1a
:nand great enough to utilize al the silver
which will come to the ,nints. That Mexico
has failed to do this is no proof that ihe
United States would also fail.
IT is also argued that, since g. number or
the nations have demonetized silver, moth
ing can be done until these nations restore
i,nmarerial how many how few nations
have open minis, provided there are SUI
fcient open mints to furnish a. monetary
demand for all the gold and silver available
In reply to the argument that improved
machinery has lessene!l the cost Of prod ,,ss
same is true of the production OF geld ana
yet notwithstanding that god mas mas. risen s III
value AS mater of fact the cost OF u pro- 70
supply If. for instance, the cost OF pro-
ducng gold should be redq zee 80 per fhe
p,rcl1a sing power Of an ounce OF gold would
not fall. 50 long as there Is a monetary ny
cost Of production need not be considered. i.
IT is often objected that the prices Of gold
and silver cannot be fixed in relation to each
other because of the variation IN the rela-
five production of the metals This argu-
n1ent also overlooks the fact that. If the de-
mard for both metals at a fixed price is
greater than the supply Of both, relative
production becomes 'nnaterial. In the ear
~ mart Of the present century the annual
production Of silver was worth at the COIN
AGE ratio about three times as much as the
annual production of gold: whereas, soon
after 1sis, the annual production OF gold
times
at the coinage ratio as the annual produce
ton Of silver, and yet, owing to the main
tenance Of the bimetanic standard those
enormous changes in relative production
had but a slight effect unon the relative
values Of the metals. II 1t is asserted by
our opponents that the free coinage OF silver
Is intended only =.r
E,o1, TI1E PE,NEFT7r OF MINE OWNERS
:. 800 No bere1 thar free coinage
caIIlol les.o a.; ~ ~ ,waw and f must
an M. ~ Observation-Disclosures that the loss which the
t a, ~. t;n+;n,o ~ s;1ver hoo bronght to fine
, -; ; -. onrrnsref IN The
'iiilale uwiast "a - 80. t 80 hrnnght ~ the
loss wi nr eia, to ~ rastarat;on Of si1ve,.
resi- ,i o. Inc ~ +ha ,,aor1a oenerallv many
MI 49,. W .'g go, Nv, as 1he min, own
III % pt; eo IT, wills Il is NOT the
a,s 60 so ~ fraa nninase TO especailv aid
aS ~ 49, estarstin,,' ~ siIver is needed Nv
t si,. rhnia neonle s1,o,id not he detarred be-
Tue mAu,e hn,,.st LII coma 10 the
s;,,e ontna, TIE eractinn ~ forts the deem
W.. H. ns in r,o, a. ;r,nro,emenf of rivers
~ 1890 ~ rn,i,1;c hui1dinus-aIl these
ans ee 81 i,.n;daxtl Lsnef7ts 1,,,nn ;rf1iuii1als
~ nonam,1nitias and vet these Incidental
y