Show 7 1 Ii c r > > 1 j WOULD DRIVE OUT THE GOLD General Demoralisation and Vldo Sproad lluln Would Karult from Cheap Money Legislation Has Not Affected tho Prlco of Sliver Tahuloug Fortunes Made by Silver Miners Silver Countries Spencer Ind July SThe Hon VII liam D Bynum of Indianapolis opened hlo nound money campaign here tonight to-night lIe spoko In tho opera house to I 11 largo and representative audience of Owen county people composed of members mem-bers of both political parties He was llstcncd to by bankers business men c farmers and laborers and was given the closest attention throughout There wan liberal applause ns the speaker mnde his argument against the free coinage of silver iinJ pointed out what he claimed to bo the fallacies of the advocates ad-vocates of free coinage Mr Uynum wao Introduced by the Hon Willis Htckam and spoUe for two hours lie cold In part The question of sound money Is one that aftectfl directly the Interests o every citizen It enters every home and demands the thoughful consideration of every Intelligent mind No one I presume desires to nee n policy inaugurated Inau-gurated that would result In the separation separ-ation of the value of our gold and nil ver The cheaper will always drive out the dearer and the result would be the expulsion of our gold A dollar of our silver money or paper currency Is worth n hundred cents In any part of tho civilized world Our silver dollar in worth 1 hundred cents In London while Mexicos containing moro silver Is worth only C3 cents Neither Is redeemable re-deemable In gold and tho question Is why this difference In value I Is not the flat of the Government because both possess the name attributes of legal tender I Is because we adhere to the standard of measurement recognized recog-nized by the laws of trade while Mexico Mex-ico has set up a domestic standard far below that which dominates In the exchange ex-change between nations WOULD DRIVE OUT GOLD The legal ratio between gold and I silver sil-ver as fixed by our laws Is 1C to 1 while the commercial ratio Is about 32 to 1 The effect of opening our mints to the free coinage of silver would be to bring the legal and commercial ntlos of the two metals together or to reduce the monetary value of the sliver dollar to Its commercial ratio In the event of tho latter the silver dollar would be worth only 50 cents In comparison with the gold dollar and would therefore drive gold out of circulation The important Im-portant question therefore to be determined de-termined Is would the price of bullion go up from CO cents to 129 an ounce would the mone all the world over or ni tary value of our sliver dollar como down to its bullion value about BO conto It is a fact that the commercial commer-cial ratio of the two metals has always controlled their movements In spite of their coinage ratio In the act of 1793 the ratio established was 15 to 1 Gold was worth more and therefore went to the countries where It commanded more silver I 1 difference of three cents in value caused the exportation of Bold from 1793 to 1831 and then of diver from 1834 to 1853 what might wo 4 expect with n difference of CO cents on I i t the dollar at n present Could we by OUI Individual action double the value of all the silver in the world and maintain J i b main-tain It at an increased value together with the annual J production of 200000 1r oUoT rnTcapacity of our mints Is only 540000000 annually I would take four bullion the govern years to coin the ulon gOYrn ment earl has on hand and by that time the accumulation would be sufficient to 4 accumulaton Icep running twenty years eep longer The opening of our mints would not in my judgment appre the puce of silver If so it ciably aftect slver would be a feat more remarkable than that of the tall wagging the dog EFFECT OF LEGISLATION claimed that silver never would It is slver have fallen In value had it not been the discrimination against it by our for own and other governments in 1873 first four years and since During the frst Caul yeal lifter In the passage of the act of 1873 we coined over 50000000 of silver n against 145000000 during the seventy agailst six years previous and yet it Is earnestly seriously Insisted nestly and apparently sty that the act of 7 was the cause of the fall in the price of silver which began about that time tme The consumption of silver by us since 1S7J has been more than I6BOOOOOOO of coinage value and yet It is boldly as fall In its B rtcd that the cause of the Cal it the discrimination against value was diserlmilaton as a money metal During all the time this great consumption was taking place the price of sliver was constantly olng down It is alleged however that other nations demonetized silver and lt that their action had something Int to do with the fall in its value I such be true how necessary must their aide aid-e In Its restoration SAMPLE OF PROOF Another fact which establishes beyond o be-yond controversy that sliver has not OI discrim i alien In value because of any natioi against It by way of legislation Is that notwithstanding the low price for which It has been selling fabu fortunes that have been accumu Ions l liiied < from Its production From 1C5 producing silver it was ascer mines protuclnr slvcr I tained by the Director of the Mint In 1RV7 that the cost of producing an ounce of silver was only 524 cents The rico Is now about GO cents all the owners of mines wish us to appreciate ownerl the value until they can realize 129 As nationu advance their commerco crown natons transactions Increase and il more valuable standard becomes ne ce8lmry ceftsVaybecause of this necessity that FO many nations within the last quartet quar-tet of a century have adopted the gold ntandaid SILVER AND PER CAPITA Look ovor the face of the earth to lay and Bee what nations pay the low liSt wages to their labor and have the WIWS Cit wmallest circulation per capita Mexico Irnlest I of the great sllverproduclnt countries of tho world She has free colntiKO of both gold and silver and capita Irculatlon is only yet her per capl11 rrcuiltion S4 71 41 celts being in gold and 17 cents h in paper India has a per capita circulation circu-lation of 333 Compare the circulation of these free coinage countries will that of the nations which limit coinage The United Kingdom has 1118 In iroli nod 288 In silver Fiance 2154 In gold nnd 1285 In silver Germany S12G5 In cold nnd 435 in sliver Bel glum 887 In gold and 885 In silver while we have 90J in gold und 908 In silver MrBynum went on to demonstrate that tho free coinage of silver would result in demoralization and wide unread ruin and this was why the bankers opposed It The greatest sufferers suf-ferers would be tho wageworkers aIn a-In tho teadjiiHtment of salaries they would be the last to receive an ad L I i Vance In conclusion he said r I Why stake the priceless boon of our financial standlngtho stability of our Itablly o Onlnelal stalulnjthe monetary syiitein and the prosperity 1010tar k of the nation in tho pursuit of the will othewlsp cheap money which Ims t IQh j wi l fl rd every people on the face of the earth that pursued I into the bcjf of nanclal dLatrraa and ruin 7 |