The Coconino weekly sun., 1896-08-27
BRYAN ON THE RATIO.
He Sang a Different Song on tho ss Subject Whom He was in
 Congress,


 On the 18th of August, 1893, on the floor of the House of Representations MT. Byran said:
 "In fixing the ratio we should select that one which will secure the greatest ad- vantage to the public and cause the least injustice. The present ratio, in my judg- ment, should be adopted. A change h the ratio could be made (as in 183A by reducing the size of the gold dollar, CT by increasing the size of the silver dol- lar, or by making change in the wetght of both dollars. A larger silver dollar would help the creditor. A smaller goi1 dollar would help the debtor. It is not he made, the benefit should be given e the debtor rather than the creditor. Let no one accuse me of defeading the jugt. ness of any change; but I repeat it & we are given a choice between . chanGo which will aid the debtor by redGE1ng the size of his debt and a change W&ich will aid the creditor by increasing tlo amount which he is to receive, either by increasing the number of his dollars oe their size. the advantage must be given to the debtor"
 Legislation in favor of debtors or of creditors, as class, would be class ieg- islation and wholly unjustifable. Ques- tiOns between debtors and creditors are properly settled in the courts; and every one is right for the other also. MT. Bry- an, therefore. did well to disclaim ad- vocacy of any change of the existing ratio. Should change be made at any time hereafter it cannot and ought not to affect contracts antedating such change.
 But in advocating the unlimited coin <.f oil h,,lIs <1c for the owner and without cost to him, Mir: Bryan does propose change of the entire basis upon which business is trans acted. We are informed by him that there are three ways by which the ratio between gold and silver coin can be al- tered: 1. The shrinkage in size of the !;1ld- gold d9llar; sd,1 The , enlargement cf the size and weight of both dollars. Either of these three methods contemplates . nearer approximation of the coinage ra- tio to the commercial ratio and is % far forth honest. If this approximation of the two ratios were carried to the point of ideality, the change suggested by him would be absolutely honest-provided that it is not retroactive in its application to outstanding debts.
 This is not. however, the change which would follow the adoption of free coin age at 16 to 1. There is still another possible change to which Mr. Bryan made no reference in his speech. namely, the shrinkage of the silver dollar. A silver dollar containing 371A grains of pure silver. worth B cents in gold, which nevertheless passes current for 100 cents in gold. is an anomaly in finance, unless explained. The explanation is simple. Fifty-three cents of the current value of this dolar is visible; 47 cents of it's value is invisible. and consists in credit. Free and unlimited coinage would destroy this credit. In advocating free coinage at 16 to l. therefore. Mir. Bryan proposes to mako, the silver dollar smaller-not to the eye. but in fact
 This would be change of ratio in the. purchasing power of the silver dollar. as compared with a gold dollar, from 16:l to 31:1.
 To avoid this result Mir. Bryan eraveY proposes that We shonld do one of two things: double the weight of the silve dollar. OF else coin gold dollars haif their present weight. Anybody can see that one of these would have to be done. in order that identity should be established between the coinage ratio and the com mercial ratio.
 Which of these two expedients 6os MT Bryan favor? He tells us that CT larging the silver dollar would help tf creditor. It could only help him maintaining the present standard value. He also tells us that halying gold dollar would help the debtor. ii 1t would be by a change in the press standard of value. Finally. he tells a, that he prefers the latter expeslient, bf cause the debtor has rights superior {. the rights of the creditor.