Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1896-08-19
produced the cost Of production need not
Prices OF Gold and Silver.

Uuo Co5o ok pAo01SeAoh ASSe Aoe
be considered
Prices Of Gold and Silver.
It 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 overlooks the fact that, II
the demand for both metals at 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, at
tho coinage ratio, about three times as
much as the annual production Of gold,
whereas soon after 1849, tho annual pro-
duction of gold became worth about three
times as much, at the coiaago ratio, as tho
annual production Of silver, and yet ow-
ing to the maintenance Of the bimetallio
standard, these enormous changes In rcla-
tive production had but O slight effect up
on tho relative values Of tho metals
If 1t is asserted by our opponents that
tho free coinage of silver Is intended only
| for the benefit Of the mine owners, 1t must
be remembered that free coinage cannot
restore to the mine owners any moro than
demonstration took away, and 1t must
also be remembered that the loss which
tho demonstration Of silver has brought
to the mine owners Is insignifcant COM
pared to the loss which this policy has
brought to the rest of tho people. The res
toration Of silver will bring to the people
generally many times as much advantage
as the mine owners can obtain from 1t.
While 1t Is not the purpose Of free coinage
| - oil nj oyfto
those who believe that the restoration Of
silver is needed by the whole people should
not be deferred because an incidental ben
eft will come to the mine owner The erec-
ton of forts, the deepening Of harbors,
the improvement Of rivers, the erection Of
public buildings, all these confer Incl
dental benefits upon individuals and COM
munities, and yet these incidental benefits
do not deter us from making appropria-
tions for these purposes whenever such ap-
propriations are necessary for the public
good
The argument that q silver dollar Is
heavier than gold dollar, and that there
fore silver Is less convenient to carry in
large quantities, Is completely answered
by the silver certificate, which is as easily
carried as the gold certificate or any other
kind Of paper money.
As to the Present Ratio.
There are some who, while admitting
the benefits of bimetallism, object to coip-
age at the present ratio. If any are deceiv-
ed by this objection, they ought to remem-
her that thcre are no bimetallists who arc
earnestly endeavoring to secure 1t at any
other ratio than 16 to I. We are opposed
to any change In the ratio for two reasons
first, because change would produce
great injustice, and, second, because q
change in the ratio Is not necessary. A
change would produce injustice because,
II effected in the manner usually suggest
ed, 1t would result in On enormous con-
traction In tho volume Of standard money.
II, for instance, it was decided by inter-
national agreement to raise the ratios
throughout the world to 80 to 1, the change
might be effected In any one Of three
ways
The silver dollar could be doubled i4
size, 80 that the new silver dollar would
weigh SO times as much as the present gold
dollar, or the present gold dollar could be
reduced one half in weight, 80 thai tho
present silver dollar would weigh 80 times
as much as the new gold dollar, or tho
change could be made by increasing the
size Of the silver dollar and decreasing tho
size of the gold dollar until tho new silver
dollar would weigh 80 times as much Gs
the new gold dollar. Those who have ad-
yised change in the ratio have usually
suggested that the silver dollar be doubled.
II this change were made, 1t would neces-
state the recoinage Of 4, 1000, ,0OO, 900 OF sill
YER into %, 900, 900, 900. There would bo
an immediate loss Of $4,000, 900, 900 either
to individuals or to the government, but
this would be the least Of the injury. A
shrinkage Of one-hah in the silver money
Of the world would mean shrinkage Of
one-fourth in the total volume Of metallic
money. This contraction, by increasing
the value Of the dollar, would virtually
increase the debts Of the world billions Of
dollars and decrease still moro the value OF
the property of the world as measured by
dollars Besides this Immediate result
such change IN the ratio would perma-
nently decrease the annual addition to the
worlds supply Of money, because the an
nual silver product, when coined into dol
lars twice as large, would make only bali
as many dollars.
The people Of the United States would
be injured by q change In the ratio not
because they produce silver, but because
they own property and owe debts, and
they cannot afford to thus decrease the
value Of their property or increase the bur
den of their debts.
In 1878 Mr.. Carlisle said, mankind
will be fortunate indeed II the annual pro-
duction of gold and silver coin shall keep
pace with the annual increase Of popula-
ton and industry" I repeat this asser-
tion: All Of the gold and silver annually
available for coinage, when converted into
coin at the present ratio, will not, in my
Judgment, more than supply our monetary
needs
The Sherman Act.
In supporting the act Of 1890, known as
the Sherman act, Senator Sherman, on
June Of that year, said:
"Under the law Of February, 1873, the
purchase Of 80, 900, 600 worth Of silver bull
lion a month has by coinage produced
annually an average Of nearly $3, OOO,O 600
per month for a period Of 12 years, but this
amount, in view Of the retirement OF the
bank notes. will not increase our currency
In proportion to our increasing popula-
ton"
If our present currency is estimated
at 81, 4OO, 900, 900 and our population Is
increasing at tho ratio Of per cent per
annum, it would require s42, 600 in
creased circul rtion each year to keep pace
with the increase Of population, but rs the
increase Of population is accompanied by o
still greater ratio Of increase Of wealth and
business it was thought that an immedi-
ate increase of circulation might be OBJ
tained by larger purchases of silver bullion
to an amount sufficient to mako good the
retirement Of bank notes and keep pace
with tho growth Of population. Assuming
that $54, 900, ,OOO year Of additional cur