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


= is tho charge that we arc advocatiu,
i The payments OF debts in ffty.con
. dollars. At tho presont time an,
t under present laws silver dollar whcl
melted loses nearly half its value, bu
: that will not be true when we again
= establish D mint Dr!cc for silver ant
y leave no surplus silver upon tho mar
n lta: to drag down the price of bullion
: Under binetalli>m silver bullion vii
l.. DC worth as much as silver coin, JUS
: as gold bullion is now worth rs muct
\ as gold coin, and we believe that ;
silver dol.a" will be worth as much a.
= gold dollar.
! with poor grace from those who are
: seeking to add to the weight of exist
ing debts by Legislation which makes
money dearer, aud who conceal their
designs against the general welfare
under the prctcnsc that they arc up
holding public credit and national
honor.
; TIE FLIGHT OF GOLD.
n answer to the charge thut gold
will go abroad, it must be remembered
that no gold can leave this country
until the owner Of tho gold receives
something in return for it which he
would rather have. In other words,
when gold leaves the country those
VINO formerly owned it will be bone
hted There is no process by which
we can be compelled to part with our
goid against our viii, nor is there any
: process by which silver can be forced
upon us without our consent Ex-
chahgcs arc matters of agreement,
and' II Silavr comes to this country
urdcr Tree coinage it will be at the
invitation OF some ono in this couutry
who will give something in exchange
, for it.
} Those who deny tho ability of the
United States to maintain the parity
between gold and silver at the present
legal ratio without f0rcign aid point
to Mexico and assert that the opening
Of our mints will reduce US to a silver
basis and raise gold to premium. 1t
Is no rcil 'rtion uD II uu. sister r.yab?i..
to rem nj our people that the United
States is much greater than Mexico in
area, in population and in commercial
strenN tn. 1t Is absurd to assert that
the u lifted States is not able to do any,
thing which Mexico has failed to ac-
compiish. The one thing necessary in
order 20 maintain the parity is to fur
nlshia demand great enough to utilize
all the silver which will come to the
mints. That Mexico has failed to do
this Is no proof that the United States
would also fail.
1t is also argued that since mum.
bcr Of tho nations have demonetiZed
silver nothing can be done until all OF
| those nations restore bimc talliSm
This is also illogical. 1t is immatcrial
how many Or how few nations have
open mints, provided there are sui
icient open mints to furnish a none
tary demand for all the gold and silve,
available for coinage. In reply to the
| argument that improved machinor,
has lesscncd the cost Of producing
silver tits sufficient to say that the
} same Is true Of the production O
gold, and yet notwithstanding tina
gold has risen in value. AS a matter
or TACT the cost of production does no
. determine the value Of the preciou
metals, except as it may affect tn
supply. II, for instance, the cost O
producing gold should be reduced 8
per cent. without any increase in tn
output the purchasing power OF a
ounce Of gold would not fall. So long a
there Is a monetary demand sulficien
to take at a fixed mint price all tn
gold and silver produced the cost 0
production need not Ee considered.
Ii is often objected that the price
; OF gold and silver can not be fixed i,
relation to each other because OF th,
variation in the relative production O
the metals. This argument also over
looks the fact that if the demand TO
, both metals at q fixed prico is create
than tho supply OF both, relative pro
} ductiOn becomes immaterial. In th
early part OF the present century tn,
annual production of silver was worth
at the oinagc ratio, about three time
as much as the annual production o
gold whereas, soon after lS49, the an
nual production Of gold became wortl
) three times as much at tho coinag,
ratio as the annual production Of silver
and yet, owing to tho maintenance O
the bimctallic standard these enormous
changes in relative production had bu
a slight effect upon the relative value
OF the metals.
THE POOR NINE OWNER
If it IS, as asserted by our opponents
that the free coinage of silver is in
tended only for the benefit Of the mine
owners, it must be remembered thar
frcc coinage can not restore to tho
mlno owners any more than dcmoncti
%ation took away and it must also
} be remembered that the loss which tho
domonctization OF silver has brough,
to the mine owners is insignificant
} compared to tho loss which this policy
has brought to the rest OF the people
The restoration Of silver will bring &c
} the people generally many times Il:
much advantage as the mine owners
can obtain from it. While it is not
tho purpose Of free coinage TO especial
ly aid any particular class, yet those
} who believe that the restoration OF
silver Is needed by the whole people
should not bo deferred because an in
cidcntal benefit will come to the mine
} owner. Tho erection Of forts, the
deepening Of harbors, the improve.
mcnt of rivers, the erection of public
, huildings-all these confer incidental
benefits upon individuals and cOmmuni-
tics, and yet these incidental benefits
; do not deter rs from making appro.
priations for these purposes Whenever
snch appropriations arc necessary for
tho public good.
The argument that u silver dollar is
heavier than Il gold dollar, and that
therefore silver is less convenient &c
carry in large quantities, is complete
ly answered by the silver ccrtiicatc
: which is us easily carried as the gold
certificate or any other kind OF paper
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