Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1896-08-19


dollar which grows more valuable every
day II such dollar lowers the standard OF
civilization and brings distress to the reo-
ples What shall 1t profit us II in trying to
raise our credit by increasing the purchas-
ing power of our dollar we destroy our
ability to pay the debts already contracted
by lowering the purchasing power Of the
products with which those debts must be
paid? II 1t is asserted, as 1t constantly Is
asserted, that the gold standard will en-
able us to borrow more money from abroad,
I reply that the restoration Of bimetallism
will restore the parity between money and
property, and thus permit an era OF. pros
perity which will enable the American
people to become loaners Of money: instead
of perpetual borrowers Even If We desire
to borrow how long can we continue bor-
rowing under a system which, by lower
ing the value of property, weakens the
foundation upon which credit restsp
Even the holders Of fixed Investments,
though they gain an advantage from the
appreciation of the dollar, certainly see the
injustice of the legislation which gives
them this advantage over those whose In ,
comes depend upon the value Of property
yestments will not listen to arguments
based upon justice and equity, appeal to
them to consider the interests OF postertty.
We do not live for ourselves alone Our Ia :
Dor, our self denial and our anxious care,
all these are for those who are to come aft
er us as much as for ourselves, t,utwe cam
not protect our children beyond the period
Of our lives. Let those who are now reap
ing advantage from vicious financial sys-
tenn remember that in the years to come
their own children and their children's
children may, through the operation OF
this same system, be made to pay tribute
to the descendants Of those who arc
wronged today.
As against the maintenance Of gold
standard, either permanently or until 9TH
er nations can be united for its overthrow,
the Chicago platform presents clear and
emphatic demand for the immediate res
toration of the free and unlimited coinage
of silver and gold at the present legal ratio
Of 16 to without waiting for the aid OF
consent of any other nation. We are not
asking that q new experiment. be tried. We
are insisting upon o return to q financial
policy approved by the experience OF his
tory and supported by oil the prominent
statesmen Of our nation from the days Of
the first president down to 1878. When we
ask that our mints be opened to the free
and unlimited coinage Of silver into fnll
legal tender money, we are simply asking
that the same mint privileges be accorded
10 silver that are now accorded to gold
When we ask that this coinage be at the
ratio of 16 to I, we simply ask that our gold
coins and the standard silver dollar,
which, be 1t remembered, contains the
same amount Of pure silver as the first sil-
YER dollar coined atour mints, retain their
present weight and fnenesa. ~
s4- Theory OF fBimstallism. -
The theoretical advantageo Of the bimetal-
Lie system is best stated by European
writer on political economy who suggests
the following illustration: A river fed
from two sources Is more uniform In vol
ume than river fed from one source the
reason being that when one Of the feeders
is swollen the other may be low, whereas
q river which has but one feeder must rise
or fall with that feeder. So In the case Ut
bimetallism. The volume Of metallic mon
ey receives contributions from both the
cold mines and the silver mines, and
therefore varies less, and the dollar, rest
ing upon two metals, Is less .changeable In
Its purchasing power than the dollar which
rests on one metal only.
| II there are two kinds Of money, the OPP
tion must rest either with the debtor or
with the creditor. Assuming that their
rights are equal, we must look at the IN
terests of society In general In order to de-
termine to which side the option should be
given. Under the bimetallic system gold
and silver are linked together by law at q
fixed ratio, and any person or persons
owning any quantity of either metal can
have the same converted into full Legal
tender money. II the creditor has the right
to choose the metal In which payment
shall be made, 1t Is reasonable to suppose
that he will require the debtor to pay In
the dearer metal If there is any percepttble
difference between the bullion values OF
the metals This new demand created Tor
the dearer metal will make that metal
Gearer still, while the decreased demand
for the cheaper metal will make that metal
cheaper still. II, on the other hand, the
debtor exercises the option, 1t is reasonable
to suppose that he will pay In the cheaper
metal II one metal is perceptioly cheaper
than the other, but the demand thus Great
ed for the cheaper metal Will raise it's
price, while the lessened demand for the
dearer metal will lower its price. In other
words, when the creditor has the option,
the metals are drawn apart, whereas
when the debtor has the option the metals
are held together approximately at the ratio
fixed by law, provided the demand created
| - oh oil <f M
presented at the mint Society Is there
fore interested In having the option e1er-
cised by the debtor. Indeed there can be
no such thing as real bimetallism unless
the option Is exercised by the debtor. The
exercise of the option by the debtor
compels the creditor classes, whether
domestic or foreign, to exert themselves
to maintain the parity. between gold
and silver at the legal ratio, whereas
they might find a profit in driving
one Of the metals to premium II they
could then demand the dearer metal The
right Of the debtor to choose the coin In
which payment shall be made extends to
obligations due from the government as
we'll as to contracts between individuals
A government obligation is simply debt
due from all the people to one Of the peo-
pie, and it is impossible to justify policy
which makes the interests Of the one per-
son who holds the obligation superior to
the rights Of the many who must be taxed
to pay 1t. When, prior to 1873, silver was
at q premium, 1t was never contended that
national honor required the payment Of
government obligations In silver, and the
Matthews resolution, adopted by congress
In 1878, expressly asserted the right Of the
United States to redeem coin obligations
In standard silver dollars as well as In gold
coin.
Upon this subject the Chicago platform
reads, I'VE are opposed to the policy and
nractice Of surrenderinR to the holders Of