The times. [volume] (Richmond, Va.) 1890-1903, 1896-08-30
VINO II mann?
what viii Happen After We Shall Have
Opened our MINIS to Free Coinage.

what VIII Happen After We Shall Have
open.d our MINIS to Free Coinage.
Editor Of The Times:
Sir.-In nv contribution headed us n
So" (publl<hed recently IN The Tines,
| promised 10 furnish. In another article.
statistical grounds for the heller that
after We shall have opened our mints 20
free coinage. considerable time must
elarse before the bullion value or our sill
vel dollar in the London market can rise
TO a parity with gold. inasinuch as the
erport and import prices OF commodities
in silver-stanGard markets depend upon
the London quotations Tor bar silver. IL
is important 10 form some idea OF what
premium we shall have 70 pay for ster-
irg exchange during the irst tonr or
five years OF the silver policy.
The lower the price OF silver the high
er will be the prices N all imported mer-
chandise. and the greater ~iil be the
prolific the spectator. but not 10 the
farmer-in exporting the products Of our
own soil.
OF course IT is impossible 10 make any
prediction with absolute certainty that
events Will prove the calculation correct
Mr.. Bryan thinks there will be no pre-
MUM. II he turns out 10 be true pro-
phet. no harm Will be done there viii be
no panic.
on the other hand. II his experiment
should fall--if free and unlimited coin
not raise the bullion value or silver to
its coinage value, and thus make silver
bullion worth SID Per ounce IN sOiu
throughout the world what then
Gold would retire into boarding, whence
Il would come forth only al premium
in response to the demand Tor export
The volume OF our metallic currency
would be diminished by about one
half. The value Of all property that docs
not form part Of international tiaus
would fan fifty per cent The language OF
arithmetic would be found inadequate 10
express the total shrinkage In the NalueS
OF all stocks. all bonds. all real estate.
and all homeopathic articles
At the same time the prices that We
should have TO pay for all the niece ssities,
comforfs and Injuries Of life. would rise
I'm variable degrees, some more. some less,
hut the farmers share OF the Increased
price Of wheat and cotton would ne very
small. Middemen and spectators "oulu
while no man can predict the precise
extent TO which values WOuii ne us
turbed by the passage OF l.t-Vo'la6v
act all rejecting persons know from pas
experience. that such an act would
he followed By a period Of business pros
tration. indehnite-7~s 10 It's duration, anu
terrible In the sunerings IL would pro-
duce Even those who are WORKING LOT
Mr. Rrvan's election confess that theH
imnatient fingers are eager 20 turn
leaf i'm our history that will be black
with the record ~ innumerable hank-
ruptcies. They console Us win the pro-
phecy that those ships which are strong
enough 20 shoot Niagara VIII ma smoolh
sailing In the waters below.
Mr. william T. ST. John, the sllverite
banker. Of New York. who IS now acting
az treasurer to Mt Bryan $ campaign
Committee went g. ChichSO Tor tne puI-
pose Of explaining the operation OF
financial laws To the uninstrncted minds
Of th. Democratic Convention. Here FOL
lo,y some OF the things he said 20 the
Platform Committee and let u Dc hcted
that he does not assert tldt, rs the I'M
mediate effect OF opening our mlnts 10
tree coinage silver bullion will be
worth as much "a silver coin. just as go!d
bullion l. now worth a. much as gOld
COLI and y silver dollar VII ne worth as
much as "A gold dollar. That Is MI
Bryan's belief-who. however gives us
no statistics In evidence, but seems 10
imae1ne thar the unsupported opinion
OF be,ardless youth, who, thirty years
ago was spelling his way through hls
primer. will be accepted by the inanclai
world as the unimleachabie testimony Vi
an expert. Mr. St Johns theory as 10
how free coinage will work. although II
cOntradicts the view OF his young cnleI
from the wilds OF Nebraska. j. backed
by experience and sustained by argu-
Said St John to the platform-framers.
as reported in the New York World July
sth: W
'This is what will follow the reopen
ing Of our mints 10 silver: Immediately
a general parse. no one Wiling 10 part
with gold except at premium
Mr. St. John is 90 be congratulated
upon hts discovery or SuaNe ana gentle
word 10 be substituted Tor the dlsaSreea-
bic and harsh panic Pauses are very
pleasant sometimes. For instance. the
pause in the harvest-fed AT noon, with q
lug OF cider I'm the shade Is decidedly
pleasant And tho Sunday pause that
comes at the end. OF me week IS very
welcome 10 fir,d muscle iand fretteh
brain. The condition OF affairs which will
supervene upon the adoption OF the free
silver policy. presents Itself 10 Mr.. 81.
Johns fancy In the light 81 q sort ~
Sabbath calm AMI suHness. winch VIII
settle down upon the busy haunts OF
trade and enterprise like the hush OF
holy hOur-a Sabbath that will last
whole wear or more. When mill. factory.
and furnace shut down. Mr. ST. John Will
say they are only pauslng When banks
hands OF receivers. and merchants be-
come bankrupt MI 81 John VIII say
they are only pats'ng. Nhen hungry men
besiege the doors Of soup-houses Mr.. ST.
John will tell US they are pausing.
Mr. 81 John thinks that after awhile
tho nra,,fur, on gold VIII disappear. The
reason she assigns FOR this belief are very
different from the reasons given by Mr.
Bryan Tor sul ffsiiE tnut SILVER VIII rise
10 "a rarity with gold as soon as our
mints are thrown open TO its free and
unrestricted coinage.
saws BRYAN. Any purchaser who
stands ready 70 take the entire supply
o. any given article az a certain price
can prevent that article from falling
below that price" This Is a proposition
which nobody will dispu-e. But Mr..
Bryan also contends that 1.-THE United
states. by the free and unlimited coinage
OF silver nj the Tresen legal ratio. can
create "a demand for silver. which. taken
in connection with the demand already IN
existerce will be sufficient TO utilize all
the silver that viii be presented at the
minis" This proposition Mr.. Bryan does
rot even alton pit to establish by any
conjecture. and | am prepared with sta
tistifs 10 show how little likelihood there
is that the United States viii ever be-
come an fnTorter OF foreign silver to
.,ch an e,tsnt as TO interfere with the
supply necessary for Eurovean cotnmer>e
with The orisn. and for the manufacture