The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-08-20

silver and leave no surplus silver upon
the market to drag down the price OF
bullion. Under bInetallism silver bull
lion will be worth as much as silver coin
just as gold bullion is now worth as much
as gold coin, and we believe that silver
dollar will he worth as much as gold
dollar.
The charges of reputation come with
poor grace from those who are seeking
10 add to the weight of existing debts by
legislation which makes money dearcr
and who conceal their designs against the
general warfare under the pretcnse that
they are unfolding general credit and
national honor. If gold goes abroad il
must be remembered that no gold can
leave this country until the owner of the
gold receives something in return for ii
which he would rather have. In other
words. when gold leaves the country
those who formerly owned it will be
benefited. There is no process by which
he can he compelled to part with our
gold against our will. nor is there any
process by which silver can be forced
upon us without our consent. Exchange
are matters of agreement. and if silver
comes to this country under free coil'
age it will he Mt the invitation of some
one i'll this country who will give some
thing for it,
in the early part of the present CEN
fury the annual production of silver was
worth at the coinage ratio about three
times as much as the annual production
of gold, whereas soon after 1919. the an
nual production of gold became worth
about three times as much at the coinage
ratio as the annual production of silver,
and yet in the maintenance of the BIZ
metallic standard these enormous
changes in relative production had but Il
II al IN hn of A
metals. If it is asserted by our oppon-
entS that the free coinage of silver is in
tended for the benefit only of mine OWL
crs. it must be remembered that free
coinage can not restore to mine owners
any more than demonctization took away
and it must also be remembered that the
loss which the dcmOnetlzatiOn brought to
the mine owners is insignificant compared
to the loss which the policy has brought
to the rest of the people.
THE restoration of silver will bring Il
the people many more advantages than
mine owners can obtain from it. While
it is not the purpose of free coinage to
specially aid any particular class. yet
those who hold that the restoration of
silver is not needed by the whole people
should not be deferred because an Incl
dental benefit will come to the mine own
or. The erection of forts, the deepening
of harbors. the Improvement of rivers,
the erection of public buildings, all these
confer incidental benefits upon individ-
uals and communities. and yet these incl
dental benefits do not deter us from max
ing appropriations for these purposes
whenever such appropriations are ncces-
sary for the public good.
THE argument that the silver dollar
is heavier than II gold dollar. and that
therefore silver is less convenient to car
ry i'll the regular quantities is answered
by the silver certificate. which is as east
ly carried as the gold certificate or any
other kind of paper money. There are
some who, while admitting benefits of
bimetallism. object to coinage at the pres
ent ratio. If any are deceived by this
objection they ought to remember that
there are no bimctallists who are endeav
oring to secure it ut any other ratio than
lG to |. We are opposed to any change
in the ratio for two reasons. First, be-
cause Il change would produce great in
justice. and second because Il change in
the ratio is not necessary. If it was de-
cded by international agreement to raise
the ratio throughout the world to % to !
the change might he effected in any of
three ways. The silver dollar could be
doubled in size: the new silver dollar
would weigh twenty-three times as much
as the present gold dollar or the present
gold dollar could he reduced onc-half in
weight. so that the present silver dollar
would weigh twcnty-thrce times as much
could he made by increasing the size of
the silver dollar and decreasing the size
of the gold dollar until the new silver
dollar would weigh twcnty-threc times
as much as the new gold dollar. Those
who have advised Il change in ratio have
usually suggested that the silver dollar
be doubled. If this change were made it
would nccpSSitatc the rCcOinagc of four
billions of silver into two billions of dol
lars. There would he Il net loss of two
billions of dollars either to individuals or
to the government but this would he the
least injury. The shrinkagc of onc-half
of the money of the world would mean
of one-fourth of the total vol
llme of metal money. This contraction of
the dollar would virtually increase the
deltS of the world billions of dollars and
increase still more the value of the prop
crty of the world as measured by dollars.
Besides this result such Il change i'll the
ratio would permanently destroy the an
nual addition to the worlds supply of
money. because the annual silver product,
when coined into dollars twice as large
us now, would not make rs many dol
lars. i he people WOulu Ut lllJuIeu ny d
change in ratio, not because they pro-
luce silver, but because they own prop
erty and owe debts and can not afford to
thus decrease the value of their property
or increase the burden of their debts. In
1878 Mr.. Carlisle said: Mankind will be
fortunate indeed if the annual produc-
ton of gold and silver coin shall keep
pace with the annual increase i'll popula-
ton and industry
II repeat this assertion. If all the
gold and silver annually available for
coinage were coined at the present ratio
they would not more than supply our
needs. In supporting the act
of 1890, known as the Sherman act, Sen
ltor Sherman, on June D of that year,
said: Under the law of Februa-
". 1878. the purchase of $1,000
200 worth of silver bullion month
mas by coinage produced annually
IN average of nearly S3.O00OOO per
month for period of twelve years, but
his amount. in view of the retirement
If bank notes, will not increase our cur
ency in proportion to our increased pop
llation. If our present currency Is es-
mated at 81, 400.000,0O0 and our popu-
alton is increased at the ratio of 3 per
ent per annum it would require S42,-
100000 increased circulation each year
o keep pace with the increase of popu-
alton. but as the increase of population
5 accompanied by still greater ratio
# increase of wealth, it was thought