The people's journal. (Pickens, S.C.) 1891-1903, 1896-09-03


nations, by entering into an agree
, ment TO coin at fixed ratio all the golt
ana silver presented, can maintain the
bullion value OF the metals at tho min,
: ratio.
When mint price is thus establish
CD IT regulates the bullion price be
cause any person desiring coin ma,
nave the bullion converted into coiI
at hhat price and any person desiring
Duilon can secure thy molting the coin
Inc only question upon which interna
Cional Dlmctallsts and independent
olmotal lists differ is, can the United
States by tho free and unlimited coin.
age OF silver at the present legal ratio
create demand for silver which take n
IN connection with the demand ,tlrcady Y
IN existence, will be sullicien to tutlizo
the silver that will be presented at
the mints They agree in their de-
iensc OF the bimetallic principle and
they agree in unaltcrablo opposition
TO the gold standard. International
olmotalllsts can not complain that free
coinage gives benefit to the mino
ownor because international bimctal-
lism gives to the owner Of silver all
the advantages oifored by Independent
DlmctalliSm ut the same ratio.
international bimetallists can not
accuse 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 "demag0gues
VINO desire to curry favor with the
people," They must rest thoir oppos-
ton upon ono ground only, that the
supply Of silver available for coinage
Is too large to be utilized by the United
| States.
THE USE Or MONEY.
IN discussing this question we mus t
consider the capacity Of our people TO
use silver and the quantity Of silver
| when can come to our mintS. 1t must
be remembered that wc live in a coun-
try only partially developed aud that
our people far surpass any equal num-
Der OF people in the world in their
power 10 consume and produce. Our
extensive railroad development and
enormous international commerce must
also be taken into consideration. Now,
how much silver eau come here? Not
the coined silver of the world, because
almost all Of it is more valuable at this
time in other lands than it will be at
! our minis under free coinage.
| III our mintS are opened to free and
unlimited coinage at the present ratio,
merchandise silver can not come here
because the labor applied to it has
made it worth more in tho form of
| merchandise than it will be worth at
our inint5. We can not even expect
all OF the annual product of silver be-
cause India, China, Japan, Mexico and
all the other silver countries must
satisfy their annual needs from the
annual product: tho arts will require
large amount and the gold standard
| countries Will need considerable
quantity for subsidiary coinage. We
viii be required to coin only THAI Which
is not needed elsewhere but il 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
bo followed by tho enormous increase
in the annual production of silver
This is conjecture. Silver has been
used as money for thousands of wears,
and during all Of that time the world
has mover suffered from an overproduc.
tion.
If for any reason the supply of gold
or silver IN the future ever exceeds
the requirements Of the arts and tn G
needs of commerce we confidently hope
that the Intelligence of tho people will
be sufficient to devise and enact any
=
tion Of the public. 1t is folly to refuse
to the people the money which they
now need for fear they may hereafter
nave more than they need. | am firmly
convinced that by opening our mints
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 $l.20 per ounce,
measured by gold.
Some or our opponents attribute the
fall in tho value Of silver when mcasur-
cd by gold to the fact that during the
last quarter OF Il century the world S
supply of silver has increased more
rapidly than the worlds supply OF gold 9.
Ihls argument is entirely answered by
the fact that during tho last five years
the annual production Of gold has in
creased more rapidly than the annual
production OF silver. Since the gold
price Of silver has fallen more during
the last five years than it ever fell in
any previous five years in the history
OF the world, it is evident that tho fall
is not due to increased production.
Prices can be lowered as cifecJually by
decreasing the 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 to hostile
Legislation and not to natural laws.
| SHIPMENT or GOLD.
Our opponents can not ignore the
fact that gold is now going abroad, in
spite Of all Legislation intended to pre-.
won't it, and no silver is being coined
TO take It's place. Not only is gold going
abroad now, but it must continue to go
abroad AS long rs the present financial
policy is adhered to, unless we con-
tinue to borrow from across the ocean,
and even then we simply postpone the
evil, because the amount borrowed,
together with interest upon it. must
DC paid in approaching dollars. The
American people now owe IL large sum
to European creditors, and falling
priccs have left larger and larger
and larger margin betwoon our not
national income and our annual IN
Lcrcat charge. There is only one way
to stop the increasing flow of gold from
our shores, and that IL to stop falling
prices. The restoration Of bimctal-
lism will not only stop falling prices,
Dnt will, to some extent, restore prices,
By reducing the worlds demand for
gold. If it US argued that q rise in
prices icSSCns the value of tho dollars