Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1896-09-17

| That is the reason why, even to the
foreigner, it is worth par, less the cost
| of transportation.
Under free coinage, however, the COW
| enant of the greatest nation on the
earth, with its magnificent credit, is no
more, and the silver dollar of America
takes it's place with the silver dollar of
Mexico, with it's rattlesnal1e and cactus
embellishments, worth it's intrinsic
value, no more, no less.
The proposition of Mr.. Bryan and his
followers is a proposition to Mexican
iZe the United States of America.
But suppose Mr.. Bryan will protest
against comparing Mexico with the
United States of America and insist
that the same rule will not apply.
He will say, doubtless, 1--WE are the
| greatest nation on the GLOBE" and / say
amen to every word; but 1 go farther,
and declare that big man is just as
liable to get hurt when he forgets the
laws of nature as a little man-aye,
more; there is more of him, and he has
| got farther to fall.
The more man, the more conclusion.
lie SlCdlCI lllC udllOH, lnC
the fall thereof.
With free coinage in the United
| States we say to the Mexican mine
owner, bring on your 50-cent silver
your silver mined with 15-cent labor,
| and we will stamp it with the Goddess
of Liberty and return to you a dollar
which we have declared by law shall
stand for 100 cents.
Honor bright, isn't sixteen to one
or bust" on the part of the United
States a great ing-for-Mexico?
Yea, verify.
The free coinage advocate forever
fails to speak of the law of Supply and
demand, and it's relation to money and
currency. He invariably leaves the
matter of production out of his financial
calculations. A step that might have
been taken with safety 25 years ago
might be fatal to-day.
A tremendous element of danger in
the path of free coinage is that the pro-
duction of silver in the past % years
has far outstripped that of gold, and
hence the price of silver has irresistibly
declined from natural causes.
In 1870 the worlds production of gold
and silver in fine ounces was as fol-
lows:
1890, gold :. Sc, go, OS6 Silver .$4S, 051, 5S3
1892, gold. 6,32s, 272 Silver 1852, O62, 900
You will notice that while the gold
product has increased slightly, the sill
yer product has nearly quadrupled in
the same period.
In the face of this fact it would be
as impossible for the United States to
maintain it's dollars at parity under
free silver coinage, sixteen to one, as
it is for Mr.. Bryan to determine what
political party he belongs to.
Our sixteen to one advocates base
their demand on these propositions:
l. That there is not enough money to
satisfy the needs of commerce without
silver be coined in free and unlimited
manner at sixteen to one.
2. That gold has vastly appreciated
in value on account of decreased pro-
duction, and payments in gold work
infinite hardship on the debtor class.
3. TO give back to silver owners what
is alleged to have been taken from them
by the "crime of 1873"-and stimulate
silver mining in this country.
AS to the first proposition it is I'M
tenable, because, as we shall shortly
show you, the circulation of currency
in this country has increased over six
dollars per capita in % years.
We cannot here stop to speak of the
enormous growth in the use of checks
Il Il q 4 ! l,,; +,l III
to expand the circulation and meet the
necessities of business.
AS to the second point. 1t is also I'M
tenable because the worlds stock of
gold has kept pace with its increase of
business and population. And the
worlds production of silver has great
ly increased, Notwithstanding the de-
preston in price.
As TO the third proposition. l shall
fargeT per capita circulation and insist
that tins would insure prosperity.
The truth is we have a larger per
capita circulation to-day than ever be-
fore, and have had all through the
panic.
The treasury reports show the per
capita circulation to have been 1855,
which is nearly So per capita more
than the circulation of the prosperous
1890 ($22.S2) and over Sc per capita
more than the circulation of the pros
porous year of 1880 Q9.4D; $8.O5 more
than 1870
Amount in Per
Year. Circulation Capita.
1860 .................. $435, 407, 252 90 SIC S5
1865 .................. ia, 995 90 20 81
1870 .................. 675,212,794 90 II so
1875 .................. 754, 10, 947 90 II l6