Pine Bluff daily graphic., 1896-08-14

Us us to borrow more money from abroad, reply that the restoration ~ pllletalllsm will restore the party be. tween money and property and thus per nut an era of prosperity which will enable the Ameflcan people to become loaners of money instead of perpetual borrowers. 1feh II we desire to borrow how long can we continue borrowing under a system when by lowering the value of property Weakens the foundation upon which credit rests? If the holders of fixed gains tbongb they gain an advantage from the apprecia- tioli or the dollar, certainly see the injus- tiee or the legislation which gives them ad- vantage over those whose income depend upoh the value of property and products. II she holders of fixed investments will not tlsteii to arguments based upon justice and equlty, appeal to them to consider the interest sf posterity. We do not live for ourselves alone or for those who come after us, put we must protect our children be- yond the period of our lives Let these who are now reaping advantage from vicious financial system remember that in the years to come their own children and ehelf children 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 a gold standard either permanently or until other nations can be united for it's overthrow the Chlcago platform presents clear and em- Phat1o demand for the immediate restora- ton of the free and unlimited coinage of silver and gold at the present legal ratio Of l6 to without waiting for the aid ot consent of any other nation. We are not asking that new experiment be tried We are insisting on a return to q financial policy approved by the experience of his tory and supported by all the prominent statesmen of our nation from the days of the first nrpSidQrt d1 Nm fo ask that our mintsa''e 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 tho ratio of It to 1 we simply ask that our gold cons and the standard silver dollar, which be 1t remembered, contains the same amount of pure silver as the first silver coined at our hints retain their present weight and iineness.
 The theoretical advantage of the bi- metallic system is best stated by an Euro pean writer on political economy, who suggests the following illustration
 - A river fed from two sources is more uniform in value than river fed from one source-the reason being that when one of the feeders is swollen the other may be low; whereas, river which has but one feeder must rise or fall with that feeder So in the ease of bimetallism; the volume of metallic money receives contributions from both the gold and silver mines, and therefore varies less; and the dollar, rest ing upon two metals, is less changeable iii it's purchasing power than the dollar which rests upon one metal only"
 If there are two kinds of money the op- ton must rest either with the debtor or with the creditor Assuming that their rights are equal we must look at the in terest of society in general in order to de termine to which side the option should be given Under the bimetallic system gold and silver are linked togtther by law at a fixed ratio, and any person or persons owning any quantity Of either metal can have the same converted into full legal tender money. If the creditor has the right to choose the metal in which pay ment shall he made, it Is reasonable to suppose that he will require the debtor to pay In the dearer metal if there is any per ceptible difference between the bullion val ues Of the metals. This new demand crc- ated for the dearer metal will make that metal dearer still, while the decreased de- mand for the cheaper metal will make the metal cheaper still. If. on the other hand the debtor exercises the option 1t is reason able that he will pay i'll cheap metal if one metal is pefeptiblY cheaper than the other; but the demand thus created for the cheap CT metal will raise it's price. while the less-
 
 CT its price In other words, when the creditor has the option. thN metals are drawn apart, whereas, when the debtor has the option the metals are held together approximately at a ratio fixed by law; provided the demand created is sufficient to absorb all of both metals presented at the mint.
 Society. therefore is interested in hay ing the option exercised 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 class, whether domestic or foreign. to exert themselves to maintain the parity between gold and silver at the legal ratio, whereas they might find profit in driving one of the metals to a premium if they could to demand the dearer metal The right Of the deeper 10 choose the coin in which payment shall be made extends to obliga- tions due from the government, as well as to the contracts between individuals. A government obligation is simply a debt due from all the people to one of the peo- ple. and 1t is impossible to justify policy which makes the interests of the one per son who holds the obligation superior to the rights of the many. who must be taxed 10 pay for IL.
 Then, prior to 1873 silver was at pre- milm. 1t was never eOntended that ma tional honor required the payment of gov ernment obligations ill silver, and the Matthews resolutions, adopted by con gress in 1878. expressly asserted the right of the United States to redeem coin obi cations in standard silver dollars as well as in gold con Upon this subject the Chi cago platform reads
 We are opposed to the policy and prin.. ciples of surrendering to the holders Of obligations of the United States the op.. tion reserved by law to the government of redeeming such obligations in silver coin or gold con.
 It 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 for the recent drain upon the gold reserve, but this assumption is entirely without foundation.
 fHere Mr. Bryan referred to Secretary Carlisle's testimony before the senate bond Investigating committee in which he said he redeemed all the paper presented in gold because his predecessors set the ex- ample and he was afraid to do otherwise for the welfare of the government.
 I do not agree with the secretary that It was wise to follow bad precedent, but from his answer it will be seen that the fonif doas mi lie with the gfeenbackS and