Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1896-08-22

ieal defense Of Il. During the last y years
legislation has been crealnB an aulNleisSl
demand Tor gold, and tht" H-M-cfeRteV w
mand has resulted Ia incre6slns tle PVT.
ehasing mower OF each ounce OF gold. The
restoration OF bimeiallism IN inc Ohlteu
States will take away from gold Just SO
much OF its purchaslns poWSI az Wi i,or ~
the United states. The silver dollar $ now
held Up TO the gold dollar by iee8l-tehaef
laws and not by demptl9h IN solu, pc
cause the standard silver dollars are not
now redeemable in gold either IN law or Dy
administrative policy. We contend that
nee and unlimited coinage by the United
States alone will raise the bullion value or
silver TO its coinage value. and thus make
silver bullion worth H.29 per ounce in gold
throughout the world.
i~nternatIOna bimetallism.
Mr.. Bryan devoted much attention TO the
subject of International bimetallism. In
teruational himetallists, he said, believe
tina several nations by entering into an
agreement to coin at a fixed ratio all the
gold and silver presented, can maintain
ratio. When a mint price is thus estab-
lished IL regulates the bullion price. be-
cause any person desiring coin may have
tho bullion converted into coin at that
price, and any person desiring bullion can
secure it by melting the coin. The only
question upon which International bimet-
allists and independent bimetalllsts differ
Isl: Can the United States by the free and
/ NlAllilllbNh hhf VI ' ~ ~ 80
legal ratio create a demand for silver
which, taken in connection with the de-
mand already in existence, VIII be sufti-
cient 10 utilize all the silver that Will be
presented at the mints? They agree in
their defense of the metallic principle and
they agree in unaltefable opposition TO
the gold standard. International bimet-
allists cannot complain that free coinage
gives a benefit to the mine owner, because
international bimetallism gives TO the
owner, of silver al the ~advantages offered
by Independent bimetallism at the same
ratio. International bimetallists cannot ac-
cuse the advocates. of free silver Of being
bullion owners who desire to 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 must rest their
opposition upon, one ground only,. namely:
That the supply of silver available for
coinage is too large to lie utilized by the
United States.
In discussing this question we must ron
slider the capacity OF our people to use sill
yer and the quantity of silver which can
that We live In q country only partially de-
veloped, and that our people far surpa1s
any equal number Of people In the world in
their power TO consume and produce, Our
extensive railroad development and enor-
nous internal commerce must be taken
into consideration. Now, how much sill
yer can come here? Not the coined silver
of the world, because almost all of it is more |
valuable at this time i'm other landslthanlit
will be at our minis under free coinage.
If our mints are opened to free and unlin-
tied coinage at the present ratio, mer-
Chandise silver cannot come here, because
the labor applied to 1t is worth moreli in tho
form of merchandise than it will be worth
at our mints. We cannot expect any of the
annual product of silver, because India,
China, Japan. Mexico and all other silver
using countries must satisfy their annual
needs from the annual product; the arts
will require a large amount, and the gold
standard countries will need a considerable
quantity for subsidiary coinage. We will be
| required to coin only that which is not
needed elsewhere; but If we stand ready
to take n utilize all of it. other nations
viii be compelled to buy at the price which
we fix. Many fear that the opening of our
minis will be followed by an enormous in
crease in the annual production Of silver
This is conjecture. Silver has been used
as money for thousands Of years, and
during all of that time the world has never
suffered from an over-production.
Coinage Requirements Under Silver.
We will be required to coin only that
which is not needed elsewhere; but. If we
stand ready to take and utilize all of it,
other nations will be compelled to buy at
the price which we fix. Many fear that
the opening of our mints will be followed
by an enormous increase in the annual
production of silver. This is conjecture.
Silver has been used as money for thou
sands of years, and during all Of that time
the world has never suffered from any
overproduction. IT.. for any reason, the
supply Of gold or silver in the future ever
exceeds the requirements Of the arts and
the need of commerce We confidently
hope that the Intelligence of the people
will be sufficient to devise and enact any
legislation necessary for the protection Of
the public.
1t is folly to refuse to the people the
money which they now need for fear they
may hereafter have more than they need
n M firmly convinced that hV QnDpino IN, |
minis to free and unlimited coinage at the
present ratio we can create a demand for
silver which will keep the price of silver
bullion at sl.29 per ounce, measured by
gold.
Some Of our opponents attribute the tall
In the value of silver when measured by
gold to the fact that during the last quarter
Of q century the worlds supply of silver
has increased more rapidly than the worlds
supply of gold. This argument is entirely
answered by the fact that during the last
five years the annual production of gold
has increased more rapidly than the an
nual production Of silver.
Since the gold price of silver has fallen
more during the last five years than 1t ever
fell In any previous five years in the history
of the world, it is evident that the fall Is
not due to increased production. Prices can
he lowered as effectually by decreasing TIE
demand for an article as by increasing the
supply Of it, and it seems certain that the
fall in the gold price of silver is due 10
hostile legislation and not to natural laws.
Not Advocating Fifty-Cent Dollars.
Following in an earnest argument favor
ing the restoration Of bimetallism, Mr..
Bryan said: Perhaps the most persistent
Misrepresentation that we have to meet is
the charge that We are advocating the pay
ment of debts In 5Q-cent dollars. At the
present time and under present laws a 9il-
yer dollar, when melted, loses nearly half
its value, but that will not be true when
we again establish q mint price for silver
and leave no surplus silver upon the mar
ket to drag down the price OF bullion. I'M
der bimetallism silver bullion will be worth
as much as silver coin, just as gold bullion
IS now worth as much as gold coin, and we
believe that a silver dollar will be worth IS
much as a gold dollar.
Those who deny the ability of the United
States to maintain the parity between gold
and silver at the present legal ratio with
out foreign aid, point to Mexico, and assert
that the opening of our mints viii reduce
us to a silver basis and raise gold to a
premium. 1t Is no reflection upon our SIS
ter republic to remind our people that The
United States is much greater than Mexico
in area, In population and In commercial
strength. II is absurd to assert that, the !
which MsS has fanl Is Is accomplish. r
The. Thing necessary in order TO G.
ina.,1aint the parity Il to furnish a demand b'
reat enough to utilize all the silver which u
iii come to the minis. That Mexico failed OF
do this Is not proof that the United "
tates would also fail. In response to ,he pl
rgument that improved machinery has "
the cost OF producing silver, MIR. u
ryan said 1t sufficed TO say that the same g
true of the production of gold, and not 81
outstanding that gold has risen In value. III
Arguments Against Silver Answered. "
lie replied in detail 10 numerous argu- Il
lents against silver. If 1t IL asserted, he ia
aid, mat the free coinage OF silver is in IN
ended only for the benefit of the mine re
wners, 1t must be remembered that free u
cannot restore to the mine owners W
more than reconciliation took away; q
I'd II must also be remembered that the u
,ss which the characterization OF silver has y.
to the mine owners Is inSignili- ~
ant compared to the loss which this poll "
y has brought to the rest of the people. u u
he restoration Of silver will bring to the j..
generally many times as much adj y,
antage as the mine owners can obtain -,
rom It. While 1t Is not the purpose of free a,
oinage to specially aid any particular class, ~
er those who believe that the restoration f.
( silver is needed by the whole people r.
not be deferred because an Incl n
entail benefit will come to the mine owner. o,
the improvement of rivers. the 81
of public buildings-all these con- II
Err incidental benefits upon individuals and HI
communities. and yet these incidental BEN IN
do not deter us from making appropri-
for these purposes whenever such
are necessary for the public
God. p M
Debtor Should Have the Option. O.
II there are two kinds of money che op- ii
must rest either with the dehtbr or re
nth the creditor. Assuming that their A
lights are equal, we must look at the inter- IN
SITS OF society in general In order to de-