The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-08-13
BRYAN TO THE NATION.


-f-ht 10 redeem all bank paper IN etlHeL
7,F or silver and yet France maintains
r5rIrv between gold and silver at the
lilo OF l5Ia 10 /. and retains IN circula-
-.1r more silver per capita than we 90
RI the United States -
,-ronents have suggested 10 feasible plan
~ avoiding the dangers Whlcn tney rear
--r. retirement of the greenoacks ana
---ssrlry notes would not protect the treas
my because the same policy Which now
r-+7s the Secretary OF the treasury 10
redeem all government paper IN gOlo, WIN
gold is demanded, viii require the reuelnp-
Sian of all silver dollars and silver certln-
Gates in gold. II the greenbacks ana treas
rrv notes are Withdrawn from circulation
More than this, if the government should
retire it's paper and throw upon the banks
-be necessity Of furnishing coin redemp-
,i0r the banks would exercise the right
% furnish either gold or silver IN Otner
words they would exercise the option, just
as the government O,H,ht 10 exercise II
now The government must either eXer-
else the right to redeem its obligations IN
silver when silver is more convenient, OF
II must retire all the silver and silver GER
tifcates from circulation and leave moth
ing hut gold as legal tender money.
Are our opponents willing to outline
financial system which will carry out their
policy to its legitimate conclusion, or will
they continue to cloak their designs in
ambiguous phrases?
There is an actual necessity for BIZ
metallism as well as a theoretical defense
of it. During the last twenty-three years
legislation has been creating an addi-
fi0nal demand for gold and this law ere
ated demand has resulted in increasing
the purchasing power Of each ounce of
gold. The restoration of bmetallism in
the United States will take away from
gold just so much OF its purchasing pow
er as was added to it by the demonetiza-
ton of silver by the United States. The
silver dollar is now held up to the gold
dollar by legal tender laws, and not by
redemption in gold, because the standard
silver dollars are not now redeemable in
gold either in law or by administrative
policy.
I'VE contend that free and unlimited
coinage by the United States alone would
raise the bullion value of silver to its
coinage value, and thus make silver bull
ion worth $l.29 per ounce in gold through
out the world.
This proposition is in keeping with the
natural laws, not in defiance of them.
The best known law of commerce is the
law Of supply and demand We recog-
nize this law and build our argument
upon il. We apply this law to money
when we say that a reduction in the vol
ume Of money will raise the purchasing
power of the dollar. We also apply the
law of supply and demand to silver when
We say that a new demand for silver
created by law will raise the price of
silver bullion. Gold and silver are differ
ent from other commodities in that they
limited in quantity. Corn, wheat,
manufactures products, etc, can be pro-
duced almost without limit. provided
they can be sold at a price sufficient to
stimulate production, but gold and sill
Yer are called precious metals, because
they are found, not produced.
These metals have been the objects
Of anxious search as far back as history
runs yet, according to Mr. Harveys cal
culation, all the gold coin Of the world
can be melted into a 22-foot cube, and
all the silver coin in the world into a
66-foot cube Because gold and silver are
limited. both in the quantity now in hand
and IN annual production, it follows that
legislation can fix the ratio between them.
ANY purchaser who stands ready to
take the entire supply of any given ar
ticle at a certain price, can prevent that
article from falling below that price SO
the government can fix price for gold and
silver by creating a demand greater than
the supply. International bimetallists be-
lleVe that several nations, by entering
INTO an agreement to coin at a fixed
ratio all the gold and silver presented
can maintain the bullion value of the
metals at the mint ratio. When a mint
price is thus established it regulates the
bullion price, because any person desir-
ing coin may have the bullion converted
into coin at that price, and any person
desiring bullion can secure it by melting
the coin. The only question upon which
International bimetallists and independent
DlmeJalllsts differ is: Can the United
States, by the free and unlimited coin
age OF silver at the present legal ratio,
create a demand for silver which taken
IN connection with the demand already i'm
existence, will be sufficient to utilize all
the silver that will be presented at the
mnts.
They agree in their defense of the hi
metallic principle, and they agree in un-
alterable opposition to the gold stan
dard International bimetalists cannot
complain that free coinage gives a benefit
10 the mine owner, because International
Dimelallism gives to the owner Of silver
an the advantages offered by independent
bimetailism 1T the same ratio. interna-
uonal blmetallists cannot accuse the ad-
Vocates Of free silver OF being bullion
owners who desire to raise the value of
thelr bullion; or debtors who desire 70
pay lhelr debts in cheap dollars; or dem
aeosues VINO desire to curry favor with
me people They must rest their opposi-
toh upon one ground only namely; That
He supply OF silver available for coinage
States. W Oiii'eu
In discussing this question we must
consider the capacity of our people to use
sHVer and the quantity of silver which can
IN 70 our our nlnts. 1t must be remembered
mat we live in a country only partially de-
Nelopeu' ana that our people far surpa IS
"HS equal number of people in the world in
oueL power 10 consume and produce Our
extensive railroad development and enor
nous internal commerce must also he toll
en- INTO consideration. Now, how much sill
yer can come here? Not the coined silver.
vi the world because almost ALI of II is
more valuable at this time in other lands
man II would be at our minis under free
coiIldSe. IL our minis are opened to free
r1e itll,riIlteu coinage at the present ratio
Gduse the labor applied to it has made If
%oIth more in the form of merchandise
elah IL would be worth at our minis We
SSaniot even expect any of the annual pro
uuct 81 silver, because India, China. Ia
ial' mexico and all the other siIyer-us
ing countries must satisfy their annual
Lg if from the annual products; the arts
WI require large amount, and the gold
SIauaard countries will need a considerable
Hudhtty for subsidiary coinage. We will
ne required to coin only that which is NOT
Heeaeu elsewhere; but, if we stand ready
nj iahe any, utilize all of it, other nations
Which we fix 'No Price
viii Many an y fear that opening of our minis
WI De followed by the enormous Increase
"a me me annual production of silver
ms IS conjecture. Silver has been used
as money for thousands of years and d1,r
ing all that time the world has ne,laT.
spIIered from an overproduction. If. for
IN ny reason, the supply of gold or silver
1 me future ever exceeds the require
I ,r,ents OF the arts and the needs Of com
tIeIee' we confidently hope that the infeiii-
55ence OF the people will be suf1cient 70
efeElse and enact any legislation necesso ~
TtfHfaf IT,