The Caucasian. (Clinton, N.C.) 188?-1913, 1896-08-27

4
have had In the last two years, my
Judgment il IL would have been very
disastrous.
'I do not agree with the Secretary
that IL was wise to follow a bad pre-
redent, but from his answer IL will
be seen that the fault does not lie with
the greenbacks and Treasury notes,
but rather with the executive officers
who have seen fit to surrender right
vs. which should have been exercised for
the protection OF the interests OF the
PEOPLE. This executive action has AL
ready been made the excuse for the
ssue of more than $3.50 .ooo, 900 in bonds,
and IL is impossible to estimate the |
amount of bonds which may /
hereafter he issued IL this policy Is con-
tinued We are told that any attempt |
upon the part Of the government at /
this time to redeem its obligations in |
silver would put a premium upon gold. |
but why should it? The Bank OF |
France exercises the right to redeem
all bank paper in either gold or silver. |
and vet France maintains the parity
between gold and silver at the ratio
of 1874 to /, and retains in circulation
more silver per capita than we do
in the United States.
GOLD OFFERS NO RELIEF.
ut may be further answered thatour
opponents have suggested no feasible
plan for avoiding the dangers which
they fear. The retirement OF the
|greenbacks and Treasury notes would
not protect the Treasury, because the
same policy which now leads the Sec
rotary of the Treasury to redeem all
government paper in gold, when gold
is demanded, will require the redemp-
ton of all silver dollars and silver
certificates in gold, if the greenbacks
and Treasury notes are withdrawn
| from circulation. More than this, If
the government should retire its paper
and throw upon the banks the neces-
sity of furnishing coin redemption, the
banks would exercise the right to fur
nish either gold or silver. In other
words, they would exercise the option,
just as the government ought to eXer-
else it now.
A PREMIUM ON GOLD.
1.-The Government must either eXer-
else the Eight TO redeem its obligations
in silver when silver is more convent
emit, or it must retire all the silver and
silver certificates from circulation and
leave nothing but gold as legal tender
money. Are our opponents willing to
outline a financial system which will
carry out their policy to its legitimate
conclusion, or will they continue to
, cloak their designs in ambiguous
, phrases?
! There is an actual necessity for bi.
/ metallsm as we'll as a theoretical de
: fence of it. During the last twenty
, three years legislation has been Great
ing an additional demand for gold land
, this law-created demand has resulted
= in increasing the purchasing power o
r each ounce of gold. The restoration
r of bi-metallism in the United State
r will take away from gold just so mucl
e of it's purchasing power as was adde'
e to it by the demonstration of silve
: by the United States. The silver dol
e lar is now held up to the gold dolla
r by the legal tender laws and not b.
e redemption in gold, because the stand
! ard silver dollars are not now redeem
!, able in gold either in law or by admin
e istrative policy.
), REAL EFFECT OF BI-METALLISM
1--WE contend that free and unlimited
: coinage by the United States alon
will raise the bullion value of silve
= to it's coinage value, and thus max
silver bullion worth $1.29 per ounce i
IL.
position is in keeping with nature
u laws, not in defiance of them. Th
bestknown law of commerce is TIL
law of supply and demand. We recoe
nize this law and build our argumeu
{ upon it. We apply this law to none
;, when we say that reduction in tn
rt'volume of money will raise the pu1
z chasing power of the dollar; we ais
0. apply the law of supply and deman
~ to silver when we say that a ne
demand for silver created by law wi
~ raise the price of silver bullion. Col
Re and silver are different from othe
~ commodities, in that they are Unite
D. in quantity. Corn, wheat, manufa1
Is tured products, ETC., can be produce
u almost without limit, provided the
~ can be sold at a price sufficient
y; =; stimulate production, but gold an
nc silver are called precious metals, b
ne cause they are found, not produces
rs These metals have been the objec
- OF anxious search as far back as hi
as )vey's calculation, all the gold coin
~ the world can be melted into 22-fo,
y cube, and all the silver in the wor
81 into 66-foot cube. Because gold al
r siler are limited, both in the quar-
US tity now in hand and in annual DR.
3 duction, it follows that legislation CT
~, u fix the ratio between them.
ANY purchaser who stands ready |
- take the entire supply of al
h. lgiven article at certain pri
To can prevent that article fro
he falling below that price.
hv the government can fix price for 90
no and silver by creating demand great
nm than the supply. International /
metallists believe that several nation
by entering into an agreement to co
at fixed ratio all the gold and silv
ne presented, can maintain the bullis
M value Of the metals at the mint rati
rs When a mint price is thus establishe
of it regulates the bullion price, becau
mt amy person desiring coin may have Il
ais bullion converted into coin at tn
la price, and any person desiring bullis
De- can secure it by melting the coin. tt
10 only question upon which internatio
I al bimetallists aad independent bime
lis allists differ il: Can the United Stat.
by the free land unlimited coinage
on silver at the present legal ratio crea
tn demand for silver which, taken
10 connection with the demand alreal
-