The San Francisco call., 1895-05-18

rest with the debtor, and the Government also
to exercise that option, when desirable, when
paying out redemption money.
The mints are now open to the unlimited
coinage of gold. Such portion of the product
OF that metal as does not find an immediate
demand to be used in the arts and manuiac-
lures is taken to the mints and coined into
money, and becomes at once the object for
which all other products seek the market. 1t
thus has an unlimited market, as the mints
are open to all of it that comes.
This was true also as to silver prior to 1873,
but by operation of section 13 OF the act of that
year the mints were closed to the unlimited
coinage of that metal. Hence when silver now
seeks the markets and exhausts the demands
supplied by the arts and manufactures and the
small purchases of the Government to coin it
into token money, the demand for it ceases.
Gold has an unlimited demand. Silver has
limited demand.
Silver is now commodity to be measured in
gold. 1t is an object to be gored and kicked by
bulls and bears. 1t is shut out from the United
States mints. 1t is token money. It.has been
deprived of that unlimited demand it enjoyed
prior to 1873. We would restore to it that un-
limited demand. We would open the mints to
it again. We would leave the inints open to
gold as they are now. We would give. silver
the same privileges as gold. Restoring to it
this unlimited demand would cause the value
of silver to rise as compared with gold. This
is what we want. This is what we would do.
We would again make the standard silver
dollar the unit of value as it was before 1873.
1t would thus be dollar and the bullion in it
would be worth dollar, as the number of
grains OF bullion in a dollar would have the
right to walk into the mint and be coined into
dollar. No man would take less for it when
he could have it coined at pleasure into
dollar. We would make gold coins of the
value of so many silver units or dollars, as the
law existed prior to 1873.
Silver is the peoples money. 1t was so re-
garded by our torefathers, and was the favored
money of the two 1t was given the position of
honor in the coinage of our two metals by
having the unit of value made from it, and
gold, its companion metal, measured in it.
Gold was and is the money of the rich. This
was to be government of the people and the
peoples money was to be the most favored.
Twice when the commercial ratio between the
two metals made it advisable to change the
legal ratio the change was made by recoining
the gold COINS This was in 1884 and 1887.
The spirit of our forefathers then lived in their
sons, The gold coins were changed in weight
and size.
In 1884 the gold eagle had twelve grains
taken out of it. In 1887 the gold eagle had
two-tenths of a grain added to it.. No change
was ever made in the quantity of pure silver in
the silver unit. There were to be two yard
sticks. The rich mans money-gold-was re-
coined when the commercial ratio interfered
with the legal ratio. This is the law we would
re-enact.
We would make both legal tender in the
payment of all debts. We would repeal the
law of 1878 and the Sherman law of 1890, au-
thorizing eontracts-bonds, notes and mort
gages-to be taken payable in gold only. We
would allow no discrimination to be made be-
tween the legal-tender character of the two
metals We would allow no private individual
to dictate to the Government what its legal
tender money should be. We would place the
white metal on an equal footing with the col
ored metal, sswithout regard to previous con-
dition of race or servitude'
We would give the option to the debtor If
there was any preference as to which of the
two he would use in the payment of debt
break in the commercial parity causes the
cheaper metal to be used. This increases the
demand for the cheaper metal. This increased
demand restores the value of the metal that
had thus fallen below parity and brings it
back to parity. To give the option to the credi-
tor causes the dearer metal to be demanded
and it thus grows dearer and dearer, and
parity is broken and the gap grows wider and
wider.
When the debtor has the option the two
metals will oscillate close to parity and sub
stantially at parity. This oscillation is the
elasticity that bimetallism gives to primary
money. If one becomes scarce the other is
used. If one is cornered the other takes its
place. Either answers for money.
true knowledge of bimetallism and the
simplicity of that system died with our an
cestors- Selfishness stalked into the American
Congress at time when neither metal was
being used as primary money-our primary
money was then paper money-at time when
corruption was rife in our National 'legis-
lature, followed by articles of impeach-
ment against Vice-President Colfax for
complication in the Oakes Ames affair !;
the resignation of Secretary of War
Belknap for bribery; the charge of cor
ruption against numerous Congressman in
connection with the Credit Mobiiier scandal
and land grants swindles. AT time when
craftsmanship was dwarfed to personal selfish
ness, men who knew what the effect of such a
change in our financial policy meant organ
lied successfully the first trust to be benefit ted
by national legislation in this country. 1t was
| a money trust, 1t was the demonetization of
silver, the money OF the people was destroyed.
Silver at that time was at slight premium
over gold.
By this act the mints were closed to the un-
limited coinage OF silver, except the trade dol
lar which was overvalued by eight grains and