The Weiser signal. [volume] (Weiser, Idaho) 1890-1904, 1896-08-20

the government dependent upon them.
l believe, however that l speak the senti-
ment of a vast majority of the people of
the United States when say that wise
financial policy. administered In behalf
of all the people. would make our gov
eminent Independent of any combination
of financiers. foreign or domestic.
Sherman'r Prediction.
Let me say a word now in regard to
certaip persons VINO are pecuniarily ben
Gifted by the golo standard, and who IA
vor it, not for the desire to trespass upon
the rights of others, but because the cir
cumstances which surround them blind
them to the effect of the gold standard
upon others. / shall ask you to consider
the language of two gentlemen whose
long public service and high standing in
the party to which they belong will pro
tect them from adverse criticism by our
opponents.
I'm 1869 Senator Sherman said: Con
traction of the currency Is a far more
distressing operation than the senators
supposed. Our own and other nations
have gone through that operation be-
fore. 1t is not possible to take that ac-
ton without serious distress 10 every per-
son. except the capitalist out of debt,
or the salaried officer or annuitant. 1t il
a period of loss. danger, lassitude of
trade, fall of wages, OF suspension CT
enterprise. bankruptcy and disaster. 1t
means ruin to all dealers whose debts
are twice their business capital, though
one-third less than their actual property.
1t means a fall of all agricultural produc-
ton without any great reduction OF taxes.
What prudent man would dare to build
house, railroad, factory or barn With
this certain fact before HIM?
when Sherman describes the contrac-
ton of the currency as disastrous TO ell
people except the capitalist out Of debt,
and those who stand in a position similar
to his, he Is stating a truth which must
be apparent to every person who Will
give the matter careful consideration.
Sherman was at that time speaking of
the contraction of the volume OF paper
currency. but the principle which he sets
forth applies, II there is contraction of
the volume of the standard money Of
the world.
John G.. Carlisle discussed the same
principle in connection with the demone-
tization Of silver in the house of repre-
sentatives In 1873
What Carlisle Said.
What shall II profit us to have dol
lar which grows more valuable every day
IL such d dollar lowers the standard of
civilization and brings distress to the
people? What shall IL profit us in trying
to raise credit by increasing the pur-
chasing power or our dollar, If we de-
stroy our ability to pay the debts al
ready contracted by lowering the pur-
chasing power of the products with
which those debts must be paid? II 1t
is asserted, as 1t constantly is. that the
gold standard win enable us to borrow
more money from abroad, l reply that
the restoration of bimetalllsm will restore
the parity between money and property,
and thus permit an era of prosperity
which viii enable the American people
to become the lenders of money instead
of perpetual borrowers.
"The Chicago platform presents a clear
and emphatic demand for the Immediate
restoration of the free and unlimited
coinage of silver and gold at the present
ratio OF l6 to l. without waiting for the
aid or consent of any other uation. We
are not asking that a new experiment be
tried; we are insisting upon a return to
the financial policy approved by the ex-
perience of history and supported by all
prominent statesmen of our nation.
When we ask that our minis be opened
to the free and unlimited coinage of sill
yer to full legal tender money, we
simply want the same mint privileges to
be accorded to silver that are accorded
to gold. The dollar resting upon the TWO
metals is less changeable in Its purchase
Ing power than the dollar which rests on
one metal only. If there are two kinds
OF money. the option must rest either
with the debtor or the creditor. Assum-
Ing that other rights are equal, we must
act in the interest of society in general
in order to determine to which side the
option should be given. Under the BIZ
metallic system gold and silver are link
ed together by law at a fixed ratio. and
any person or persons owning any guam
tlty OF either metal can have the same
converted into full Legal tender money.
II the creditor has the right to choose the
metal In which payment shall be made
II Is reasonable to suppose that he will
require the debtor to pay in the dearer |
money If there Is any perceptible differ |
ence between the bullion values of the |
metals This new demand created for a |
dearer metal will make that metal dearer |
still, while the decreased demand for the |
cheaper metal win make that metal |
cheaper still.
When the creditor has the option the
metals are drawn apart; whereas, when
he debtor has the option the metals are
ield Together and Appropriated at the
alto fixed by law; provided the demand
treated is sufficient to absorb all or both
metals presented at the mint. Society Is
therefore, interested in having the option
Exercised by the debtor. There can be
10 such thing as real bmetallism until
he option is exercised by the debtor The
light OF the debtor to choose the coin in
which payment shall be made extends to
Obligations due from the government. as
veil as to contracts between individuals.
government obligation Is simply a debt
Tue from all the people to one Of the peo-
ie and 1t Is impossible to justify policy
Which makes the interest Of one person.
7ho holds the obligations. superior to the
lights of the many who must be taxed to
ay 1t.
Government Reclamation.
1T is constantly assumed by some that
United States notes, commonly called
reenoacks, and treasury notes issued
nder the act of 1890 are responsible for
he recent drain upon the gold reserve.
ut this assumption is entirely without
oundation. The fault does not lie with
he greenbacks and the treasury notes. |
Ut rather with the executive officers who