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As regards London dealings, the bargains were booked over the counter on the National Debt Office. I say this in all seriousness, compelled by my respect for the exalted office to which Mr. Bryan aspires. What's now the standing of the silver dollar on this respect? What, then, would the impact of free coinage in the United States be on the price of silver? The value of silver began to decline out there, at first slightly, two years before the demonetization came about. But, for causes which I shall point out hereafter, the market value of silver has fallen about 50 per cent., in order that the silver contained within the silver dollar can be bought out there, as merchandise, for little more than 50 cents in gold. It means that underneath the law sixteen ounces of silver shall be held to be worth one ounce of gold. It means that any one, right here or abroad, who has any silver of any type might take it to the mints of the United States to be coined into dollars without charge, and that the silver dollars so coined shall be returned to him and shall be a legal-tender for all debts, public or non-public.

Why, there is not a sane particular person in the United States or anyplace else who would to-day give one ounce of gold for sixteen ounces of silver, understanding that he can get greater than thirty-one ounces of silver for one ounce of gold. Between 1866 and 1870 the average annual production of silver on the planet was 43,051,583 fine ounces. The demonetization of silver in the old world did curtail the demand, but it was removed from being the only cause of the fall in the price of silver. But are sixteen ounces of silver to-day value one ounce of gold in the markets of the world? It is therefore sure that free coinage wouldn't elevate the worth of silver to anything near the outdated figure, and that an ounce of gold would proceed to buy excess of sixteen ounces of silver. We had a putting illustration of this after the passage of the regulation of 1890, which provided for the purchase of 54,000,000 ounces yearly. Similar putting correspondences have continued to occur.

And the rise in manufacturing would have been still better had not the fall in price made the mining of some low-grade ores unprofitable. At first the value of silver rose sharply, but soon it began to fall again, and fell lower than ever. Gold rose to a premium as against the greenback and went out of circulation. Between 1871 and 1875 it was 63,317,014 effective ounces, and it went on rising until in 1895 it was 174,796,875 fine ounces, 4 occasions as much as the annual average had been thirty years earlier than. The act of 1873, as has been proven, didn't curtail current demand, سعر الدولار الان for there had been no such demand in this nation for many years. We stay in a rustic in which CEOs can run a company into the ground and then stroll away with pay packages price tens, or even a whole bunch, of tens of millions of dollars.

The greenback dollar was a bit of paper on which was printed the promise of the government to pay the holder one dollar-which means one greenback in gold coin, for no one thought of anything else. But as the warfare continued and the amount of greenbacks grew larger and larger, the general public confidence as to the federal government quickly changing into capable of redeem them was shaken, and the greenback, in spite of the government stamp and its legal-tender qualities, fell in buying power in contrast with gold. There stands, then, the National pledge to keep the purchasing energy of the silver dollar within the United States equal to that of the gold dollar. What, then, is the coverage of the Bryan democracy? Every Government policy disregarding that pledge or making its fulfilment not possible is a policy of downright repudiation, dishonoring the Republic. Some monetary philosophers of the fiat persuasion say that when the government put its stamp upon the silver dollar, and made it a legal-tender, it created in it a value nearly as good as that of the gold dollar, and its responsibility is fulfilled, once and eternally. Under the pledge of the federal government to keep the silver dollar to all intents and functions on a parity with the gold greenback, the silver greenback is nearly an evidence of indebtedness on the a part of the United States to an amount equal to the difference between the mercantile value of the metallic in the silver dollar and in the gold dollar, that is to say, to the amount of fifty cents if the metallic in the silver dollar could be purchased at 50 cents.

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