Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1896-09-24

And this demand must be sufficient to
raise the value of all the silver in the
world to par, not only i'll the L. 5. but
in India, China, Russia, OF France. And
yet one OF the first results oil free coinage
OF silver will be to withdraw the support
from under the S625, 0O0, 600 OF silver in
the U. S. now kept at par In gold. With
our present gold system, from 1875 to
1893 our government purchased silver
outright and withdrew ii from the mar
ket, but kept it at par with gold. Our
present legislation requires the Executive
TO maintain this silver at parity with
gold, aud SO lar this has been done. 1t
has been a great help TO the silver mar
ker that S625. 600, 600 have been bought
and kept at a value far beyond It's bull
lion value. Now give us free coinage of
silver, drive out gold, and it will be i'm
possible TO MAINTAIN the silver at par.
Why? Because silver cannot be ex-
changed for gold money in any daily
| dealings only silver will be paid In Tor
I duties the treasury will pay IN silver ;
and all government money n obllga-
| tions will be valued by the kind OF money
in which they are payable. Our money,
based only ON silver, will have only the
value OF silver. This $685., 900, 600 oil
SILVER will fall to its market value, just
as the Mexican dollars, now used IN
commerce all over the world, although
containing more pure silver than our
own dollars, pass for about 90 cents In
gold. Free coinage oil silver, therefore,
will deprive 1925, 600, 900 of silver OF it's
supporting gold prop, and it must hence
forth stand ON it's own legs. The effect
/ If 4hsa mill ha 20 Annpss-a rnfhAr fhAn
raise the value OF silver.
Binder the acts OF 1878 aud 1890,
it should be recalled that the Z. s.. was a
direct purchaser OF silver. 1t took taxes
from us and bought silver with them.
With Tree coinage oi silver, the govern
ment would not buy a dollar oil silver.
Free coinage OF silver means the right oil
any owner of bullion TO have it coined
into dollars. When the mint merely
stamps this bullion into coins iu is not a
purchaser. 1t receives the bullion, and
/ returns it TO tine owner In form OF COINS.
A great many people have been wrongly
| led to believe that the government
would create IA demand for silver by buy
ing it at the minis at q fixed price. In,
deed, MIR. Bryan seems to hold this very
mistaken idea ANY purchaser who
stands ready to take the entire supply OF
any given article at u certain price can
prevent that article from falling below
that price. So the government can hx q
price for gold and silver by creating a
demand greater than the supply. That
any one could believe this seems incred'
ible. The government creates no de
mand. That depends solely upon thu
monetary needs OF trade
6.-The only way in which the whole
quantity OF silver in the entire world car
be raised to par with gold by the actor
oil the L. S. alone lis by lis demand iol
silver in it's circulation. On the suppo
sition furnished by Mr.. Bryan that sllvel
will be kept at par with gold, the new
demand for silver will, at the most, 10
for 5000, 000, 000to replace that amour
of gold, which in 1896 constitutes on
} stock OF gold, and which would }eave tn
] country. Would u demand oil thi
) amount raise the total supply OF silve
in the world to par with gold, and keel
: it there? Such "a hope, in my opinion, l
quite preposterous. Why The silve
: party in 1878, and again in 1890, prop
/ besied that these purchases OF silver b.
the u. s. would raise silver TO par ; bu
I. instead oil that it ~obstinately iell j
! value. Aud for the very good reaso
/ that we did not control the actions {
t other countries, which were getting RI
oil silver aud taking on gold. That u
we took about 5000, 100000 OF siive
of the market without raising silver t
I, par Being mistaken once, why shout
d We tlust these tbeoristic prophets again
Opening our mints to the Tree coinae
OF SILVER would undoubtedly tend to ran
, the bullion price OF silver somewhat; bu
Q the continuing large production oil silyt
d with no new demand Tor silver IN Euror
g would soon cause a decline ia it's vaiu
again In 1890 the greatest silver con
bination ever known, ramiiylng iro
v the London bullion dealers all over ii
:. world from the e. =. to India, with emo
b nous capital behind it, following npo
e their successful passage OF the Sherma
act Of July IA, 1890. in this countr.