The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1896-08-21

son who viii give the matter careful con
slderat1on. Mr. Sherman was at that tim
une OF paper currency, but the principl
which he set forth applies, If there is ;
eontraction contra. Of the volume of STANDARD
Blaine's View.
Mr.. Blaine discussed the same princjnl,
IN connection with the decentralization OF
silver. Speaking in the house of represent
atiyes on the 7th of February, 1878. he said
Il believe the struggle now going on in this
country and other countries for single
go2l5d standard would, IT successful, produce
widespread disaster in and throughout the
commercial world, The destruction of sill.
yer as money, and the establishing of GOLD
aS the sole unit of value must have a ruin.
Gus effect on all forms of property, except
| those invested which yield a fixed return
IN money. These would be enormously en-
HANGED in value and would gain dispro.
portionate and unfair advantage over
every other species of property
Is 1t strange that the "hoIders of invest
| ments which yield a fixed return in money
can regard the destruction of silver with
competency? May we not expect the hold
erS or other forms of property to protest
against giving to money a 'disproportion-
ate and unfair advantage over every other
| whose wealth consists largely in ffxed in
! vestments have right to use the ballot to
J enhance the value of their investments.
| nave not the rest of the people the right TO
| use the ballot to protect themselves from
! the disastrous consequences of rising
/ standard?
| What shall it profit US to have a dollar
! which grows more valuable every day, if
| such dollar lowers the standard of civ
IIIzatlon and brings distress to the people?
| What shall it profit us if, in trying to raise
| our credit by increasing the purchasing
power Of one dollar, we destroy our ability
| 70 pay the debts already contracted by low
ering the purchasing power of the prod
ucts with which these debts must be paid?
VIII No Longer BE Borrowers.
If It is asserted, as it constantly is as
serted, that the gold standard will enable
US 70 borrow more money from abroad,
reply that the restoration of bimetallism
IIdl, VIII restore the parity between money and
Property ana thus permit an era of pros
pertty which will enable the American peo-
of perpetual borrowers.
What Free Coinage Means.
AS against the maintenance or q gold
standard, either permanently or until other
nations can be united for its overthrow
the Chicago platform presents a clear and
emphatic demand for the Immediate
restoration of the free and unlimited COIN
age of silver and gold at the present legal
Tor the aid or consent of any other nation
we are not asking that new experiment
be tried; we are insisting upon a return
to financial policy approved by the ex-
perience OF history and supported by all
TO 1873.
When we ask that our mints 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 ac-
gold. When we ask that this coinage be
at the ratio of sixteen to one we simply
ask that our gold coins and the standard
silver dollar-which, be it remembered, |
contains the same amount of pure silver
as the first silver dollar coined at our
snints-retain their present weight and
fineness.
The theoretical advantage of the BIZ
metallic system is best stated by Euro |
suggests the following illustration: A river |
fed from two sources is more uniform in |
volume than river fed from one source
the reason being that when one of the |
feeders is swollen the other may be low; |
river which has but one feeder I
the case of bimetallism, the volume of I
metallic money receives contributions from |
both Dot the gold mines and the silver mines.
resting upon two metals is less change
able in its purchasing power than the dol
lar which rests on one metal only.
Actual Necessity for IsImetaIIism.
There is an actual necessity for bimetal-
lisTn, said Mr.. Bryan, as well as theoret-
lea! defense of it. During the last % years
demand for gold, and this law-created de-
mand has resulted in increasing the pur-
chasing power of each ounce of gold. The
restoration of bimetallism in the United
States will take away from gold just so
the United States. The silver dollar IS now
held up to the gold dollar by legal-tender
cause the standard silver dollars are not
now redeemable in gold either in law or by
free and unlimited coinage by the United
states alone will raise the bullion value of
silver to it's coinage value, and thus make
silver bullion worth $1.29 per ounce in gold
throughout the world.
International Bimetallism.
Mr.. Bryan devoted much attention to the
subject of international bimetaIlism. In |
ernational bimetaIIists, he said. believe
hat several nations by entering into an
to coin at fixed ratio all the
sold and silver presented, can maintain |
he bullion value of the metals al the mint
alto. When a mint price is thus estab-
ished 1t regulates the bullion nrice he I
he bullion converted into coin at that !
rice, and any person desiring bullion can
uestion upon which international bimet- {
lists and independent bimetallists differ
s:, Can the United States by the free and
coinage of silver at the present
sgal ratio create a demand for silver !
yh1ch, taken in connection with the de- |
land already in existence, will be suffl-
lent to utilize all the silver that will be {
resented at the mints? They agree in
heir defense of the metallic DrinciDle and !
hey agree in unalterable opposition to (
ne gold standard. International binet-
lists cannot complain that free coinage
bimetallism gives to the | r
wner of silver all the advantages offered +
alto. International bimetalIists cannot ac- 3
use the advocates of free silver of being S
bullion owners who desire to raise the
alue of their bullion;" or debtors who
esire to pay their debts in cheap dollars" .
demagogues who desire to curry favor .
Ith the people. They must rest their e
9poslrlon upon one ground only, namely: n
hat the supply of silver available for Z
oinage is too large to be utlized by the q
nited States. =
In discussing this question we must con- q
der the capacity of our people to use sill o
er and the quantity of silver which can v
me to our mints. 1t must be remembered | n
lat we live in a country only partially de- | q
eloped, and that our people far stlrpass | II
ly equal number of people IN the world in 81
e1r power to consume and produce. Our "
rtensive railroad development and enor- s,
GUS internal commerce must be taken 81
r can come here? Not the coined silver OIL
the world, because almost all of II is more al
lluable at this time in other lands thaniit tc
III be at our mintS under free coinage q
our mints are opened to free and unlira- m
ID coinage at the present ratio, mer- tt
andise silver cannot come here, because
rm of merchandise than 1t will be worth al
our mints. We cannot expect any Of the e.
nual product Of silver. because India, 81
ina, Japan, Mexico and all other silver e1
ing countries must satisfy their annual es
eds from the annual product: the arts 81
II require a large amount and the gold bs
andard countries will need a consideSs1Ie | dc
antity for subsidiary coinage. We will be | ri
luired to coin only that which is not OF
take and utilize all of it, other nations er
Il be compelled to buy at the price which
fix Many fear that the opening OF our pc
nts VIII be followed by an enormous in az
,ase In the annual production OF silver re
is IS conjecture. Silver has been used NJ
money for thousands of years, and ca
ring all OF that time the worldshas never sc
fered from an oyer-Drcduction. 90
Coinage Requirements Under Silver. m m
Ve viii be required 10 coin only that ~
ich is not needed elsewhere; but. If we w
nd ready TO take and utilize all of it, III
Ter nations viii be compelled to- buy.at IA
price which we fix Many fear that sit