The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1896-08-13

I rowers. EVEN II we uoslre TO borrow, now
long can we continue borrowing under
system which, by lowering the value Of
property, wcakens the foundation upon
which credit rests?
Not u New Experiment.,
We are not asking that n new expert
ment be tried we are insisting upon q re-
turn TO "a financial policy approved by the
experience Of history and supported by all
the prominent statesmen Of our nation
from the days Of II first president down
TO 1873. When we ask that our minis be
opened to the 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 rs to 1 we
simply ask that our gold coins and the
standard silver dollar-which, be it re.
membered, contains the same amount of
pure silver as the first silver dollar coined
at our mints-retain their present weight
and tineuesS
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 foi
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.
ions on Jan. 81, 1895, and L quote from
the printed report of his testimony before
the committee: Said Secretary Carlisle;
A Quotation from Carlisle.
"The policy of reserving to the govern
ment, at the beginning Of resumption,
the option of redeeming in gold or silver
all its paper presented, l believe would
have worked beneficially, and there would
have been no roubl growing out of it,
but the secretaries of the treasury from
the beginning of resumption nave pur-
sued n policy Of redeeming in gold or sill
yer, at the option of the holder of the pa
per, and if any secretary had afterwards
attempted to change that policy and force
silver upon a man who wanted gold, OF
gold upon a man who wanted silver, and
especially if he had made that attempt at
such a critical period as we have had in
the Last two years, my judgment is it
would have been very DISASTROUS"
do not agree with the secretary that it
was wise to follow a bad precedent, but
= from his answer it will be seen that the
fault does not lie with the greenbacks and
treasury notes, but rather with the execu-
e tive officers who have seen fit to surrender
a right which should have been exercised
e. for the protection of the interests of the
Y people. This executive action has already
e been made the excuse for the issue of more
than $3.50, 100000 in bonds, and it is impos-
= sible to estimate the amount of bonds
o which may hereafter be issued if this pol
4 icy is continued.
There is an actual necessity for bimetal-
ism, as we'll as q theoretical defense of it,
During the last twenty-three years legis.
= lation has been creating an additional de-
$ mand for gold, and this has resulted in in.
= creasing the purchasing power of each
ounce Of gold. The restoration of bimetal
c ism in the United States win take away
from gold just so much Of it's purchasing
y power rs was added to it by the demoneti-
= cation of silver by the United States, The
silver dollar is now held up to the gold
a dolla- by legal tender laws, and not byre'
e demption in gold, because the standard
: silver dollars are not now redeemable in
S gold either in law or by administrative
policy.
We contend that free and unlimited
u coinage by the United States alone will
raise the bullion value Of silver to 1t:
coinage value, and thus make silver bull
lion worth $1.29 per ounce in gold through
out the world. This proposition is il
keeping with natural laws, not in defanc,
Of them. The best known law of com
merce is in the law of supply and demand
We recognize this law and build our argu
l ments upon it. We apply this law t.
money when we say hat n reduction il
the volume of money will raise the pur
chasing power of the dollar We %alsoappl!
, the law of supply and demand to silye
when we say that n new demand for silye
created by law will raise the price Of sill
yer bullion.
The Mine Owner Bugaboo.
international bimetallists cannot com
" plain that free coinage gives a benefit t,
the mine owner, because international bi
metallism gives to the owner of silver al
If the advantages offered by Independent hi
V metallism at the same ratio. Intcrna
Is tiona bimetallists cannot accuse the nd
voCates of free silver of being "Buliiul
owners who desire to raise the value @
q their value or Debtors who deslr' G
ir pay their debts in cheap dollars, o
"Demagogues who desire to curry fayo
with the people" They must rest thei
opposition upon one ground only, namely
20 That the supply of silver available 70
coinage is too large to be utilized by tn
IT United States.
ulSSusallB tnls QuGSJlOn We iluSJ OOL
slider the capacity of our people to use sill
yer and the quantity Of silver which cal
II come to our minis. 1t must be remem
bered that we live in a country only par
9 TALLY developed, and that our people ia
surpass any equal number of people in tn
world in their power to consume and pro
duce. Our extensive railroad develOpmen
and enormous Internal ommerce nus
also be taken into consideration Now
how much silver can come here2 Not tn
coined silver of the world, because almos
all of it is more valuable at this time il
other lands than it will be at our mint
a under free coinage. If our minis ar
opened to free and unlimited coinage a
the present ratio, foreign silver canno
come here because the labor applied TO
has made it worth more in the form q
Sc merchandise than it will be worth at on
/, mints.