New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-21
THE PROBLEM or PRICES.

Mr.. Bryan's speech includes one statement
which can be commended as strictly true lie
said: "1he restoration of bmetallism In the
United States will take away from gold just
so much of it's purchasing power as was added
"to It by the decentralization Of silver by me
United States" That was none at all. Inc
country had practically no silver dollars in circl-
lation and was coming few and sending abroad
practically all 1t coined to be melted down into
bullion when the sO-caed act Of decentralization
was passed That step can have had no lnfill-
ence on the purchasing power of gold. because
at that time this country was using n legal
tender paper not redeemable in any coin. the
premium on gold being about II per cent Prices
were fixed in that currency. and both gold and
silver were demonetlzed, as respects the traffic
Of the United States
Mr. Bryan is careful not to say that free coin
age in this country alone would take away from
gold part of its purchasing power That would
be accomplished. he asserts. by the restoration
of bmetallism." which could not be attained by
coming silver and driving gold out Of the coun-
try Nor has he the intellectual manhood to face
the two facts, that dsuse of silver by many
other countries did affect It's value though cos
saton of coinage here did not, and that the
ounces in 1878 to IA. 100000 ounces in 1895.
which must have powerfully affected lis price in
gold 1t is for his friends to explain how an
honest and truthful man, seeking the right and
the public good rather than private advance
ment through any deception, could suppress
these most important causes Of the change in
the value of silver.
Still ignoring these. apparently imagining that
he was addressing people profoundly ignorant
Of them, who therefore might not detect the abb
surdity Of supposiDg that these tremendous
changes could be nullified by the fiat of this
country alone, Mr.. Bryan made his stnpendous
assertion that "frce and unlimited coinage by
'the United States alone Will raise the bullion
"value Of silver to its coinage value. and thus
make silver bullion worth 81 20 per ounce in
gold throughout the world The preceding
sentences imply. though Mr.. Bryan does not dis
tinctly so state, that this equalzing Of values
is TO come through taking away from gold just
so much Of its purchasing power as was added
10 it by demonstration Silver. then. is to have
the same purchasing power with one nation coin
ing 1t. that 1t had when nearly all were coming
it freely; the same purchasing power with ia
100000 ounces yearly produced that it had when
G3.OOO,0OO ounces yearly were produced. Polite
ness requires the suppositiOn that there are per
sons intellectually constituted as ~ be capable
of sincerely believing this. But there cannot be
many. .I
The cost of producing silver has been dimin'
shcd. according to most competent authorities.
fully onehalf. whether that cost be expressed
in hours of human labor or In terms Of gold II
has been greatly reduced in the value of most
other commodities for although these have been
much cheapened, in hours Of labor required for
their production or for their transportation the
cheapening OF silver has been even greater. Yet
Mr.. Bryan expects people 10 believe that the
tremendous advances of science and invention
during the last quarter of n century. and all their
great influence upon the prices Of products. will
be somehow neutralized by the coinage of sill
yer in this country alone: that the articles which
have been most astonishlngly cheapened in cost
will somehow return TO the prices OF 1873: that
wheat, though produced with 20 per cent less
labor than in 1873. and transported to market
with two-thrds less labor. and cloths and boots
and shoes produced with perhaps n third of the
labor they cost in 1873. will all go back to the
prices Of that period because so much of the pur-
chasing power of gold will be taken away as
has been added 10 il. If II were not unparlia-
mentary, almost any man would answer that
Mr.. Bryan could not possibly believe this him.
self.