Semi=weekly graphic. (Pine Bluff, Ark.) 1895-1902, 1896-08-15

OF bllltidliiSu VIII restore tue party he
! tween money and property and thus per
init an era Of prosperity 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 borrowing under system
which by lowering the value OF property
weakens the foundation upon which credit
restsY tt the holders of fixed gains, though
! they gain an advantage from the apprecia-
ton OF the dollar, certainly see the inlus-
/ tice OF the legislation which gives them adj
| vantage over those whose income depend
j upon the value of property and products
/ II the holders of fixed investments will not
listen to arguments based upon Justice and
equity. | appeal to them 70 consider the
| interest Of posterity We do not live for
| ourselves alone or for those who come after
us, but we must protect our children be-
yond the period of our lives Let these
| who are now reaping advantage from q
| vicious financial system remember that III
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 are wronged today.
| As against the maintenance of n gold
| standard either permanently or until other
nations can be united for its overthrow the
/ Chicago platform presents clear and EN-
phatic demand for the immediate restora-
/ ton OF the free and unlimited coinage OF
silver and gold Mt the present legal ratio
1 OF 10 To J without waiting for the aid or
! consent of any other nation We are not
| asking that n new experiment be tried:
we are insisting on a return to q financial
| policy approved by the experience of his
| tory 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 he opened To the free
and unlimited coinage of silver into full
1 legal tender money we are simply asking
/ fhHf nj vi "a led
to silver that are now accorded to gold.
i When we ask that this coinage be at the
| ratio of rs To we simply ask that our gold
| coins and the standard silver dollar, which,
/ be 1t remembered contains the same
/ amount of pure silver rs the first silver
coined at our mints, retain their present
/ weight and tineness.
The theoretical advantage of the hi-
4 metallic system is best stated by am Euro
/ pean writer on political economy, who
! suggests the following illustration
! "A river fed from two sources is more
! uniform In value 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 bat one
/ feeder must rise or fall with that feeder
t So in the case Of bimetallism; the volume
/ of metallic money receives contributions
/ from both the gold and silver mines, and
therefore varies less; and the dollar. rest
1 ing upon two metals, Is less changeable In
i llS purchasing power iuHn bue uOlIhE
i which rests upon one metal only
Ii there are two kinds of money the OPP
ton must rest either with the debtor or
i with the creditor. Assuming that their
4 rights are equal we must look at the in
/ terest of society in general IN order to de
/ termine to which side the option should be
/ given Under the bimetalic system gold
aud silver are linked together by law at a
fixed ratio, and any person or persons
owning any quantity Of either metal can
i have the same converted into full legal
] tender money. Ii the creditor has the
right to choose the metal in which pay
ment shall he made. it is reasonable to
! suppose that he will require the debtor To
/ pay in the dearer metal If there IS any per-
! ceptihle difference between the bullion val
4 ues of the metals This new demand ere
ated for the dearer metal will make that
metal dearer still, while the decreased de-
/ mand for the cheaper metal Will make the
metal cheaper still. If, on the other hand,
f the debtor exercises the option it is reason
! able that he will pay in cheap metali If one
metal Is percptlbly cheaper than the other;
/ but the demand thus created for the cheap
i er metal will raise its price, while the less
ened demand for the dearer metal will low
j er 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 ratio fixed by law;
provided the demand created is sufficient
! to absorb all of both metals presented at
the mint
i ing the option exercised by the debtor,
I Indeed there can be no such thing as real
/ bimetallsm unless the option Is exercised
by the debtor. The exercise of the option
+ by the debtor compels the creditor class,
/ 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 il they could TO
! demand the dearer metal The right OF
4 the deeper to choose the coin in which
payment shall be made extends to obliga
! tions due from the government, as well as
4 to the contracts between individuals a
! government obligation is simply a debt
due from all the people to one of the peo-
! pie, and 1t 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 for IT..
Then, prior to 1878. silver was at a pre-
/ MUM. 1t was never contended that ma
/ tional honor required the payment of gov
ernment obligations in silver, and the
| Matthews resolutions adopted by con
! gress in 1875 expressly asserted the right
of the United States TO redeem coin obi
! cations in standard silver dollars as we'll as
in gold coin Upon this subject the Chi
| cago platform reads
We are opposed to the policy and prin-
ciples of surrendering to the holders OF
obligations Of the United States the OPP
ton reserved by law to the government OF
| redeening such obligations in silver coin
or gold con.
1t is constantly 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
foundation.
Here Mr. Bryan referred to Secretary
Carlisle's testimony before the senate
bond investigating committee in which he
said he redeemed all the paper presented
in gold because his predecessors set the eN-
ample and he WAS afraid to do otherwise
for he welfare Of the government.
do not agree with the secretary that it
was wise 20 follow a bad precedent, but
from his answer il viii be seen that the
fault does not lie with the greenhaeks and
treasury notes. but rather with the exec
utive officers, who have seen tit to surrel-
der right which should have been eNer-
eised for the protection of the interests of
the people This executive action has al
ready beea made the excuse for the issIe
of more than S95000,t00 in bonds, and it
is impossible 10 estimate the amount of
bonds which may hereafter be ISSUED If
this policy is continued
We are told that an attempt ON the part
of the goYefl ment at any time TO redeem
irs obligations iu silver weald put "a pre-
MUM on gold, hut why should IT,
The bank ef France exercises the right 10
redeem all hank paper in either gold or