The Progress., 1896-09-03

yer hng been used "a money FOR 'Go'l-
sands Of years. and during at ht th''
time the world has never suffered rem
an oycrprodnction. | am firmly con
yiuacd that by opening oar mints TO
FREQ anl unlimited C0iungc IT th" pres
cut ratio We can Great" H"hahl lni
silver which win keep tn" prirc q: sl'-
yer bullion at $1.2o an ounce. measured
by gold.
Some Of our opponents eHrihH" 'h'
fan in iho value Of silver. when meas
urcd by gold, 70 tho fact that during
tho last quarter Of n rcnsaY W"
worlds s,lppIy Of silver has Increased
more rapidly than Tho WorldH supply
of gold. This argument Is entirely hn-
swcred by Che fact that. during Ia"
last five years the annual production ct
gold las increased moro rapidly than
tho annual production Of silver. since
the gold price Of silver has fallen NOR"
during the last five years than II ever
foil in any previous five years IN -"
history Of tho world. it is evident that
the fall Is not due to increased produ'-
ton. Prices can be lowered ~ "f""'-
| nalIv by decreasing the demand fer IN
article AZ Ivy increag'ng the supply or
it, and II seems certain that u" 1">l
in tho gold price Of silver IL due to
hostile legislation. and not 20 natural
laws.
"Our opponents cannot ignore "a"
fact that gold is now going abroad III
spite Of alt legislation intended to pre-
vent II. and no silver is being coined
20 take lis place. Not only Il gold 60
ing abroad now, but it must continue
to go abroad as long as the present
financial policy is adhered to unless we
continue to borrow from across the
ocean. and even then We simply post
DOnc the OWL, because the amount bor~
rnweh. together with interest upon it.
must be repnid in approaching dollars.
There is only ono way TO stop the in-
crcasinE nOw Of gold from our shores,
and that is to stop falling prices. Tho
restoration OF bimeiailigm will not
only stop falling prices. but wil,-to
somc restore prices by re-
ducing tho worlds demand for gold.
Answers til" "5O-Ccnt Do,lrr" Talk
"Pcrhaps The most persistent mis-
representation that we have TO meet is
the charge that We are advocating tho
payment Of debts in 5O-Ccnt dollars.
The charge Of reputation comes with
poor grace from those who are seeking
to add to the weight Of existing debts
by legislation which makes money
dcarer, and who conceal their designs
against the general welfare under the
cuphonious prctensc that they ate up
holding public credit and national
honor.
1T must be remembered that ro gold
can leave this country until the owner
OF tho gold receives something in re-
turn for 1t which he would rather have.
There Is no process by which we cal
be compelled to part with our gold
against our will, nor Is there any proc
ess by which silver can be forced upon
us without our consent.
"Those who deny the ability OF the
United States to maintain tho 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 lis to q silver
basis and raise gold to premium 1t
is absurd to declare that the United
States is not able to do anything which
Mexico has failed to accomplish. Tho
one thing necessary in order to main
tain the parity Is to furnish demand
great enough to utilize al the silver
which will come to tho mints.
A. to Cost OF Production.
in reply to the argument that i'm
proved machinery has lcssened the cost
of producing silver. It is sufficient to
say that the same Ia true of the pro-
duction o. gold. and yet, notwithstand-
ing that. gold has risen in value. AS
4 matter Of fact, the cost Of production
/ does not determine the value OF The
precious metals, except as 1t may affect
the supply. IT, for Instance, the cost
I OF producing gold shoud bc reduced
90 per cent, without any increase in
the output, the purchasing power Of an
ounce Of gold would not fail. So long
az there is a monetary demand sufl-
cicnt to take at q Fixed mint price all
the gold and silver produced, the cost
OF production need not be considered.
Tho Mine Owners Npt Specially Benetltsd.
" 4 ~ asserted by our opponents
that the f.me coinage Of silver Is in
tended only for the benefit of the mine
owners, IL must be remembered that
free cotDsge canDot restore to the mine
owner any more than the dcmonetiza-
ton took away: and 1t must also bo
remembered thct tho loss which tho
decentralization Of silver has brought
to the mine-0wners Is insignificant
compared 70 the loss which this policy
has brought to the rect of the people.
| Tho restoration Df sfIvcr will hrluu +n