The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1896-08-20

standard, either permanently or untn
other nations can be united for its over
throw, the Chicago platform presents Q
| clear and emphatic demand for the inime
diate restoration of the free and unlimited
coinage Of silver and gold at the present
legal ratio of 10 to 1 without waiting fo2
the aid or consent of any other nation.
We are not asarnR that new experiment
be tried; We are Insisting upon a return
to financial policy approved by the ex-
perience of history and supported by all
the prominent statesmen Of our nation
from the days Of the first president down
to 1873. When we ask that our mints be
opened to tho free and unlimited coinage
of silver into full legal tender money, we
are simply asking that the same mint
privileges be accorded to silver that are
now accorded to gold. When we ask that
this coinage be at the ratio of 10 TO 1, we
simply ask that our gold coins and the
standard silver dollar which, be 1t re.
membered, contains the same amount OF
pure silver rs the first silver dollar ever
coined at our mints--retain their present
weight and flneness.
The theoretical dvantage of the bimet
allie system Is best stated by q European
writer on political economy, who suggests
the following Illustrations: A river fed
from two sources Is more uniform in vol.
umo than river fed from one source-the
reason being that when one of the feeders
Is swollen the other may be low; whereas,
a river which has but one feeder must rise
or fall with that feeder So in the case OF
bimetallism; the volume of metalli,
money receives contributions from both
the gold mines and the silver mines, and,
therefore, varies less; and the dollar, rest.
Ing upon two metals, Is less changeable fn
its purchasing power than the dollar which
rests on one metal only.
N rp tNun nf fho nm.
tion must rest either with tho debtor OF
with the creditor Assuming that theii
rights are equal, we must look at the in.
terests of society In general in order to dc
termine to which side the option should bt
given.
Under the bimetallc system Cold and
silver are linked together by law at flxel
ratio, and any person or persons owninp
any quantity of either metal can have the
same converted into full legal tender
money. If the creditor has the right tc
choose the metal in which payment shall
be made,it |, reasonable to suppose that he
will require the debtor to pay in the dearei
metal, If there Is any perceptible differ.
ence between the bullion value of IT,
metals. This new demand created for the
dearer metal will make that metal dearei
still, while tho decreased demand for the
cheaper metal will make that metal
cheaper still.
If, on the other hand, the debtor exer.
cises the option, It is reasonable to suppose
that he will pay in the cheaper metal II
one metal Is perceptibly cheaper than the
other; but the demand thus created for
the cheaper metal will raise its price,
while the lessened demand for the dearci
metal Will lower its price. III other words,
when the creditor has the option, the
metals are held together approximately at
the ratio fixed by law; provided the de.
mand eraated Is sufficient to absorb all OF
both metals presented at the mint. So.
ciety is, therefore, interested in having the
option exercised by the debtor. Indeed
there can be no such thing as real bimetal.
lism unless the opinion is exercised by the
debtor. The exercies 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 profit in driving one OF
the metals to premium If they could
then demand the dearer metal. The right
OF the debtor TO choose the coin In which
payment shall be made extends to obliga.
tions due from the government as well as
to contracts between individuals. A gov.
ernment obliGation Is simply debt due
from all the people to one of the people,
and 1t is impossible to Justify policy
which makes the interests of the one per.
son who holds the obligation superior tc
the rights of the many who must be taxed
to pay It,. When, prior to 1873 silver was
at premium, 1t was never contended that
national honor required the payment OF
government obligations in silver, and the
Matthews resolution adopted by congress
in 1873, 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: "We are opposed to the policy and
practice of surrendering to the holders Of
option reserved by law to the government
Of redeeming such obligations in either
silver coin or gold coin"
1t is con stantly assumed by some that
the United States notes, commonly called
greenbacks, and the treasury notes, issued
under the act of 1890 are responsible for
the recent drain upon the gold reserve, but
this assumption Is entirely without foun-
dation. Secretary Carlisle appeared be-
fore the house committee on appropria-
tions on Jan. 2l, 1885, and L quote from the
printed report of his testimony before the
committee.
Mr.Siblcy-I would like to ask you (per-
haps not entirely connected with the mat
ter under discusson) what objection there
could be TO having the option of redeem
Ing either in silver or gold lie with the
treasury instead of the note holderY
Secretary Carlisle-lf that policy had
been adopted at the beginning of resump
tion-and l am not saying this for the
purpose of criticising the action Of any of
my predecessors, or anybody else-but If
the policy of reserving to the government,
at the beginning of resumption, the
option of redeeming in gold a. silver all
its paper presented, / believe 1t would
have worked beneflcially and there would
been no trouble growing out of IL, but the
GeCrptArlla
ginning OF resumption have pursued
policy of redeeming in gold or silver,
the option of the holders of the papers a 4
afterward attempted to change tfat
policy and force silver upon man who
wanted gold or gold upon a man who
wanted silver, and especially If he had
made that attempt at such critical
period as we have had in the last two
years, my Judgment Is that II would have
been very disastrous.
/ do not agree with the secretary that 1t
was wise to follow bad precedent, but
from his answer it will be seem that the
fault does not lie with the greenbacks and
treasury notes, but rather with the execu-
tive officers who have seen fit to surrender
a right which should have been exercised
for the protection Of interests OF the peo-
pie. This executive action has already
been made the excuse for the issue of more
than $250,000,000 in bonds, and 1t is inn
possible to estimate the amount of bonds
which may hereafter be issued If this
policy Is continued. We are told that any
attempt upon the part of the government
at this time to redeem its obligations in
silver would put premium upon gold,
but why should it9 The Bank of France
exercises the right TO redeem all bank
paper in either gold or silver, and yet
France maintains the parity between gold
and silver at the ratio of 15M to L. and
retains in circulation more silver per
capita than we do in the United States
1t may be further answered that our
opponents have suggested no feasible plan