The Providence news. (Providence [R.I.]) 1891-1906, 1896-08-13

tization OF silver. Speaking In the
house OF representatives on Feb. Z, 1873,
he said: Il believe the struggle now
going on in this country and other coun-
tries for a single gold standard would.
II successful. produce widespread dis
aster in and throughout the CONNER
cial world The destruction of silver
as money, and the establishing of gold
as the sole unit OF value. must have a
ruinous effect on all forms of property.
except those invested which yield "a
fixed rtsurn in money. These would be
enormously enhanced I'm value, and
would gain disproportonate and un-
fair advantage over every other specie
OF property"
Is IL strange that the holders OF In
vestments which yield "A fixed return
In money" can regard the destruction
or Silver with complacency? May we
not expect the holders of other forms OF
property TO protest against giving to
money "disproportionate and UNFAIR
advantage over every other species OF
property?" III the relatively few whose
wealth consists largely In fixed invest
ments have right TO use the ballot 10
enhance the value OF their investments.
have not the rest OF the people the right
TO use the ballot to protect themselves
from the disastrous consequences of a
rising standard?
The well being of the nation-aye OF
civilization itself--depends upon the
prosperity OF the masses What shall IL
profit us 10 have dollar which grows
more valuable every day, II such a dollar
lowers the standard of capitalization
and brings distress 10 the people? What
shall IL profit us, IL in trying 10 raise our
credit by the increasing purchasing
power OF our dollar, we destroy our
ability to pay the debts already con-
tracted by lowering the purchasing
power OF the products with which those
debts must be paid? II, as IL constantly
Is asserted, the gold standard will en-
able us TO borrow more money from
abroad, l reply that the restoration OF
bimetallsm will restore the parity be-
tween money and property. and thus
permit an era OF prosperity which will
enable the American people TO become
loaners of money instead Of perpetual
borrowers. Even II we desire to bor-
row, how long can we continue borrow
ing under a system which. by lowering
the value OF property, weakens the
foundation upon which credit rests?
Looking Into the Future.
Even the holders of fixed investments,
though they gain an advantage OF the
appreciation of the dollar. certainly see
the injustice OF the legislation which
gives them this advantage over those
whose incomes depend upon the value
OF property and products. III the hold
ers of fixed investments viii not listen
to arguments, based upon justice and
equity. ] appeal to them TO consider the
interests OF posterity. We do not live
for ourselves alone: our labor, our self
denial and our anxious care-all these
gre for those who are TO come after us
as much as for ourselves. but we cannot
protect our children beyond the period
OF our lives. Let those who are now
reaping advantage from n Vicious fnan~
cial system 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 are wronged today.
AS against the maintenance OF the
Issue OF a gold standard. either per-
manently, or until other nations can be
united for its overthrow. the Chicago
platform pgesents a clear and emphatic
demand for the immediate restoration
OF the free and unlimited coinage Of
silver and god at the present legal ratio
OF 16 10 /, without waiting for the aid or
consent of any other nation. We are
not asking that a new experiment be
tried; we are insisting upon n return to
a financial policy approved by the ex-
perience Of history and supported by all
the prominent statesmen of our nation,
down to 1873. When we ask that our
mints be opened to the free and un-
limited coinage OF silver into full legal
tender money, we are simply asking
that the same mint privileges be ac-
corded to silver that are now accorded
TO gold. When we ask that this coinage
be at the ratio OF 16 to !, we simply ask
that our gold coins and the standard
silver dollar--which. be IL remembered,
contains the same amount Of pure silver
as the first silver dollar coined at our
mints--retain their present weight and
fneness.
II there are two kinds OF money, the
option must rest either with the debtor
or with the creditor. Assuming that
their rights are equal. we must look at
the interests Of society I'm general I'm or
der to determine to which side the option
should be given. Under the bimetallic
system. gold and silver are linked to-
gether by n law. at fixed ratio and any
person or persons owning any quantity
OF either metal can have the same con-
verted into full legal tender money II
the creditor has the right to choose the
metal In which payment shall be made,
IL Is reasonable TO suppose that he will
require the debtor 10 pay In the dearer
metal. II there is any perceptible differ
snce between the bullion values of the
metals.
JnlS new OemanQ 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. II
IL reasonable TO suppose that he will
pay In the cheaper metal. IL one metal Is
perceptibly cheaper than the other: but
the demand thus created for the cheansy
n.etal VIII raise its price, while the less
ened demand for the dearer metal VIII
lower It's 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 to-
eether approximately at the ratio fixed
by law: provided the demand created Is
sufficient to absorb all OF both metals
presented at the mint. Society is, there
fore. interested In having the option ex-
crcised 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 be-
tween gold and silver. at the legal ratio.
whereas they might find profit I'm driv-
Ing one of the metals 20 premium IL