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

;..c dollar, twice o. large. would make
oo,y half n many doilars.
ARGUMENTS FROM THE ENEMY.
..rhe people OF the United states
~,,,,d h. Injured BIZ . change IN the
tic NO. because they produce silver:
hu, because they own property an.
o,re debts. and they cannot thus az
ford q, thus decrease the value OF eoe
proprrty or increase the pufue" "a
their debts .>s.,l;cA1
will be fortunate indeed. II the ahpo'
production Of gold and silver ca"
shall keep pace with the annu
crease of population and ,ndus
r.r..at this assertion. All OF the soa"
and silver ANNUALLY available for com
.gr when converted into coin at the
preseut ratio. will not, in my JudS-
men., more than supply our monetary
needs 5000,
I'm supporting the act Of Unknown
as the Sherman act, Senator Sherman
on June S, OF that year, said:
.ITnder the law of February, 1873.
the purchase OF 8. 200 worth OF
silver bullion q month has by coinage
produced annually an average OF near.
IL g. OOO, 600 per month for . PERIOD OF
twelve years, but this amount. In
view of the retirement OF the cank
| notes. will not increase our currency
| in proportion to our Increasing PoPu-
| lation. IL our present currency IS est
| mated at 81. 400, OO0, 900 and our Popular
ton 10. increasing at the rano OF
ner cent per ann1m, it would require
$40 .OOO. 600 increased circulation each
wear to keep pace with the increase
of population: but, as the increase OF
population is accompanied by q still
greater ratio Of increase OF wealth ana
business, it was thought that an I'M
mediate increase of circulation migh;
be obtained by larger purchase OF sill
YER bullion TO an amount sufhclent I'D
| make good the retirement OF bank
notes and keep pace with the growth
| of population. Assuming that $54,'
OOO, 900 a year Of additional currency
is needed upon this basis. that amount
| is provided for in this bill by the issue
| of Treasury notes in exchange Tor
bullion at the market price.
MORE AND MORE MONEY NEEDED
eff the United States then needed
more than forty-two millions annually
to keep pace with population and bust
mess it now, with a larger Popula
ton. needs a still greater annual add
ton: and the United States is only on.
nation among many. Our opponents
| make no adequate provision for the
increasing monetary needs OF th'
| world.
1 "In the second place, a change in tn
ratio is not necessary. Hostile legis
l | Iation has decreased the demand 10
: silver and lowered its price whei
measured by gold, while this SAM
e | hostile legislation. by increasing tn
4 demand for gold, has raised the vaiu
Of GOLD when measured by other form
S Of property.
: eve are told that the restoration @
e bi-metallism would be a hardship upo
t | those who have entered into contrac,
e PAYABLE in gold coin, but this is mi
i take. 1t will be easier to obtain tn
O gold with which to meet gold col
b tract when most of the people can uf
8 silver, than it is now when we al
j. all trying to secure gold.
h "The Chicago platform expressly d
# clares i'm favor of such legislation :
may be necessary TO prevent. for Il
@ future, the decentralization Of any kin
IS of legal tender money by private col
IS tract. Such contracts ara objected
le on the ground :ha. hey are again
id | bublic policy. No one questions Il
10 right of legisla lures to FIX the rate
,r interest which can be collected |
Id law; there is far mora reason for pr
al venting private individuals from sc
3. ting aside legal tender law. The mon'
10 which is by law made 4 legal tendy
e must, in the course of ordinary blu.
N ness, be accepted by ninety-nine O
M of every hundred persons. Why shou
at the one hundredth man be permitt'
or to exempt himself from the s,ncr
~ rule? Special contracts have te
y. dency to increase the demand for
particular kind of money, and tn
force it to premium. Have not t
people a right to say that compar
a. lively few individuals shall not be Pc
~ mitted to derange the financial sy
" tenn of the nation in order to collect
y premium in case they succeed in fol
:; ing one kind of money to premium
~ FORECLOSURE OF MORTGAGES
"There is another argument to viii
ask your attention. Some of the q
ponents of free coinage point to t
it. fact that Is months must elapse
b tween the election and the first regul
If session Of Congress and assert th
ey during that time in case people decla
no themselves in favor of free COMA
n all loans will be withdrawn and
er mortgages foreclosed. If these a
to merely prophecies INDUCED in
"a those who have forgotten the pro
Id sions of the Constitution it would
d, sufficient to remind them that {
OF President is empowered to conve
. Congress in extra session wheney
be the public requires such action. II
Id November the people, by their bale
in declare themselves in favor of the !,
mediate restoration of bi-metaIlisr
the system can be inaugurated with
few months. II, however, the ass
ton that loans will be withdrawn a,
-, mortgages fOreclosed is to preve
y such political action as the people /