The Progress. (Shreveport, La.) 1892-1900, 1896-08-27

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Of history and supported by all the
prominent Statesmen Of our nation
from the days OF the first president
: down TO 1913.
Free Coinage OF Eo,h Metals.
when we ask that our 1niNtS De
| opened to the free and unlimited coin
age OF silver into full legal-tenaer
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 De at
he ratio of II to !, we simply ask that
our gold coins and the standard silver
dolar-which, be it remembered, con-
tains the same amount Of pure silver as
the first silver dollar coined At our
Mints-rctain their present weight ana
fncness.
III there are TWO kinds Of moncT the
option must rest either with the debtor
or with the creditor. If the crsult0r
has the right to choose the metal IN
which payment shall be made, it ie
reasonable to suppose that he VIII re-
Cuire the debtor 10 pay III the dearel
metal if tnere is any perccptible differ
ence between the bullion va(Ues of the
metals. If, on the other hand, the
debtor exercises the option, it is rea-
sonal,le to suppose that he will pay
IN the cheaper metal If one metal is
pcrceptibly cheaper than the other; but
the demand thus created for The cheap
cr metal will raise its while the
!essened demand for lrer metal
will lower its price. A. 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 the ratio fixed by law: provided the
demand created is sufficient to absorb
all Of both metals presented at the
mint Society is, therefore, interested
in having the option exercised by the
debtor. Indeed there can be no such
thing as real bimetaltism 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 them
selves 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.
Debto!s and Creditors.
"The right Of the debtcr to choose
the coin in which payment shall be
made extends to obligations due from
the government, as we'll as to cen
tracts between individuals A govern
ment obligation is simply debt due
from all the people to one of the peo-
pie, and it is impossible to justify d
policy which makes the interest Of thu
one person who holds the obligation
superior to the rights Of the many who
must be taxed to pay it. When, prior
to 1873, silver was at premium, 1t was
: nsyer contended that national honor
required the payment Of government
, obligations in silver, and the Matthew:
resolution, adopted by congress II
1878, expressly asserted the right of thu
] United States to redeem coin obliga
: tons in standard silver dollars as wei
e as in gold coin.
! Eve are told that any attempt upo1
the part of the government to Iedeei:
t It's obligations in silver would pat 1
8 premium upon gold, but why should it
j The Bank of France exercises the RICH
,. to redeem all bank paper in either gol'
: or silver, and yet France maintains tn
q parity between gold and silver at tn
t ratio of 15H to l, and retains in clrcu
: lation more silver per capita than W
: do in the United States.
o 1--WE contend that free and unlimite'
II coinage by the United States alone vii
# raise the bullion value of silver to it
It coinage value, and thus make silve
+ bullion worth $1.29 per ounce in gol
/ throughout the world. This PROPOSE
q ton is in keeping with natural lave
e not in defiance of them. The hes
e known law OF commerce is the law @
j. supply and demand. We recogniz
l, this law and build our argument upo
Re it. We apply this law to money whe
Y We cay that reduction in the volum
It Of money will raise the purchasin
g. power of the dollar; we also apply tn
d law of supply and demand to silve
oi when we say that new demand fO
r. silver created by law will raise tn
" price of silver bullion.
Whore the Bimetalli.ts Differ.
"The only question upon which IL
W ternational bimetallists and indepent
er ent bimetallists differ is: Can tt
10 United States, by the free and unlimi
IN ed coinage Of silver at the present leg;
Re ratio, create demand for silver whic
III taken in connection with the deman
p already in existence will be suffice!
ee 10 utilize all the silver that will be pr
h sented at the mints. They agree in the
Sc defense Of the bimetallic principle, ar
ue they agree in unalterable opposition
the gold standard. The information
It's bimetaliists must rest their opposite
D. upon one ground only-namely, tn
i1, 81 oil In fOr