Arizona silver belt., 1900-10-18

the orient shall again be added to the
 curreucy. In 1890, Secretary Windom
 recommended legislation of this sort,
 and the immediate effect of the Sher-
 man net, passed iu July of that year, | proved that but for the restriction
 placed upon the purchase of silver its
 old value would at once have been re-
 stored, The value of silver bullion
 tue year before had been down to 92
 cents an ounce. The Sherman net
 Increased the gouernmeut's purchases
 of silver only S2, OOO, 900 modth.
 Yet this increase raised the price of
 silver bulhon all over the world to S1 .l6
 an ounce-or, to within 10 percent of
 the old ratio of l6 to l.
 Today, the quantity of gold pro.
 duced IS relatively far greater than m
 lS9O, and the price of silver would be
 relatively higher if the currency de-
 mand for the two metals had remained
 the same Today, therefore, the pas. sage of an act for the unrestricted coinage of silver to be purchased at Il market value not exceeding its coin value would restore the old ratio as surely as the value of silver bullion is governed by the law of supply and de. mand A bill framed in this way was supported by all the bimetallists in the senate in 1894, but was defeated by those who maintained that the iL. crease of the currency wonld be an evil to both capitalists and laborers. Today, when President Mckinley Is boastng that the increase of our cur rency from Sl, ,500, 900, 000 to $2, ,O00, 900, ,0OO, 900 in four years has been accompanied by increased business at creased prices, there are relatively few who look upon the increase of the cur rency as an evil to the producing classes. Mir. Bryan, therefore, might easily bring the conservative members of his party to support measure which without imperlling the continued par ity of gold and silver coin would re- store silver to its old place in the cur rency.
 If legislation of this sort failed to restore silver bullion to the value it held for generations, until adverse legislation took away the currency de- mand for 1t, then the bimetallisIs m congress would change the ratio. The ratio at which the free coinage of both metals shall be resumed is not essen. tial part of the measure BImetaIlists believe in the old ratio, because We be. lieve that legislation should restore to silver the value which legislation has destroyed. and because we know that the adoption of any higher ratio would necesstgte the recoinage of all existing silver coins and proportion ately lessen the amount of silver to be added to the currency in the future But if the currency demands of the United States failed to restore silver bullion to its coin value, the bimetal. lists in congress would accept the ratio which the equal treatment of both metals established. Not one bimeta. list in five wishes n silver currency that will not, in all ordinary transac- tons, be at par with gold; and il Is folly to fear that bimetalist congress. meh will force upon the country what their constituents do not want.
 All this, however, belongs to the two years hence, when the future currency policy must be de cided. Prior to that time the amount of silver currency cannot be increased. 1 By that time the issue of imperialism must be disposed of, for unless Mir Bryan meanwhile brings to m eud the present war against the right of our 'ecent allies to the government of their | 'hoice, the chagrin of his supporters yould make the defeat of his party | inevitable. The men who are now | lnited against imperialism may as afely divide in 1902 as those who are livided upon the currency may safely mite now.