The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1896-09-25
BRYAN ON THE RATIO.
He Sang a Different Song on the
Subject When He was in
Congress-

ooCJSSt VIiSi TIC was III
Congress.
On the 10Th of August, 1898. on the
floor of the House of Representatives,
Mr.. Byran said:
I'm 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 in
the ratio could be made (as in 1884 by
reducing the size of the gold dollar, or
by increasing the size of the silver dol
lar, or by making a change in the weight
would help the creditor. A smaller gold
dollar would help the debtor. 1t is not
Just to do either. but if change must
be made, the benefit should be given to
the debtor rather than the creditor. Let
no one accuse me of defending the just
ness of any change; but ! repeat it, il
we are given a choice between Il change
| wlrich will aid the debtor by reducing
the size of his debt and a change which
will aid the creditor by increasing the
| amount which he is TO receive, either BY
increasing the number of his dollars or
their size. the advantage must be given
| to the DEBTOR
| Legislation in favor of debtors OF of
i creditors. as class. would he class leg
| islation and wholly uniustifiabln. Oues-
| tlonS between debtors and creditors are
| properly settled in the courts: and every
| court will hold that what is right for the
one is right for tho other also. Mr. Bry-
an. therefore. did well to disclaim ad-
| yocacy of any change of the existing
| ratio. Should change he made at any
| time hereafter it cannot and ought not
| to affect contracts antcdating such
| change.
But in advocating the unlimited coio-
| age of silver bullion. at the present ratio,
n nu- md 4
| MIR. Bryan does propose n change of the
entire basis upon which business is trans
| acted. We are informed by him that
| there are three ways by which the ito
! between gold and silver coin can be al
! tered: l. The shrinkage in size of the
Silver dollar. 3. Making a change II in the the
| size and weight Of both dollars. Either
| of these three methods contcmnlates a
| nearer approNinato of the coinage ra-
| ito to the commercial ratio and is so far
| forth honest. If this approximation Of
the two ratios were carried to the point
| of ideality. th" charge suggested by him
would he absolutely honest-nrovi1ed
| that it is net retroactive in its application
| to outstanding debts.
| This is not. bowcvnr. the change which
| would follow the adoption of free coin
| age at 16 to !. There is still another
possible change to which Mr.. Bryan
made no reference in his speech. namely,
| iIt Sllllh.HSe VI tHt StiNfF tplldT- "A
silver dollar cont"ining :}71H Grains Of
pure silver. worth :l} cents in gsld. which,
| nevertheless passes current for 100 cents
in gold. is an anomaly in finance, unless
explained. The explanation is simple.
| Fiftv-three cents of the current value of
this dollar is visible: AZ cents of its value
is invisible. and consists in credit Free.
and unlimited coinage would destroy this
credit. In advocating free coinage at
16 TO l. therefore. Mr.. Bryan proposes to
make the silver dollar smailer-not to the
eye. hut in f""t.-
This would he a change of ratio in the
purchasing power of the silver dollar as
compared with gold dollar. from 16:1
| to 81 Il.
To avoid this result Mr. Bryan grave!y
proposes thar we should do one of two
| things: double the weight of the silver
dollar. or else coin gold dollars half their
present weight. Anybody can sec that
one of these would have to be DONE in
order that identity should b' established
between the coinage ratio and the COM
mnrcial ratio.
Which of these two exnedients Goes
Mr.. Bryan favor? He tells us that en-
creditor. 1t could only help him by
maintaining the present standard of
value. He also tells us that haIving the
gold dollar would help the debtor. If so,
it would be by change in the present
standard of value. Finally. he tells rs
that he prefers the latter exppdient. be-
cause the debtor has rights superior to
the rights of the creditor.