Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1896-08-21

! copy OF the People 5 Medical Adviser-looS pages
its paper and throw open the banks
the necessity OF furnishing coin re-
demption. the banks would exercise
the right to furnish either silver or
gold. In other words, they would
exercise the option just as the govern
ment ought to do now. The govern
ment must either exercise the right TO
redeem its obligations in silver when
silver is more convenient, or
it must retire all the silver and sill
yer certificates from circulation and
have only gold as legal tender money.
Are our opponents willing to outline
financial system which will carry
out their precepts to legitimate con-
clusion, or will they continue to cloak
their designs in ambiguous phrases?
We contend that free coinage by
the United States alone will raise the
bullion value OF silver to its coinage
value. and thus make silver bullion
worth $l.29 per ounce in gold through
out the world. This proposition is in
keeping with natural laws, not in de-
fiance of them. The best-known law
of commerce is the law of supply and
demand. We recognize this law and
build our argument upon it. We APP
ply this law to money when we say q
reduction in the volume Of money will
raise the purchasing power OF the
dollar. We also apply the law of sup
ply and demand to silver when we say
that new demand for silver, created
by law, will raise the price OF silver
bullion. Gold and silver are different
from other commodities in that they
are limited in quantity. Corn. wheat,
manufactures, etc, can be produced
almost without limit, provided they
can be sold at q price sufficient to
stimulate production; but gold and
silver are called precious metals be.
cause they are found, not produced.
These metals have been objects OF
anxious search as far back as history
runs, yet, according to Mr.. Harvey's
calculation, all the gold coin in the
world can be melted into a 22-foot
cube and all the silver coin in the
world into a G6-foot cube. Because
gold and silver are limited both in
quantity now in hand and in actual
production, it follows that legislation
can fix the ratio between them. Any
purchaser who stands ready to take
the entire supply of any article at q
certain price can prevent that article
from falling below the price. This
government can fix-a price for gold
and silver by creating a demand
greater than the supply.
| In reply to the argument that inn
proved machinery has lessened the
cost of producing silver, it is sufficient
to say that the same is true of the
production OF gold, and yet, notwith-
standing that, gold has risen in value.
As a matter of fact, the cost of produc.
ton does not determine the value OF
the precious metals, except as it may
affect the supply. If, for instance,
the cost of producing gold should be
reduced 80 per cent. without any in
crease in the output, the purchasing
power of an ounce OF gold would not
fall. So long as there is a monetary
demand sufficient to take at fixed
mint prices all the gold and silver pro-
duced, the cost of production need
not be considered.
BURST OF ORATORY.
In conclusion permit me to say q
word in regard to international agree
ment, looked to for the restoration Of
bimetallism. The advocates of free
coinage have on all occasions shown
their willingness to cooperate with
other nations in the reinstatement OF
silver, but they are not willing to
await the pleasure of other govern
ments when immediate relief is needed
by the people of the United States
and they further believe that indie
pendent action offers better assurance
OF international bimetallism than SER
vile dependence upon foreign aid.
For more than 20 years we have in
vited the assistance OF European ma
tions, but all progress in the direction
OF international bimetallism has teen
blocked by opposition of those who
derive pecuniary benefit from the
appreciation of gold. How long
must we wait for bimetallism to be
brought to us by those who profit by
monometallism? If the double
standard will bring benefits to our
people, who will deny the right to en-
Joy those benefits? Citizens of New
York, have travelled from the Gen.
ter of the continent that l might, in
the beginning of the campaign, bring