The Progress. (Shreveport, La.) 1892-1900, 1896-08-20

ting the benefit. ~ hmctalIIsm. object
to coinage at the present ratio. If
'ioy arc deceived by this objection.
they ought to remember that there arc
II, bimetalists who are earnestly en-
1odvOring to secure it at any other ra-
ito than lG to ! We are opposed to
any change in thc ratio for two rca-
sons.
Must Not Change Ratio.
First, because a change would pro-
Guco great injustice" and second be.
cause change in the ratio is not nee
"Ssary A change would produce in
justice because, if effected in the man
nor usually suggested, it would result
in an enormous contraction in the vol
umc Of standard money. Those who
havo advised a change in the ratio
havr usually suggested that the silver
COLLAR be doubled. If this change were
made it would ncCcSSitate the rec image
Of four billions Of silver into two bill.
lions Of dollars There would be an
immediate loss Of two billions OF dol
lars either to individuals or TO the gov.
crnmont, hut this would be The least
Of the injury.
This contraction. by increasing the
value Of The dollar. would virtually in.
crease the debts OF the world billions
Of dollars and decrease still more the
value Of the property OF the world az
mcaGured by dollars Besides this i'm
mediate result such change in the ra-
Ito would permanently decrease the
annual addition to the worlds supply
OF money. because the annual silver
product when coined into dollars twice
as large would make only half as many
dollars.
In 1878 Mr. Carlisle said Man
kind will be fortunate indeed if the
annual production of gold and silver
coin shall keep pace with the annual
increase Of population and industry
| l repeat TINS assertion.
Easier 60 Get Gold Then.
eve are told that the restoration OF
| bimetnllam would be Il hardship upon
| those who have entered into contracts
| payable in gold coin, but this Is
mistake 1t will be easier to obtain tho
| gold with which to meet gold contract
when most of the people can use silver
| than it is now when every one Is try
ing to secure gold.
| Some Of the more Jealous onpOnents
Of free coinage point to the fact that
| thirteen months must elapsc between
| the election and the first regular ses.
sion of congress- and assert that dur.
| ing that time, in case people declare
themselves in favor Of free coinage.
all loans will be withdrawn and all
mortgages foreclosed The president
| IS empowered to convene congress in
extraordinary session whenever the
| public good requires such action. +, IL,
| III November, the people by their bal
lots declare Themselves in favor of the
immediate restoration of bimetallism.
the system can be inaugurated within
a few months.
"If, however, the assertion that loans
will be withdrawn and mortgages fore,
closed is made to prevent such political
action as the people may believe to
be necessary for the preservation OF
their rights, then a new and vital Issue
Is raised Whenever it Is necessary
! for the people as whole to obtain
consent from the owners Of money and
the changers Of money before they can
legislate upon financial questions, we
shall have passed from democracy to
plutocracy. But that time has not
yet arrived. The people who in 1776
rejected the doctrine that kings rule
by divine right will not in this genera.
ton subscribe to doctrine that money
Is omnipotent.
|
eve are not opposed to an interna.
tional agreement looking to the res.
iteration Of bimetallism throughout the
world, but we are not willing to await
the pleasure Of other governments, when
immediate relief IS needed by the peO-
pie Of the United States, and they
further believe that Independent action
offers better assurance OF international
bimetallsm than servile dependence
upon foreign aid. How long must we
wait for bimetallism to be brought to
u3 by those who profit by monOmetal.
ism? If the double standard will
bring benefits to our people, who will
deny them the right to enjoy thosa
benefits? In taking this proposition
VIC simply maintain the dignity of TO-
00O, 900 citizens, who are second to
none in their capacity for self-govern-
ment.
''The gold standard has compelled
the American people to pay ever in
Craslng tribute 10 the creditor nations
Of the world-a tribute which no one
dares to defend. / assert that nation
al honor requires the United States