The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-08-13

whose salary depends upon business
conditions When Sherman describes
the contraction of the currency as dis
sstrous to all people except the capital
list out of debt and those who stand in
q position similar to his he is stating a
truth which T1SlSt~be apparent to every
person who will give the matter care
full consideration.
SHERMAN was at that time speaking
Of the contraction Of the volume OF pa
per currency but the Preeepfs which
he sets forth applies as well IL there is
a contraction Of volume of standard
money of the world.
HE QUOTES BLAINE.
"AIr. Blaine discussed the same prin-
eiple in connection with the demoneti-
cation of silver. Speaking in the house
of representatives on the eth of Feb
ruary, 1878, he said: I believe the
struggle now going on IN this country
and other countries for single gold
standard would, II successtuI' produce
widespread disaster in and throughout
the commercial world Destruction of
silver as money and esta bliSh1ng OF
gold as sole. unit of value must have
ruinous effect on all forms of property,
except those invested which yield a
fixed return in money. These must be
enormously enhanced in value and
would gain disprOportiOnate and unfair
advantage over every other species Of
property. It is strange that the hold
erS of investments which yield fixed
struction of silver with complacency.
We may not expect the holders of other
forms of property to protest against
giving to money a disproportionate and
unfair advantage over other species OF
If the relatively few whose wealth
consists largely in fixed investments
have a right to use the ballot to en-
nance the value of their investments
have not, the rest Of the people the
right to use the ballot to protect them
selves from the disastrous consequent
ceS of a rising standard.
People who must purchase money
with the products Of toll stand in a pO-
sition entirely different from the posi-
ton of those who own money or receive
a fixed income The we'll being of a
nation, of civilization itself depends
upon the prosperity Of the masses.
CIVILIZATION LOWERED.
What shall it profit US to have a
dollar which grows more valuable ev-
cry day if such dollar lowers standard
of civilization and brings distress to
the people?
what shall it profit US if in trying
to raise our credit by increasing the
purchasing power Of our dollar, we de-
stroy our ability to pay the debt al
ready contracted by lowering the pur-
chasing power of the products with
which those debts must be paid2
IF it is asserted: as il constantly is
asserted, that the gold standard will
enable US to borrow more r. money
from abroad, reply that the Eestora-
ton of bimetallism will restore the
parity between money and property
and thus permit an era OF prosperity
Wn1Cn VIII GnaDlE the american peOB1E
to become loaners Of money instead OF
perpetual borrowers.
Even if we desire to borrow, how
long can We continue borrowing under
a system which. by lowering the value
Of property, Weakens the foundation
upon which credit rests2 Even the
holders of fixed investments though
they gain an advantage from the APP
probation of the dollar, certainly see
the injustice of legislation which gives
them this advantage over those whose
fVan fe dnr0n FaF7A u n
property and products. If holders of
fixed investments will not listen to ar
guments based upon justice and equi-
ty, I appeal to them to consider the
interests of posterfty-
I'VE do not live for ourselves alone
Our labor, our self denial and our anx-
ious care, all these are for those who
are to come after US, as much as for
ourselves. but we cannot protect our
children beyond the period of our lives.
Let those who are now reRping the ad-
vantage from our vicious financial
system, remember that in years to
come their own children and their chill
1ren's children may through the oper-
ations of this same system be made to
pay tribute to the descendants of
those who are wrOnged today. As
against the maintenance of the gold
standard either permanently or until
other nations can be united for its
overthrow, the Chicago platform pre-
sents a clear and emphatic demand
for the immediate restoration of free
and unlimited coinage of silver and
gold at the present legal ratio of 10 to
l without waiting for the aid or con-
sent of any other nation. We are not
asking that a new experiment be tried,
we are insisting upon a return to the
financial policy approved by the the, e X
perience of history and supported BY
all the prominent statesmen of our
nation from the days of the first pres
ident down to 1873.
opened to free and unlimited coinage
of silver into fun legal tender money
we are simply asking that the same
mint privileges be accorded to silver
that are now accorded to gold. When
we ask that this coinage be at the
ratio of 16 to I, we simply ask that our
gold coins and standard silver dollar
which, be it understood, contains the
same amount of pure silver as the
first silver dollar coined at our minis,
retain their present weight and fine
ADVANTAGE OF B1METALL1sM
The theoretical advantage of the BIZ
metallic system is best stated by
European writer of political economy,
who gives the following illustration:
"A river from two sources is more uni
form in volume than that derived from
one source-the reason being when one
feeder is swollen the other must be low,
whereas a river with but one feeder
must rise or fall with that feed
er, so in bimetallism the metallic
money receives contributions from
both the gold mines and the silver
mines and therefore varies less; and
the dollar resting upon the two metals
is less changeable in its purchasing
power than the dollar which rests on
one metal only. If there are two kinds
of money the option must rest either
with the debtor or with the creditor.
Assuming that they are equal we must
look at the interests of society in gem
eFal in order to determine to which side
the option should be given. Under the
timetable system gold and silver are
linked together by law at a fixed ratio
and any person owning any quantity
of either metal can have the same con-
verted into full legal tender money. II