The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-08-13

Z
more valuable at this time in other
lands tim it would be at our mintS
under free coinage. If minis are open
ed to free and unlimited coinage at
the present ratio. merchandise silver
will not come here because the labor
applied to it has made it worth more
will be worth at our minis. We cannot
even expect all of the annual product
of silver because India, China, Japan
and Mexico, and all the other silver
using countries must satisfy their an
nual needs, from the annual products:
the arts Will require large amount,
and the gold standard countries will
need considerable quantity for sub
Sidiary coinage. We will be required
to coin only that which is not thus
used, but if We stand ready to take
lions will be compelled to buy at
the price we fix. Silver has
been used as money for thousands of
years, ana all the time the world has
not suffered from an over production.
If for any reason the production of
gold or silver exceeds the demands of
ligent people will be honest enough to
make any legislation necessary for the
protection of the people. 1t is folly for
the people to fear they may hereafter
have more than they need.
I am firmly convinced that by open
ing our minis 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 1.29
per ounce measured by gold. Some of
our opponents attribute the fall in val
ue of silver when measured by gold
to the fact that during the last quarter
of a century the worlds supply of sill
yer has risen more rapidly than the
supply of gold. This argument is en-
tirely answered by the fact that the
past five years the annual production
of gold has increased 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
the fall is not due to increased pro-
ductiOn-
LEGISLATION HOSTILE TO SILVER
Prices can be lowered as effectuaIy
by decreasing the demand for an arti-
Gle 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. Our
opponents cannot ignore the fact that
gold is now going abroad in spite of all
the efforts to prevent 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 as
the present financial policy is adhered
to unless we continue to borrow from
across the ocean, and even then we
simply postpone the evil, because the
amount borrowed together with the
interest upon it, must be repaid in ap-
preciating dealings. The American
people owe a large sum to European
creditors, and falling prices have left
a larger and larger margin between
our national income and our national
interest. There is only one way to stop
the increasing withdrawal of gold
from our shores, and that is to stop
the falling prices. The restoration of
bimetallism will not only stop falling
prices, but will, to some extent restore
prices by reducing the worlds demand
for gold
But the interests of society are far
superior to the interest of either debt
creditors and the interests of
ciety demand a financial system which
will add to the volume of the standard
money Of the world and thus restore
stability to prices.
Perhaps the most persistent mis-
representation to answer is the charge
that we are advocating the payments
of debts in so cent dollars. At the pres
ent time and under present laws a sill
yer dollar, when melted, loses nearly
half its value, but that will not be true
when we establish mint price for sill
yer and leave no surplus silver upon the
market to drag down the price of bull
lion. Under bimetallisu silver bullion
will be worth as much as silver coin.
just as gold bullion is now worth as
much as gold coin, and we believe that
| a silver dollar will be worth as much
as gold dollar.
The charge of reputation comes
with poor grace from those seeking
to add to the weight of existing debts
by legislation which makes money dear
er and who conceal their designs against
the WSlIaEG OF the people upon the pre-
tense that they are uphOlding public
credit and national honor.
In answer to the charge that gold
will go abroad it must be remembered
no gold can leave this country until
the owner of the gold receives some
thing in return for it which he would
have. In other words when gold leaves
the country he who formerly owned it
will be benefited by it. Exchanges are
matters of agreement and if silver
comes to this country under free coin
age it viii be at the invitation of some
one in this country who will give some
thing in exchange for it.
MEXICO NO CRITERION.
1T is no reflection on our sister re-
public to remind our people that the
United States is much greater than
Mexico in commercial strength. The
one thing necessary in order to main
tain the parity is to furnish a demand
great enough to utilize all the silver
which will come to the minis. What
Mexico has failed to do is no proof that
the United States will also fail to do.
In reply to the argument that i'm
proved machinery has leSSened the cost
of production of silver it is sufficient to
say the same is true in the production
OF gold, ana yet knowing that gold has
risen in value as a matter of fact the
cost of production does not determine
the value OF precious metals except as
it may affect the supply. If, for in
stance, the cost of producing gold
should be reduced 80 per cent without
any increase III the output lAkG POA N4Ae-S-
ing power of an ounce of gold would not
fall so long as there is a monetary de-
mand sufficient to make a fixed mint
price for all the gold and silver pro-
duced. The cost of production need not
be considered. This argument also over
looks the fact if the demand for both
metals at a fixed price is greater than
the supply the production becomes i'm
material.
IF it is asserted by our opponents
that the free coinage of silver Is in
tended only for the benefit of mine
owners it must be remembered that
free coinage cannot benefit the mine
owners more than demonetizinS took