The herald., 1896-08-13

demand. We recognize this law and
build our argument upon it. We apply
this law to money when we
| say a reduction in the volume of money
will raise the purchasing power of the
dollar; we also apply the law Of supply
| and demand to silver when we say
that new demand for silver created
by law will raise the price of silver bull
lion. Gold and silver are different from
other commodities in that they are linn
tied in quantity. Corn, wheat. manufac-
tured products. can be produced almost
without limit provided 1t can be so.i
at price sufficient to stimulate produc-
ton. but gold and silver are called prec-
ious metals because they are found, not
produced.
These metals have been the objects of
anxious search as far back as history
runs, yet, according to Mr.. Harvey's cal
culation, all the gold coin of the world
| can be melted into 22-foot cube, and
all of the silver coin in the world, into
a 56-foot cube. Because gold and 81
yer are limited both in the quantity now
in hand and actual production, it fol-
lows that legislation can fix the ratio be-
! tween them. Any purchaser who stands
ready to take the entire supply of any
| given article at certain price can pre-
vent that article from falling below that
price. So, the government can fix price
! for gold and silver, by creating a demand
greater than the supply.
COST OF PRODUCTION
In reply to the argument that i'm
proved machinery has lessened the cost
of producing silvr, it is sufficient to say
that the same is true of the production
| OF gold. and yet, Notwithstanding that,
gold has risen in value. AS matter of
fact, the cost of production does not de-
termine the value of the precious met
ais, except as it may affect the supply.
If. for instance, the cost of producing
| gold should be reduced 80 per cent with
out any increase in the output, the pur-
chasing power of an ounce of gold would
not fall. So long as there is a monetary
demand sufficient to take at fixed mint
price all the gold and silver produced,
the cost of production need not be con-
| Sidered
| In conclusion permit me to say word
| in regard to international agreement
| looking to the restoration of bimetal-
lism throughout the world The advo-
Gates of free coinage have on all occa-
sions shown their Willingness to CO.
| operate with other nations in the REIN
statement of silver but they are not
willing to await the pleasure of other
| governments when immediate relief is
needed by the people of the United
States, and they further believe that
| Independent action offers better assur-
ances of international bimetallsm than
servile dependence upon foreign aid
| For more than twenty years we have in
| vited the assistance Of European ma
| tions, but all progress in the way of in
| ternational bimetallsm has been block
| ed by those who derive pecuniary ben
| eft 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 them the right to enjoy those ben
| efts
Citizens of New York, have Travelled
from the center of the continent to the
seaboard that I might in the very be-
ginning of the campaign bring you
| greeting from the people out west and
| south and assure you that their desire is
not to destroy but to build up. They in
vite you to accept the principles of
| living faith, rather than listen to those
| who preach the gospel of despair and
advise endurance of the ills you have.
The advocates of free coinage believe
that in striving to secure the immediate
restoration of bimetallism they are Ia
! l. ;,,,1 noh oil ~ tn pai
own behalf. A few of our people may
porsper under present conditions, but
| the permanent welfare of New York
rests upon the producers of wealth. The
great city is built on the commerce of
the nation and must suffer if that COM
rierce is impaired. You cannot sell un
| less the people have money with which
| to buy and they cannot obtain money
| with which to buy unless they are able
| to sell their porducts at remunerative
prices. Production of wealth goes be-
fcre the exchange of wealth. those who
| cheat must secure profit before they
have anything to share with others. You
cannot afford to join ire money chang
ers in support of a financial policy which
destroys the purchasing power of the
products of toll and must in the end dis
| courage the creation of wealth.
l ask, l expect, your cooperation. 1t
is true that few of our financiers would
| fashion a new figure-a figure represent
| ing Columbia, her hands bound fast
| with fetters of gold and her face turned
toward the east, appealing for assist
ance to those who live beyond the sea,
but this figure can never express your
idea of this nation. You will rather turn
| for inspiration to the heroic statue
which guards the entrance to your city
"a statue as patriotic in conception as
it is colosal in proportions; it was the
gracious gift of a sister republic and
| stands upon a pedestal which was built
by the American people. Shat figure,
Liberty enlightening the world, is en-
/ blematic of the wisdom of our nation
and the nations of the earth. With
a government which derives it's powers
from the consent of the governed Sc
cures to all the people freedom of con-
science, freedom CT thought and freedom
of speech, guarantees equal rights to all
and promises special privileges to none
the United States should be an example
in all that is good and the leading spirit
in every movement which has for its
object the uplifting of the human race.