Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1896-08-22

cation itself-depends upon the prosper
ity OF the masses.
Danger Of Appreciation.
What shall It profit US to have a dollar
which grows more valuable every day
II such q dollar lowers the standard OF
civilization and brings distress TO the
people? What shall 1t profit us VI In try
ing 10 raise our credit by increasing the
purchasing power OF our dollar 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 IL
Is true. as Is constantly asserted, that
the gold standard will enable us to Dor
row more money from abroad, / reply
hat the restoration of bimetallisnf Will
restore the parity between money and
property and thus permit an era OF pros
terity which will enable the American
people to- become loaners instead Of per-
petual borrowers. Even IL we desire to
borrow, how long can We continue bor-
rowing under a system which by lower-
ing the value OF property weakens the
foundation upon which credit tests?
Even the holders OF fixed investments.
though they gain an advantage from
the appreciation of the dollar. certainly
see the injustice OF the legislation which
gives them this advantage over those
whose incomes depend upon, the value
Of property and products. III the hold
ers of fixed Investments Will not listen
to arguments based upon justice and
equity, / appeal to them to consider the
interests OF posterity. We do not live
for ourselves alone. Our labor. our SELF
denial and our anxious care-all these
are for those who are to come after US
as much as for ourselves, but we cannon
protect our children beyond the period
OF our lives. Let those who are now
reaplng advantage from a vicious IMAM
clal system remember that in the years
to come their own children and their
children's children may through the OPP
GRAFTON OF this same system be made to
pay tribute to- the descendants OF those
who are wfonged today.
AS against the maintenance OF a gold
standard, either permanently or until
+ other nations can be united for Its over
throw, the Chicago platform presents a
clear and emphatic demand for the i'm
mediate restoration Of the free and un-
limited coinage of silver and gold at the
present legal ration OF Is to ! without
waiting for the aid or consent of any
other nation. We are not asking that a
new experiment be tried; we are Insist
ing upon q return TO a financial policy
approved by the experience OF history
and supported by all the prominent
| tldLtSIIltH Vi our ndllOH HUN the bdy
OF the first president down TO 1873. When
we ask that our minis be opened to tho
free and unlimited coinage of silver into
full legal tender money. we are simply
asking ia the same mint privileges be
accorded 10 silver that are now nc
corded to gold. When we ask that his
coinage be at the ratio of l6 to ] we sim
ply ask hat our gold coins and thg
standard silver dollar-which. be it re-
w,At,laraI aA-talYAz thA a ~ opnnttnl
Of pure silver as the first dollar coined
at our mints-retain their present
weight and fineness.
Debtor VS.. Creditor.
II there are two kinds OF money the
option must rest either with the debtor
or with the creditor. Assuming thai
their rights are equal. we must look a
the interests OF society in general in or
der to determine to which side the OPP
ton should be given. Under the bi
metallic system gold and silver are
linked together by law at a fixed ratio
and n person or persons owning any
quantity OF either metal can have tn
same converted into full legal tendei
money. IL the creditor has the right Il
choose the metal in which payment
shall be made. 1t Is reasonable 10 sup
pose thai he will require the debtor Il
pay In the dearer metal IL there Is any
~perceptible difference between the bull
lion values OF the metals. This new de
mand created for the dearer metal vii
make that metal dearer still. while tn
decreased demand for the cheaper meta
will make that metal cheaper still.
II, on the other hand, the debtor exer
cises the option IL is reasonable TO sup
pose that he will pay in he cheapeI
metal IL one metal Is perceptibly cheap
er than the other; but the demand thu
created for the cheaper metal viii rails;
its price, while the lessened demand 70
the dearer metal viii lower its price.
In other words. when the creditor ha
the option the metals are drawn apart
whereas. when the debtor has the op
\, reo,tLue~ 'aA.ets-ans-~heki hsr AZ
Y hcient TO absorb all or both metals pre-
scented at the mint. Society Is therefor
Interested in having the option exei
cised by the debtor. Indeed there ca
be no such thing as real bimetallism vi
less the option is exercised by the deb
or. The exercise OF the option by tn
debtor compels the creditor CLASSES
whether domestic or foreign, to excl
themselves to maintain the parity ht
tween gold and silver at the legal rati'
whereas they might find n profit i
driving one OF the metals to a premium
IL they could then demand the deart
metal.
The right of the debtor to choose III
coin in which payment shall be mao
extends TO obligations due from II
government as well as to contracts b'
tween individuals. A government o.
legation Is simply a debt due from a
the people to one Of the people, and
Is impossible to Justify q policy whlc
makes the interests of the one persC
who holds the obligation superior TO II
= rights of the many who must be take
: TO pay Ii. When prior 10 1873 silver w
| at q premium ii was never contendS
, thai national honor required the pa
ment of government obligations in s.
yer. and the Matthews resolution adop
| ed by congress in 1878 expressly assert'
the right of the United States 10 redee
coin obligations in standard silver dc
lars as well as In gold DIN
Y Upon this subject the Chicago pla
' form reads: I'VE are opposed to the pt
Icy and practice Of surrendering to &
e holders OF the obligations OF the Unit
r States the option reserved by law TO {
8 government Of redeemlng such obllg
O tons in either silver coin or gold COR
$ Why Treasury Reserve Vanishes.
O 1t is constantly assumed by some tn
J., the United States notes common
called greenbacks and the treasu
9 notes issued under the act OF 1890 are
y sponsible for the recent drain upon (
!, gold reserve, but this assumption Is
tircly without foundation. Secreta
~ Carlisle appeared before the hous co
mittee on appropriations on January
- 1896, and i quote from the printed
port of his testimony before the CO
IA mittee:
=, "Mr. Sibley: I would Like to ask y
= (perhaps not entirely connected w
"a the matter under discussion) what
~ lection there could be to having the
tlon of redeeming in either silver or q
lie with the treasury ins,ea-- Of the no
T. holder?
Secretary Carlisle: II that pol
had been adopted at the beginning
resumption-and l am not saying I
for the purpose OF critic.sing the act
H. of any Of my predecessors o anybo
G else-but IL the policy OF reserving to
r government at the beginning of resun
- ton the option OF redeeming In gold
~ silver all Its paper presen
no had been followed, l believe
ch would have worked beneficially,
81 there would have been no trouble gre
80 ing out OF II. but h secretaries OF
OF treasury from the beginning OF resur
Ut ton have pursued a policy OF redeem
y. In gold or silver at the option OF
IL holder Of the paper, md II any secret
re had afterwards attempted to cha
az. that policy and force silver upon a n
ist who wanted gold or gold upon a n
lot who wanted silver, and especially II
ty had made that attempt at such q crit