The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1896-08-26

the United states notes, coInmun., o....s.
G.eenbacks aud 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 redcer,ed all the paper presented
in gold because his predecessors set the OK
ample and he was afraid to do otherwise
for the welfare OF the government.l
do not agree with the secretary that it
was wise to follow 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 exec
utive officers. who have seen fit to surren-
der right which should have been exer-
cised for the protection of the interests Of
the people. This executive action has al
ready been made the excuse for the issue
of more than $3.50, 600, 900 in bonds, and it
is impossible to estimate the amount of
bonds which may hereafter be issued ii
this policy is continued.
We are told that an attempt On the part
OF the government at any time to redeem
it's obligations in silver would put pre-
MUM on gold. but why should it?
redeem all bank paper In either gold or
silver, and yet France maintains the par
ity between gold and silver at the ratio Of
u l-2 to l and retains In circulation more
silver per capita than we do in the United
states.
1t has been further answered that our
opponents have suggested no feasible plan
The retirement of the greenbacks and
treasury notes would not protect the treas
ury, because the came policy which now
leads the secretary of the treasury to re-
deem all government paper In gold when
gold is demanded will require the redemp-
ton of all silver dollars and silver certif-
catet in gold If the greenbacks and treas
ton
More than this, If the government
should retire it's paper and throw upon
the banks the necessity of furnishing coin
redemption the banks would exercise the
right to furnish either gold or silver. In
other words, they would exercise the OPP
ton, just as the government ought to ex-
either exercise the right to redeem its OBJ
legations in silver when silver is more con-
yenient, or it must call all the silver from
circulation and use nothing but gold 40
legal tender. Are our opponents wiling
to on time financial system which will
carry ont their policy to it's legitimate
conclusion, or will they continue to cloak
their designs in ambiguous phrasesi There
Is an actual necessity for bimetallism as
we'll as theoretical defense of it.
The silver dollar Is now held up to the
gold dollar by legal tender laws and not
by redemption in gold, because the stand
ard silver dollars are not now redeemable
In gold either in law or by administrative
policy. We contend that free and unlim-
tied coinage by the United Ssates alone
will raise the bullion value of silver to Its
coinage value and thus make silver bull
lion worth 81. 90 per ounce in gold through
out the world This proposition Is in
keeping with natural laws not in defiance
to them.
If our minis are opened to free and I'M
| limited coinage at tho present ratio mer-
| chandise silver cannot come here because
| the labor applied to it has made it worth
| more in the form Of merchandise than it
| would be worth at our minis. We cannot
silver. because India, China, Japan, Next
co and all the other silver using countries
must satisfy their annual needs from the
| products: the arts will require o large
amount and the gold standard countries
will need considerable quantity for sub.
sidary coinage. We will be required to
coin only that which is not needed else.
| W0efe, DlU IL We SIhHu Itdtly w edho du0
utilize all Of it other nations will be com
| PEELED to buy at the price which we fix
Many fear that the opening of our mints
will be followed by the enormous increase
| IN the annual productIon OF silver. MS
Is conjecture Silver has been used as
money for thousands of years, and during
all that time the world has never suffered
from overproduction.
Our opponents cannot ignore the fact
hot iS ABROAD
spite Of all legislation intended to prevent
It and no silver is being coined to take it,
place. Not only is gold going abroad now
but it must continue to go abroad as long
as the present financial policy is adhered x
unless we continue to borrow from acros!
the ocean and even then we simply post
pone the evil, because the amount Dor
must be repaid in approaching dollars
The American people TOW owe large sun
to European creditors and falling price
have left q larger and larger margin be
tween our net national income and our an
nual interest charge. There is only on
way to stop the increasing flow Of gol
from our shores and that Is to stop fallin
prices. The restoration OF bimetallisu
will not only stop falling prices, but vii
the worlds demand for gold. II it
argued that a rise in prices lessen
the value Of the dollars, whic
we pay to our creditors, repl
that, in the balancing of equities Il
American people have as much right I
favor a financial system which will mail
tain or resto. prices, as foreign creditor
have to insist upon financial system the
will reduce rrices. But the Interests
society are far superior to the interests
either debtors or creditor, and the int
ests of society demand financial systel
which will add to the volume Of the sta
dari money of the world, and thus resto
! stability to prices Perhaps the NEST pc
sistent Misrepresentation that we have
meet is the charge that we are adyocatlr
t',r 10 yroents Of debts in 5a~cent dollar
Continued on PAGE 4.