The River Falls times. [volume] (River Falls, Pierce County, Wis.) 1894-1933, 1896-08-18

that time the world has never suffered
from an 0verprodiiction. If for any rea-
son, the siiEp.y of gold or silver in the
future ever exceeds the requirements of
the arts and the needs of commerce, we
confidently hope that the intelligence Of
the people will be sufficient to devise and
enact any legislation necessary for the pro-
lection of the public. 1t is folly to refuse
to the people the money which they now
need for fear they, may hereafter have more
than they need. am firmly convinced mat
by opening 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 $129 per ounce,
measured by gold.
Some Of our opponents attribute the fall
in the value Of silver, whet measured by
gold, to the fact that during the last quar-
ter of a century the worlds supply of sill
yer has increased more rapidly than the
words supply of gold This argument is
entirely answered by the fact that during
the last 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 pre-
vious five years in the history of the world.
it is evident that the fact is not due to
increased production. Prices can be low
cred as effectualy by decreasing the de-
mand for an article as by increasing the
supply Oh IL anu IL SceulS CeEldiu ludl the
fall in the gold price of silver is due to
hostile legislation and not to '.atural laws.
Our opponents cannot ignore the fact that
gold is now going abroad in spite of all
legislation intended to prevent it. and no
silver is being coined to take its place. Not
only is gold going abroad now, but it must
continue to go abroad so long as the pres
ent 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 interest upon it, must be repaid In
approaching dollars. The American people
now owe a large sum to European credit
ors, and falling prices have left a larger
and larger margin between our net nation
al income and our national interest charge.
There is only one way to stop the increas-
ing flow of gold from our shores, and that
is to stop falling prices. The restoration of
bimetalism will not only stop falling prices
but will, to some extent, restore prices by
reducing the worlds demand for god. II
it is argued that a rise in prices lessons
the value of the dollars Which we pay to
our creditors, ! reply that, in the balancing
Of equities, the American people have as
much right to favor financial system
which will maintain Or restore prices as
foreign creditors have to insist upon Il
financial system that will reduce prices.
But the interests of society are far superior
10 the interests of either debtors or cred
itors, and the interests of society demand d
financial system which will add to the vol
ume of the standard money of the world,
and thus restore stability to prices.
Perhaps the most persistent misrepresenta-
ton that we have to meet is the charge
that we are advocating the payments of
debts in ffty-cent dollars. At the present
time and under present laws a silver dollar
when melted, loses nearly half it's value,
but that will not be true when we again
L :.I, ,s.N4 ,-fI,~
no surplus silver upon the market to drag
down the price of bullion Under bimetal.
lism 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 a gold dollar.
The charge Of reputation comes with
poor grace from those who are seeking to
add to the weight of existing debts by
legislation which makes money dearer, and
who conceal their designs against the gen.
eral welfare under the euphonious pretense
that they are UNFOLDING public credit and
national honor
In answer to the charge that gold will
go abroad. it must be remembered that no
gold can leave this country until the owner
of the gold receives something in return
for it which he would rather have. In
other words, when gold leaves the country,
those who formerly owned it will be beue.
fted. There is no process by which we
can be compelled to part with our gold
against our WILL nor is there any process
by which silver can be forced upon us with
out our consent. Exchanges are matters of
agreement and if silver comes to this
country under free coinage it will be at
the invitation of someone in this country
who will give something in exchange for
it.
Those who deny the ability of the United
a.. INr4x ~rn16
and silver at the present legal ratio without
foreign aid point to Mexico and assert
that the opening of our minis will reduce
us to a silver basis and raise gold TO
pr6n:1m It is no reflection upou orr sister
febut lie to remind our people that the
United States is much greater ,han Mexico
In area, il population and i'll commercial
strength II is absurd 20 assert that the
trited States is not able 10 do anything
which Mexico has failed to accomplish. The
one thing necessary in order to maintain
the parity is to furnish demand great
enough TO utilize all the silver which will
come to the minis. THAT Mexico has failed
to do this is no proof that the United
States would also fail
1t is also argued that since number
of the nations have demonetized silver,
nothing can be done until all these nations
restore bimetallism. This is also illogical.
1t is immaterial how many or how few
nations have open minis, provided there
are sufficient open minis to furnish
monetary demand for all the gold and silver
available for coinage.
In reply 20 the argument that improved
machinery has lessened the cost of produc-
ing silver, it is sufficient to say that the
same is true of the production of gold, and
yet, notwithstanding that, gold has risen
in value AS matter of fact. the cost OF
production does not determine the value OF
tba nraciors metals eXcept as it may affect
the supply. If, for instance, the cost OF
producing gold should be reduced 80 per
cent without any increase in the output,
the purchasing power of an ounce of gold