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Domestic News
September 22, 1896
The Anaconda Standard
Anaconda, Deer Lodge County, Montana
What is this article about?
Critique of Ex-Senator Edmunds' Philadelphia speech on gold standard, claiming his supply-and-demand argument inadvertently favors free silver coinage to restore metal parity.
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Full Text
Edmunds' Fatal Admission,
From the New York Journal.
Ex-Senator Edmunds, of Vermont, ought to be able to make a good argument for the gold standard if anybody can, yet in his Philadelphia speech on Saturday night he did no better than the average Hanna organ. He committed himself to the new republican doctrine that the price of nothing can be raised by legislation, which disposes of the whole scheme of protection, and applied the principle to free silver coinage. Mr. Edmunds said:
"The law of supply and demand, which every farmer, every business man and every workingman perfectly understands in his own occupation, governs the price of the precious metals just as certainly as it governs the price of farm produce, manufactures and labor."
Without intending to do so, Mr. Edmunds makes the argument for free coinage. By opening its mints to silver at the ratio of 16 to 1 the United States will create a demand for silver that will restore the parity between the metals. The mint price must necessarily be the price the world over. Strictly in obedience to the law of supply and demand shall we get back to a sound bimetallic currency.
From the New York Journal.
Ex-Senator Edmunds, of Vermont, ought to be able to make a good argument for the gold standard if anybody can, yet in his Philadelphia speech on Saturday night he did no better than the average Hanna organ. He committed himself to the new republican doctrine that the price of nothing can be raised by legislation, which disposes of the whole scheme of protection, and applied the principle to free silver coinage. Mr. Edmunds said:
"The law of supply and demand, which every farmer, every business man and every workingman perfectly understands in his own occupation, governs the price of the precious metals just as certainly as it governs the price of farm produce, manufactures and labor."
Without intending to do so, Mr. Edmunds makes the argument for free coinage. By opening its mints to silver at the ratio of 16 to 1 the United States will create a demand for silver that will restore the parity between the metals. The mint price must necessarily be the price the world over. Strictly in obedience to the law of supply and demand shall we get back to a sound bimetallic currency.
What sub-type of article is it?
Politics
Economic
What keywords are associated?
Edmunds Speech
Gold Standard
Free Silver
Bimetallism
Supply And Demand
What entities or persons were involved?
Ex Senator Edmunds
Where did it happen?
Philadelphia
Domestic News Details
Primary Location
Philadelphia
Event Date
Saturday Night
Key Persons
Ex Senator Edmunds
Event Details
Ex-Senator Edmunds of Vermont gave a speech supporting the gold standard, stating that the law of supply and demand governs the price of precious metals like farm produce. The article argues this supports free silver coinage at 16 to 1 ratio to create demand and restore parity between metals for a bimetallic currency.