The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-13

ueHldnu- we recognize this law and
build our argument upon il. We apply
this law to money when We say a re-
duction in the volume of money viii
raise the purchasing power OF a dol
lar; we also apply the law OF supply and
demand TO silver when We say that a
new demand for silver created by law
will raise the price of silver bullion.
Gold and silver aredifferent from the
commodities in athat they are limited
IN quantity. Corn, wheat, manufacture
ed products. etc, can be produced al
most without limit, provided they can
be sold at a price sufficient 10 stimulate
production, but gold and silver are
called precious metals because they are
foud, not produced. These metals have
been the objects OF anxious search as
far back as history runs yet, according
TO Mr.. Harvey'S calculation. an the
gold coin of the world can be melted in
20 a 22-foot cube and all the silver coin
OF the world into 66-foot cube. Be
cause gold and silver are limited both
in the quantity now on hand. and in
actual production, IL follows that legis-
lation can fix the ratio between them.
So the government can fix a price for
gold and silver by creating a demand
greater than the supply. International
tions, by entering into an agreement to
coin at a fixed ratio all the gold and
silver presented, can maintain the bull
lion values of the metals at the mint
ratio. When a mint price is thus es-
tablshed IL regulates the mint price,
bacauseanypersondes iringcOinmayhaye
because any person desiring coin may
have the bullion converted into coin at
that price and any person desiring oul-
lion can secure il by melting the COIN
The question upon which international
bimetaIlists and independent binletal-
lists differ is: Can the United states,
by the free and unlimited coinage or
silver at the present legal ration, create
a demand for silver which, taken in
connection with the demand already in
existence. will be sufficient TO utilize
all the silver that will be presented at
the minis. They agree in their defense
to the bimetallic principle and they agree
in unalterable opposition TO the GOLD
standard International bimetaliEts
cannot complain that free coinage gives
a benefit TO the mine owner, because
international bimetalllsm gives TO the
owner of silver all the advantages Of
fered by independent bimetallism at the
ratio. International bimetalliSts can
of being bullion owners who desire 10
raise the value of their bullion" or
debtors who desire to pay their debts
in cheap dollars" or "demagogues who
desire to curry favor with the people"
They may rest their opposition upon
one ground only, namely: that the sup
ply of silver available for coinage is too
large to be utilized by the United States.
In discussing this question we must
consider the capacity Of our people 10
use silver, and the quantity OF silver
which can come to our mints- 1t must
be remembered that we live in country
only partially developed, and that our
people far surpass any equal number or
people IN the world in their power TO
consume and produce. Our extensive
railroad development and enormous IN
ternationai commerce must also be
taken into consideration. Now how
much silver can come here? Not the
coined silver OF the world. because al
most all Of II ia more valuable at this
time in other lands than IL would be at
our minis under free coinage. II our
minis are opened 10 free and unlimited
coinage at the present ratio, merchan-
disc silver cannot come here because
the labor applied TO II has made " worth
more in the form OF merchandise than
II Will be worth at our minis. We can
not even export all OF the annual pro-
duct Of silver because India. China. ia
pan and Mexico ard all ofher silver
using cOuntr rist r an
unal need f-om the annual products:
the arts viii require lag amount and
the gold standard countries win need
a considerable quantity fcr sJ.Js.tiary |
coinage.
We will be required 70 coin only that |
which is not needed elseWhere: but n |
we stand ready 10 take and utilize al 4
OF Il. other nations will be compelled 70 |
buy at tho price which we fix.
Many fear that the opening OF our
minis viii be followed by the enormous
increase IN the annual production CO
silver. This Is conjecture. Silver has
been used as money for thousands of
years. ard during all thar time. The
world has never suffered from an over
II for any reasOn the sup
ply Of gold or silver IN the future ever
exceeds the requirements OF the arts
ard the needs % commerce. We cona-
; sntly hope that the intelligence o. tie
people viii Be sufsicieut 20 devise and
enact any legislation uecesTary for tha
protection OF the public. X Is folly %
refuse 20 the people the money which
hey nov need. for fear they may here
after have more than they ned :
am. firmly convinced tnst BY TIE open
NJ az our minis 70 free ana IN United
soinags a. the present ratio. W. can Gre
tie a demand Tor silver which vii keep
ne prize % silver bullion az ues pr
,unce. measured ~ god
some q the oppgnenrs attribute tha /
az n the value 81 silver. when rnezs- /
irsd - gold. % The fact fh4s 5arln- (;
De- Iast quarter - 4 century the worlds
uppiy q silver has Increased more rag !
5iy tha1 tne worlds supply q god
-hts argument - ezltiTefy Answered ~ / !
re fact that during the last eve years
ne annual production % gold has 81 :
T~ase1 more Tao3dly thaa 1hss annual
,-od 0ction % silver ssnce TIE gold
'rfos q silver nas safleu more eGTlas
- asst I've years tiiaa 6 ever Eel n :
ny previous I've years IN f1@ history I
z - world = . evident ttac ne 81. ;
3 no. due % Increased .rc1getson- :
Prices car - lowered a. sfr@ctazIIy {
, decreasing the demand soT az article {
= - increaai-g sne supply q u. azf :
sseEas certain ta4t TIE tau IA re gold .
IRE ofzliv - - due % hostile fsxisia- }
on anci net 20 naf3-ai issE. oar % :
0zsr-nts cannot noT iEoare re "a That :
cd = Row gong abroad 81 sSs.e g az :
'gisistsoz . .rrTeaf = zz3 - aivrT =
berg cos.ed 20 take ifs 2-9Cs. Np; ?
ALI - tee gold gong 1Src41 noE t'sf * 2
.1st c9DtsnSe - = ssTes : ss i7'zE az q
- present nra7riNi goIirg - s11rrs- !.
:. unsess ne toosfrus - bcTro~ fTcsa i
e.sss the ocszn. a1E fFez t1ss ~ 2
-gzDiy Dosf2ore tAe eTI. 1rrs-se the ?
mani b<gr0zed. sos<-ce- zstA So r
'res< U9-oS e. m1zf - sssss3s la A. .
ree4At1S eesslzsz- ne &-oe-s-&z - 2