The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1896-08-19

the requirements of the arts and the needs
Of commerce. we confidently hone that tic
intelligence of the people will lc sufficient
to devise and enact any legislation nct'cs-
sary for Il protection of the public. 1t
is folly tt efJSe to the people the money
which they now need fer fear they may
hereafter lavc more than they reed am
firmly convinced that by opening our mints
to free and unlimited coinage at the pres
ent ratio we cen create q demand for silver
which will keep the price of silver bullion
at 81 20 lsc: ounce, measured by gold.
Some 81 our opponents attribute the fall
in the value of silver, when measured by
cold to tl:c fact that during the last quar-
ter OF & century the worlds supply OF silver
has increased rlorc rapidly than the world $
supply of gold. This argument Is cntircl:
answered by the fact that during the last
five years the annual production CT gold
has increased moro rapidly than the ar
nual production Of silver. Since the gold
rricc of silver hes fallen moro during the
last i've years than it ever fell in any pre-
viops Eve years in the history Of the world
it is evident that the fail is not due to in
creased production Prices can he lowered
as cffectually by decreasing the demand
for On article as by increasing the supply
of it, and it seems certain th'- the fall in
the gold price of silver is due to hostile
legislation and not to natural laws.
Our opponents cannot ignore the fact
that gold is now going abroad in spite OF
all legislation intended to prevent it, and
20 silvc- is being coined to take It's place
Not only is gold going abroad noW', but 1t
must continue 70 go abroad as long aS the
present financial policy is adhered! to IN
less VIC continue to borrow from across the
ocean, and cycl then We simply postpone
the evil, because the amount borrowed, to-
gether with interest upon it, must be re-
paid in appreciating dollars. The Alncri.
can reoplc now owe q large sum to Euro
pean creditors, and falling prices have Left
& larger and larger margin between our
net national income and our annual inter
es5 charge There is Oily one way to stop
the increasing flow of sold frclA our shores.
and that is to stop falling prices. The res
toration Of bimctallisln will not only step
falling prices, but Will to so1llc extent
restore prices by reducing the worlds de-
mand for gold. If it is argued th;:t';, rise
in prices lessons the value of the dollars
which we pay to our creditors, l reply
that IL the balancing cf equities the
American people have os much right TO IA
vor {; financial system which will main
tain or restore prices as foreign creditors
have to insist upon q financial system that
WI rellice PRICES. But the interests CT
society arc far superior to the interests OF
either debtors Or creditors, and the inter
ests Of society demand {; financial system
which will odd to the volume of the stand
ard money of the world, and thus restore
stability 80 prices
s. Reply to Criticism.
Perhaps the most persistent Mlsrepre-
sentation that VIC have to meet is the
charge that VIC are advocating the payment
Of debts in 50 cent dollars. At the present
time and under present laws o silver dol
lar when melted loses nearly half its val
nc, but that will not be true when we
again establish a mint price for silver and
leave no surplus silver upon the market to
drag down the price Of bullion. Under BIZ
metallism silver bullion will be worth rs
much as silver coin, just IS gold bullion Is
now worth as much as gold coin, and VIC
believe that q silver dollar will be worth as
much as q gold dollar.
The ca. Of reputation come with
poor gr:;: :? y those who are seeing To
add to the weight Of existing debts by
legislation which makes money dearer and
who conceal their designs against the gen
eral welfare under the cuphonious pretensc
that they arc upholding public credit and
national honor.
III answer to the charge chat gold will
90 abroad. il must be remembered that no
gold can leave this country until the OVID
CT Of the gold receives something in return
for it which he would rather have. In
other words, when I'D leaves the country
those who formerly .~red it will be bcnc-
Gted There is no process by which wc
:an he compelled to part with our rgold
against our will, nor is there any process
by which silver can be forced upon us
without our consent. Exchanges are mat
tiers Of agreement, and if silver comes to
this country under free coinage it will be
at the invitation of some one in this coul-
try who will give something in exchange
for it. :2ss:s:e-z.
Those who deny the ability of the Unit
ed States to maintain the parity between
gold and silver at the present legal ratio
without foreign aid point to Mexico and
assert that the opening of our mints will
reduce us to silver basis and raise gold
to premium. 1t is no reflection upon
our sister republic to remind our people
that the United States is much greater
than Mexico in area. in population and IN
commercial strength. 1t is absurd to as
scrt that the United States is not able TO
do anything which Mexico has failed to
accomplish. The orc thing necessary ii
order to maintain the rarity is to furnis:'
a demand great enough to utilize all tic
silver which will como to the mints. That
Mexico has failed to DO this is not proof
that the United States would also fail.
1t is also argued that. si:lce . number Of
the nations have delnonctizetl silver, liot:.-
ing can Ee Go:e until Ill Of these nations
restore bimctalliSnn This IS also illogical.
1t is irllnatcrial now many or how few
nations have oren mints. provided there
are sufficient cpcn minis to furnish & lmon-
ctary demand; for all the gold ard silvc:
available for coinage.
In reply 10 the argument that improved
-, IF