The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1897-09-25
BRYAN DEMOLISHED BY GAGE.
The Popoeratic Faiiaeies stand M
show.

show.
There Is one statement which Bryan
often made during the presidential
campaign and which he repeated In his
letter printed recently In the Tribune.
Ii In as follows:
IN Is the contention OF bfmetailists that
the opening OF our mints to the free and
unlimited coinage OF silver at NE ratio OF
sixteen 10 one will fix mint price for
silver. just as a mint price Is now liked Tor
gold They further contend that the de-
mand thus created by law Will be Sufficient
TO utilize all the silver presented. and thus
the bullion value will be raised TO the coin
age value"
These assertions are criticised and
their lack of truth is fully exposed by
Secretary Gage. The secretary points
out that the so-called mint price" does
not fix the value OF the metals which
are minded. All that ~ mint does is to
return TO n man in coin the number or
grains OF gold or silver he brings 10 10
in the shape of bullion. All that the
mint does for him is 10 put his bullion
IN form in which he can exchange IL
for commodities more easily.
Were congress TO halve the number
Of grains in gold dollar, the mint
price" OF gold. which rs now S2O.O7-
that being the number of dollars OF
% Is grains OF gold each which can be
| coined out OF $50 grains OF gold-would
rise to s47.34 an ounce. But the value
OF gold bullion would not change, and
the new dollar would buy only half
ns much as the old dollar bought.
BRYAN asserts that under free coin
a 20 there would be n demand" for
silver. "created by law" which would
raise the bullion value OF silver 20 the
coinage value That there might be n
demand" but only II the free coinage
silver dollars were given that legal
tender quality the Bryanites want their
free silver dollars TO carry. The secre-
tary states:
'sThe reason why the legal tender quality
might or would lend a greater value 10 Sill
Yer IS this and this only: A. they would
serve 10 pay existing debts many people
would avail themselves thereof 10 dis
charge their obligations. provided they
could make profit TO themselves by doing
so This they could do only ia case the sill
yer dollars were worth less than gold dol
lars AZ the same cost most people Will
keep their honor and integrity. Many VIII
DO so at any sacrifice. A few VIII forfeit
| both for the most paltry consideration.
How great a demand would be thus set
up for silver dollars, as before stated, no.
body knows"
III free coinage law were enacted
and there were no silver dollars coined
, at the ratio OF sixteen to one, the first
dollars coined under the law. according
, 10 the secretary. would be in demand
at more than their bullion value. For
% with one OF those dollars, worth from
, 40 10 ~ cents, debtor could pay OF
4 100 cents OF indebtedness. II his cred
G. itor was pressing him, the debtor would
T. find IL TO his interest TO pay rather more
$ than AZ cents for the cheap dollar he
needed 10 cheat his creditor with.
But as the minis poured out moro
free silver dollars
''Themarl,et value OF tho coined dollar
would be the same as tho market value OF
the bullion IN II; and unless now demand
would arise not now forcseen. or unless the
silver supply should be much reduced, me
value OF silver. either as metal or as money
: would not be essentially different from
: tho present value OF silver bullion
r The secretary points out, however
that there are in existence nearly 800,
+. 100000 silver dollars OF 37lh grains
each. Those dollars are kept artihcially
az par with gold, but the day free
coinage law was enacted they wouit
drop to their bullion value and become
cheap. There would be so many cheaI
dollars. with which 50 much indebt
edness could be paid Oft dishonesty
that those dollars would remain cheap
Bryau cannot get away from the sec
rctary's reasoning. Under free ccinag'
the bullion value Of silver and wha
BRYAN calls "the coinage value" woul'
:, coincide. a silver dollar would bu.
- 371H grains OF silver bullion. But tina
silver dollar would buy less than hal
the goods god dollar would buy
II would take 40 ounces Of silver, coine
-, or uncofned, TO buy an ounce Of golc
y IN word. the value OF silver builo
or coin IL measured IN gold, which
the worlds standard, would renal
precisely what IL j. now IN Chicag
Tribune.