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

Gcnlonctizu ticn tc3S ;lN-&v. ard it mast
also lie remembered tia! the loss VIII 4
the t:rilGr2;i>&tion Of silver hes ErouG..t
t. tie mine ow;.er; IS insignificant co!:!
pared to the loss whis Il Ills policy has
brought to tic rest Ct the eopic. The reg
tora, len CT s;iTcr will Bring. to the people
gcnci-:l!y many times IS la:.ch advantage
as the Elinc owners c&n obtain from it.
While ii is rot the purpose cf free coinage
to specially aid any particular class. yc@a
those who believe that the restoration of
silver is needed by the whole people should
not bc deferred because an incidental ben
Cit will come 70 the mine owner The c'sc
ton cf fc,.;s. the deepening Of harir!ls,
the Improvement OF rivers. tho crectini: Of
public buildings, ali thee confer Incl
dental Benefits upon Individuals AID COM
rlunitics. and yet these incidental benefits
do not deter us from making appropria
tions for these purposes whenever such ;;i,-
preparations are necessary for the public
good.
The argument that Il silver dollar is
heavier than gold dollar, and that there
fore silver is less convenient to carry in
large quantities, is completely answered
by the silver certificate, which is as easily
carried as the gold certificate CT any other
kind of paper money.
AS TO the Present Ratio.
There are some who while admitting
the benefits Of bimetallism object to coin
age at the present ratio. If any arc decciv
cd BY this objection, they ought to rcmem-
Der that there arc no bi1nctallis1s who arc
earnestly cndcavoring to secure it az ally
other ratio than 1G to l. We are opposed
to any change in the ratio for two reasons
first, because Il change would produce
great injustice, ard, second, Because c
change in the ratio is not necessary. \
change wo,lll producc injustice because,
if effected III the 1nanncr usually suggest.
ed. it would result in on enormous cc:l-
traction in the volume Of standard money.
If. for instance, it was decided by inter
national agreement to raise the ratios
throughout the world to So TO i, the change
might be effected in anv one Of three
ways.
The silver dollar could bc doubled III
size, 50 that the new silver dollar would
weigh 80 times as much as the present gold
dollar. o. the present gold dollar could 10
reduced Cnc-half IN weight, SO that the
present silver dollar would weigh 80 times
as much as the new gold dollar, CT the
change could lie made by increasing tho
size of the silver dollar end decreasing tho
size of the gold dollar until the ncy silver
dollar would weigh 32 times as much cs
the new gold dollar. Those who have aC
viscd a change in the ratio have usually
suggested that the silver dollar be doubled.
If this change were made il would EcccS
state the re@oinage Of 1900, 600 900 OF sill
vcr into 50 0CO. 00C, 900. There would Ee
an Immediate loss Of $4,000. 900, 00Q either
to individuals or to the government, but
this would be the least of the injury.
shrinkagc Of one-ha]f in the silver money
of the world would mean q shrinkagc of
one-fourth in the total volume Of metallic
money This contraction, by increasing
the value of the dollar, would virtually
increase the debts of the world billions Of
dollars and decrease still more the value Of
the property OF the world as measured by
dollars Besides this immediate result
such change in the ratio would perma-
nently decrease the annual addition to the
world S supply of money, because the an
nual silver product, when coined into dol
lars twice as large, would make only half
rs many dollars.
The Ccoplc of the United States would
be injured by; I; change in the ratio not
because they produce silver, but because
they own property and owe debts, ard
tIey cannot afford to thus decrease the
value of their property or increase the bur
den Of their debts.
In 1878 Mr Carlisle said, mankind
will be fortunate indeed if the annual pro-
duct!on Of gold ard silver coin shall keep
pace with the annual increase Of popula-
ton and industry l repeat this aSscr-
ton. All Of the goid and silver annually
available for coinage. when converted into
coin at the present ratio. will rot, i'll my
Judgment more than supply Our monetary
needs.
The Sherman Act.
In supporting the act of 1890, known as
the Sherman act, Senator Sherman, OH
juno OF that year, said:
"Under the law of February, 1878, the
purchase of $4,000, 900 worth of silver bul
lion month has by coinage produced
annually an average of nearly $4,000, 600
per month for g period of 12 years, but this
amount, in view of the retirement OF the
bank notes, Will net increase our currency
in proportion to our increasil... popula'
ton.
II our present currency is estimated
at 81, AGO, GOO, ,00o and our population is
increasing at the ratio Of per cent pcr
annCm, it would require 100000 in
creased circulation each year to keep pace
with the increase Of population, but as the
increase of population is accompanied bya
still greater ratio of increase of wealth and
business it was thought that an inmedi-
ate increase of circulation might be Oh
tained by larger purchases Of silver bullion
10 an amount sufficient to make good The
retiyeMeng q bank z: ne51si end keep racs
with the growth Of population. Assuming
that s54 100000 e year cf additional cur
rcncy is needed upon this hasis, til;.r
amount IS provilod'fcr in this bill By th:'
issue of treasury notes in exchange 1Hr
bullion ct the marked price.
II the United States then needed nl"rc
than So 600, 600 annually to keep Ta"@
with population and business, it ;;o;::
with largcr population, need: q Sui
greater annual addition, and the lnlJc;!