The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-08-13
BRYAN SPEAKS
TO 10000.
concluded from Second Page.1

tor. Indeed there can be no such thing
as real bimetallism unless the option
is exercised by the debtor.The exercise
of the option by the debtor compeIs the
creditors whether domestic or foreign
to exert themselves to MAINTAIN the
parity between gold and silver Where
as they might find q pront IN OElVlnS
one Of the metals to a premium II they
could then demand the dear metal The
right of the debtor to choose coin
in which payment snail De made eX-
tends to obligations due from the gov
eminent as well as contracts OF 1ndl-
viduals. When prior to 1873 silver was
at a premium il was never COMMENDED
that national honor required the pay
ment Of government obligations IN sill
yer and the Stanley Matthew's feSOlu-
ton adopted by congress in 1873 eX-
pressly asserted the right Of the United
States TO redeem coin obligations in
silver dollars as well as gold coin.
1t is constantly assumed by some
that the United States notes common
" called greenbacks and the treasury
notes issued under the act OF 1880 are
responsible for the recent drain on
the gold reserve but this assumption is
entirely without foundation. secretary
Carlisle appeared before committee
of congress January l, 1898, ana quote
from his testimony.
Mr. Sibley-'I would like to ask you
perhaps not entirely connected with
the matter under discussion) what OBJ
lection there could be to redeem1ng in
treasury.
Secretary Carlisle-If that plan had
been adopted at the beginning OF re-
sumption, and 1 am not saying this for
the purpose of criticiZing the action of
my predecessors, or anybody else, but
if the policy of TeSeFVing to the govern
ment at the beginning OF resumption
the option of redeeming in gold or Sill
yer all its paper presented, 1 believe it
would have worked benefciaIly and
there would have been no trouble grow
ing out of it. But the secretaries OF
the treasury from the beginning of re-
sumption have pursued a policy OF re-
deeming in gold or silver at the option
of the holder of the paper Should the
secretary change this course and es-
pecialy if he made the attempt at SUCH
a critical period as we have had in the
last two years my judgment is it would
have been very disastrous.
Il do not agree with the secretary
that it was wise to follow a bad pre-
cedent but from his answer it will be
seen that the fault does not lie with
the greenbacks but with the treasury
executive officers who have seen fit to
surrender a right which could have
been used for the interests of the peO-
pie. We are told that any attempt by
the government to redeem its Obhga-
lions in silver would put premium on
gold. But why should it? 1t may be
further answered that our opponents
have suggested no feasible remedy for
the danger which they fear. The re-
t1T6nGnL
notes would not protect the treasury
but the same policy which leads the
secretary to redeem all paper in gold
when gold is required would lead him
to redeem all silver dollars and silver
certificates in gold. More than this if
the government should retire its notes
and throw upon the banks the neces-
sity of furnishing redempt1ons, the
banks would exercise the right to fur
nish the gold or silver. In other words
they would exercise the option just as
the government ought to do now. Are
our opponent willing to outline q f1nan-
cial system which viii carry out their
precepts to a legitimate conclusion or
will they continue to cloak their mean
ing in ambiguous phrases.
INCREASED DEMAND FOR GOLD.
During the last % years legislation
has been creating an additional demand
for gold and this law-created demand
has resulted in increasing the purchas-
ing power Of gold. The restoration OF
bimetallisn in the United states VIII
take from gold just as much OF It's puF-
chasing power as was added to it by
the monetization of silver by the
United States. We contend that free
and unlimited coinage by the United
States alone will raise the bullion value
of silver to its coinage value thus make
bullion worth 1.29 per ounce in gold.
The best known law of commerce
is the law of supply ana demand we
recognize this law and build our arSu-
nent upon it. We apply this law to
money when we say reduction IN the
volume will raise the purchasing pow
er of the dollar We also apply the
law of supply and demand to silver
when we say a, new demand for silver
created by law will increase the price
of bullion Corn wheat, nauuTac tur-
ed products, etc, can be produced al
most without limit provided they can
be sold at a price sufficient to stimulate
production, but gold and silver are
called precious metals because they
F-a n ana
produced. These have been the object
of anxious seekers as far back as his
tory runs, yet, according to Mr.. HaLT-
vey's calculation, all the gold coin Of
the world can be melted into a p foot
cube and all the metal in IS foot
cube. Because silver is limited, both
mines it follows that legislation
can fix the ratio between
them. any purchaser who STANDS
ready to take the entire supply OF any
given article at coin price can prevent
government at coin price can prevent
that article from going below that
price. So the government can nix the
price of gold and silver Dy creating q
demand. International biInetaII1Sts
believe that several nations by enter
ing Elto an agreement TO com ali the
gold and silver presented can MAINTAIN
the bullion value of the metals. W hen
a mint price is thus established It Fix
es the bullion price because any person
desiring coin may have the buEl1on
converted into coin at that price, ana
any person desiring bullion can secure
it by melting the coin. The question
upon which International bimetallists
differ is: Can the United States by
the free and unlimited coinage of sill
yer at the present legal ratio create a
demand for silver which. taken in con-
nection with the demand already in
existence, will be sufficient to utilize
all the silver that will be presented at
the mints? They agree in their de-
fence of timetable principles. Inter
national bimetallists cannot complain
mine owners. because International BIZ
metallism gives to silver all the adj
vantages offered by independent BIZ
metaIlism at that ratio. International
bimetalIists cannot accuse the advO-
catnr - si1,-er- a. b. ring only q desire