The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1896-08-20
BRYAN'S ADDRESS.
CONTINUED FROM FIRST PAGE

of commerce, we confidently nope tlat tl'
intelligence of the people will be sufficient
to devise and enact any legislation ncces-
sary 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. am
firmly convinced that by opening our minis
to free and unlimited coinage at the pres
emf ratio we can create q demand for silver
which will keep the price Of silver bullion
at 81. 20 per ounce, measured ! y rn!h.
some Of our opponents attribute t." fall
In he value Of silver, when mc2e.:",d by
gold. to the fact that during the lG~o quar-
ter Of Il century the worlds suprlyoi silver
has increased more rapidly tn..n tic world :
supply Of gold. This argument is entirely
answered by the fact that during the last
five wears the annual production Of gold
has increased more rapidly than the an
nr,el production Of silver. Since the gold
Lricc Of silver has fallen more during the
lat five wears than il over fcll in any pre-
yio1!s five yeas in tic history Of the world
1t j. evident hat the fall is not due to in
creased PRODUCTION. Prices can he lowered
a. cfc"tU9lly - decreasing the demand
far ;.n article as by increasing the supply
Of il, and il seems certain that the fall in
tic gold price of silver is due to hostile
LEGISLATION and not to natural laws.
Our opponents cannot ignore the fact
that cold is now going abroad IL spite of
all LEGISLATION intended to prcEcnt 1t, and
40 silrcr is being coined to tako its place.
Not only is gold going abroad now, but it
I.us- continue to 90 abroad as long as the
1raccnt financial policy is adhered to I'M
less we continue to borrow from across the
ocean, and even then we simply postpone
the evil because the amount borrowed, to-
gcthcr with interest upon it, must be re
paid in approaching dollars. he AIncrl-
can people now owe Il large sum to LurO-
pcan creditors, and falling prices have left
q larger and larger margin IctWccn our
net national income and our annual inter
est charge There is only one way to stop
the increasing flow Of gold from our shores,
and that i; to stop falling Prices. The res
toration Of bimctallisn viii MT only stop
falling prices, but viii to some extent
restore prices by reducing &c world J de
mand for gold. Ii it is argued that IL rise
in prices lessons the value of the cellars
which we pay t, our creditors, | reply
that in the balancing Of equities the
American people have as much right to IA
vor d financial system which will main
tain or restore prices rs foreign creditors
have to insist upon Il financial system that
viii reduce prices. But the interests of
society are far superior to the interests of
either Gcbtor5 or creditors and the inter
csts Of society demand Il financial system
which viii add to the volume OF the stand
ard money OF the world, and thus restore
stability to prices.
a Reply to Criticism.
Perhaps the most persistent n!iSrepre-
tl,nt N-n have n meet the
charge that We are advocating the payment
OF debts in 80 cent dollars. At the present
time and under present laws Il silver dol
lar when melted loses nearly half its val
uc, but that will not be true when we
again establish Il mint price for silver and
leave no surplus silver upon the market to
drag down the price Of bullion. Indcr bi-
mctalliSm silver bullion will Ec worth as
much as silver coin, uSt as gold bullion Is
now worth as much as gold coin, and we
believe that n silver dollar will be worth as
much as IL gold dollar.
The charge of rcpUdiation comes with
poor grace from those who are seeking to
add to the weight of existing debts by
legislation which makes money dcarcr and
who conceal their designs against the gen
cral welfare under the cuphonious prctensn
that they are upholding public credit and
national honor.
In answer t. the charge that gold will
20 :..I"naG, il must be remembered that no
gold can leave thi; country until the own
e. OF the gold receives something in return
for it which he would rather have. In
other words, when gold leaves the country
those who formerly owned it will be hcne-
1itcI There is 10 process by which we
can be 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. Exchanges are mat
tcrs Of agreement, and if silver comes to
this country under free coinage 1t will be
| 1T the invitation Of SOmo one in this cOun-
| try who Will give something in exchange
| for it,
Those who deny the ability Of the Unit
| RI States to maintain the parity between
| gold and silver at the present legal ratio
| without foreign aid point to Mexico and
| assert that the opening of our minis will
| reduce us to a silver basis and raise gold
| to Il premium. 1t is no reflection upon
our sister republic to remind our people
| that the United States is much greater
| than Mexico in area. in population and in
commercial strength. 1t is absurd to as
| sert that the United State, i, not ablo to
| do anything which Mexico has failed to
accomplish. The one thing necessary in
| order to maintain the parity l.; to furnish
| Il demand great enough to utilize all the
! silver which will come to the minis. That
| Mexico has failed to do this is not proof
that the United States would also fail
| 1t is also argued that since q number OF
| the nations have dcmonctiZcl silver, moth.
| ing can he done until all of those nations
| hin1pto11iSn1 fIhi. i. M ~ inoc,iro1
| 1t is inmatcrial how many or how few
nations have open minis. pro7idCd there
are sufficient open minis to furnish Il mon
| ctary demand for al. the gold and silver
! available for coinage
| In reply to the argument that improved
| machinery has lcsscnCd the cost of produc-
! ing silver, it IS sufficient to say that the
| same is true of the production of gold and
| vet, Notwithstanding that, gold has risen
| in value. AS a matter of fact, the cost OF
production does not determine the value
| of the precious metals, except as it NAV
affect the supply. If, for instance, the cost
| of producing gold should be reduced &c
| per cent without any increase in the out
| put, the purchasing power of an ounce OF
| gold would not fall SO long As there is
| n monetary demand sufficient to take at a
fixed mint price all the gold and slve,
produced the cost of production need not
| be considered.
Prices OF Gold and Silver.
1t is often objected that the prices OF
| gold and silver cannot be fixed in relation
| to each other because of the variation in
| the relative production of the metals This
argument also ovcrlooks the fact that, il
| the demand for both metals at Il fixed price
Is greater than the supply of both relative
| production becomes immaterial In the
| early part of the present century the an.
nual production of silver was worth a,
the coinage ratio, about thr<c times as
much as the annual production of gold
| whereas, soon after 1919, the annual pro,
duction of gold became worth about three
times as much, at the coinage ratio. as the
annual production of silver and vet. ow.
ing TO the maintenance of the bimctallic
standard. these enormous changes in rcla.
tive production had but Il slight effect I'D.
on the relative values of the metals
If it is asserted by our opponents tina,
the free coinage of silver is intended only
for the benefit of the mine owners il ,nusr