The Kimball graphic. (Kimball, Brule County, Dakota [S.D.]) 1883-1905, 1896-08-22
well being Of the nation-aye, IF civill-
cation itself-depends upon the prosper
ity OF the masses.
Danger of Appreciation.

zattOn itself-depends upon the prosper
ity OF the masses.
Danger of Appreciation.
What shall 1t profit us to have a dollar
which grows more valuable every day
IL such a dollar lowers the standard of
civilization and brings distress to the
people? What shall 1t profit us If in try
Ing to raise our credit by increasing the
purchasing power of u dollar we de-
stroy u ability to pay the debts al
ready contracted by lowering the pur-
chasing power of the products with
which those debts must be paid? If it
Is true, as is constantly asserted, that
the gold standard will enable US to bor-
row more money from abroad, 1 reply
that the restoration of bimetallism will
restore the parity between money and
property and thus permit an era of pros
perity which will enable the American
people to become loaners instead of per-
petual borrowers. Even il we desire to
borrow, how long a we continue bor-
rowing under a system which by lower
Ing the value of property weakens the
foundation Upon which credit rests?
Ever 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
- -o1'Nt 0tN PAoua IL lfS ilciu
ers of fixed investments will not listen
70 arguments based upon justice and
equity. i appeal to them to consider the
interests OF posterity. We do not live
Tor 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 cannot
protect u children beyond the period
OF u lives. Let those who are now
eaping advantage from u vicious finan-
cal system remember that in the years
to come their own children and their
chlldren's children may through the OPP
Grafton 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 its over
throw, the Chicago platform presents a
clear and emphatic demand for the inn
mediate restoration of the free and un-
limited coinage of silver and gold at the
present legal ration of 16 TO l 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 a return to a financial policy
approved by he experience of history
and supported by all the prominent
statesmen of our nation from the days
OF the first president down to 1873. When
We ask that our mints be opened to the
free and unlimited coinage of silver into
1uii legal tender money, we are simply
asking that the same mint privileges be
accorded to silver that are now ac-
corded to gold. When we ask that this
coinage be at the ratio of 16 to 1 we sim
ply ask that our gold coins and the
standard silver dollar-which, be it re-
membered, contains the same amount
or pure silver as the first dollar coined
at our mints-retain their present
weight and %fineness.
Debtor VS.. Creditor.
If there are two kinds OF money the
option must rest either with the debtor
or with the creditor. Assuming that
their rights are equal, we must look at
the interests of society in general in or
der to determine to which side the OPP
ton should be given. Under the BIZ
metallic system gold and silver are
linked together by law at a fixed ratio.
and any person or persons owning any
quantity OF either metal car have the
same converted Into full legal tender
money. If the creditor has the right to
choose the metal in which payment
shall be made. 1t is reasonable to sup
pose that he will require the debtor to
pay In the dearer metal If there Is any
perceptlble difference between the bull
lion values of the metals. This new de-
mand created for the dearer metal will
make that metal dearer still. while the
decreased demand for the cheaper metal
Will make that metal cheaper still.
If, on the other hand, the debtor exer-
cises the option it is reasonable to sup
pose that he Will pay in the cheaper
metal II n metal Is perceptihly cheap
er h the other; but the demand thus
created for the cheaper metal VIII raise
its price, while the lessened demand for
the 1a3 rar n1Ata1 will lcurar dc rri,,
In other words. when the creditor has
the option the metals are drawn apart,
whereas, when the debtor has the op-
ton the metals are held together APP
proxlmately at the ratio fixed by law,
provided the demand created Is suf-
nclent to absorb all of both metals pre-
scented at the mint. Society Is therefore
Interested in having the option exer-
cised by the debtor. Indeed there can
be no such thing as real bimetanism un-
less the option is exercised by the debt
or. The exercise of the option by the
debtor compels the creditor classes,
whether domestic or foreign, to exert
tween gold and silver at the legal ratio,
whereas they might find q profit in
driving one Of the metals to q premium
If they could then demand the dearer
metal.
The right of the debtor to choose the
SoiA III WHICH, IdyIlleIl Sndll De made
extends to obligations due from the
government as well as to contracts be-
tween individuals. A government ob-
legation Is simply a debt due from all
the people to one Of the people, and 1t
Is impossible to justify a policy which
makes the interests of the one person
who holds the obligation superior to he
rights Of the many who must be taxed
to pay it. When prior to 1873 silver was
at a premium it was never commended
that national honor required the pay
ment Of government obligations in sill
Yer, and the Matthews resolution adopt
ed by congress in 1878 expressly asserted
the right Of the United Sllates to redeem
coin obligations in standard silver dol
lars as well as In gold coin.
Upon this subject the Chicago plat
form reads: We are opposed to the pol
Icy and practice of ~surrendering to the
holders Of the obligations of the United
States the option reserved by law to the
government of redeeming such obliga-
tons In either silver coin or gold COIN"
Why Treasury Reserve Vanishcs.
1t is constantly assumed by some that
the United States notes commonly
called greenbacks and the treasury
notes issued under the act of 1890 are re-
sponslble for the recent drain upon The
gold reserve, but this assumption Is en-
tirely without foundation, Secretary
Carlisle appeared before the house COM
mittee on appropriations on January 81,
1895, and ! quote from the printed re-
port of his testimony before the COM
mittee;
"Mr, sibley: I would like to ask you
(perhaps not entirely connected with
the matter under discussion) what OBJ
lection there could be to having the op-
tion of redeeming in either silver or gold
lie with h treasury instea-. Of the note
holder?
Secretary Carlisle: If that policy
had been adopted at the beginning Of
resumptIon-and 1 am not saying this
for the purpose Of criticising the action
of any of my predecessors or anybody
else-but If the policy of reserving to the
government at the beginning Of resump-
ton the option of redee1ning in gold or
silver all. its paper presented
had been followed, I believe it
would have worked beneicially, and
there would have been no trouble grow
ing out of 1t, but h secretaries Of the
treasury from the beginning Of resump-
ton have pursued a policy OF redeeming
In gold or silver at the option of the
holder Of the paper. Inc If any secretary
had afterwards attempted to change
that policy and force silver upon q man
| who Wanfp6 pp11 or po11 1,,>or a -