Kansas agitator. [volume] (Garnett, Kan.) 1890-1905, 1901-12-20
JONES NOT MUCH LOSS.
HIS RET URN. TO THE REPUBLICAN,
FOLD IS UNIMPORTANT.
The Argument OF tho Senator from Me-
vnda rs to the Result OF the Enormous
Output Of Gold Shown to Bc Misiead-
ing-what Free Silver Would Do.

| PuoiASoh anu uChhOSAatiS AAC Sioim
to be as firm believer in bimetalisn
as when he left the republican party
but says that the enormous output o
gold has accomplished what bimetal
ism would have accomplished" ant
that silver is dead. He adds that hi
lican party on all other issues, ant
can, therefore, easily return. 1t /, true
that the senator from Nevada, distin.
guished by his great service in behalf
Of bimetalism. has been in harmony
with the republican party on all ques-
tions save the silver question alone
and therefore his apostacy at this time
is not surprising, although much to be
regretted.
If Senator Jones will review the ar
guments which he himself has made,
he will be convinced that the output
of gold has not been sufficient to ac-
complish what bimetalism would
have accomplished" The restoration
of bimetalism would have raised sill
yer to S1.29 an ounce; 1t would have
brought into full monetary use
throughout the world four billions of
silver which has been constantly leg
| islated against. 1t would have raised
prices to the former bimetallic level
| and placed the business of the world
| upon a solid basis. The output Of
gold has not done this, and as a mere
matter Of mathematics it is edsy to
demonstrate that it VII require great
many years for the present output TO
furnish a quantity of gold sufficient
to accomplish what bimetalism would
have accomplished" But before gold
can be used to take the place of silver
we must subtract from the annual
product, first, enough for use in the
arts; second, enough to cover lost
coins and abrasion. and, third, enough
to furnish the gold-using nations with
the annual increase necessary to keep
pace with the demand for money
When Senator Sherman was defending
the act of 1890, known as the Sherman
law. he argued that we needed fifty
four millions Of new money every year
to keep pace with population and in
dystry. If that quantity is necessary
for this country alone, what sum would
be sufficient to supply all the gold
using nations of the world?
The financiers of all countries op-
pose any permanent rise in prices be-
cause that would lessen the purchas-
ing power Of the dollar and depreciate
the exchange value of their money and
securities. If they thought that there
was any danger of the gold supply
being sufficient to accomplish what
bimetalism would have accomplished"
they would be clamoring for the use
of gold in the retirement of uncovered
paper, and, finally they would demand
a limitation of the coinage of gold
There has been rise in the level of
prices alone since '96, but part Of
this was the natural rebound after
panic conditions, part was due to the
prevailing wars, and part to the ma
nipulation of prices by trusts. We
have not yet reached normal condi-
lions, and, therefore, cannot say how
much the general level of prices will |
be increased by the output of gold. We |
do know, however, that gold has not |
raised, and probably will not raise
prices to anything like the bimetallic
level. We cannot accept the gold
standard as final until we are sure
that we have gold enough, not only
foS the nations that now use It, but
for the nations that will be ultimately
driven to it IL the United States sur
renders its contention for bimetalism.
Where would the three hundred mil
lion people of India and the four hun
bred million people of China secure
gold if they were to go to the gold
standard? What nation has any con-
siderable gold to spare?
1t is evident that Nevada's senator
has reached point where his interest
in other policies of the republican par
ty outweighs his attachment for BIZ
metalism. The fact that he Is not
alarmed by the republican advocacy of
1 branch bank" an asset currency"
and trusts. or by the corporate domi-
nation and the imperial policy of the
republican party, shows that devotion
% silver was due more to the fact that
le came from a mining state than to
my broad and deep sympathy with the
masses of the people. If his belief in
had grown out of his de-
lire to see the government admins
cred according to the doctrine OF
equal rights to all and special privi-
eyes to none" no increase in the pro-
luction of gold could have carried him
Jack to the republican party. He
,ained his reputation as the champion
# the rights Of the people on one
money question. Let us
Zee If he ever makes a speech in favor
# present republican policies that will
ompare with the speech which he
made in denunciation of the gold
tandard.