The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1896-10-22

~ dSSci that 4E tA1o -
terest bearing evidences Of Indebtedness
on the part Of the Government for non-'
Understanding evidences Of such indeht-
edness. When the greenback party took
this stand the Democratic party opposed
il. That Mr.. Bryan is a greenbacker, IS
evident from many OF his published utter
ances. Of which this is one. If his words
are to be taken IN their obvious sense,
he would have thelaGovernment pay its
bonds not in coin but In paper. # BY
coin" a meant gold, or money as
good as gold, payment in DEPRECATED sill
yer Is repudiation; but that is partial re-
quotation only. Mr.. Bryan is apparently
in favor of complete Reputation; and TO
escape the condemnation which repudia-
ton involves, he seeks to charge the bond
holders with a crime which on the part
Of the Government he regards as a vir-
tue.
BRYAN ON THE COINAGE RATIO.
August 16, 1sss.-"In fixing the ratio we
should select that one which will secure
the greatest advantage to the public and
cause the least Injustice. The present
ratio, IN my judgment, should be adopted.
A change in the ratio could be made Gas
in lS3D by reducing the size of the gold
dollar, or by increasing the size of the
SILVER dollar. or by making d change in
the weight of both dollars. A larger silver
dollar would help the creditor. a smaller
gold dollar would help the debtor. Il is
not just to do either, but If a change must
be made. the benefit should be given to the
debtor rather han the creditor. Lei mo
ofe an nyc oRen mesP but a-9 ! reaaas + the + Jg Ms sTs
given a choice between a change which
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 lumber of his dollars or their size,
the advantage must be given to the
debtor,
Legislation In favor of debtors or of
creditors. as a class, would be class legis-
lation and wholly unjustiiabIe. Questions
between debtors and creditors are pro-
perly settled in the courts; and every
court will hold that what is right for the
one is right for the other also. Mr.. Bryan,
therefore, did well to discIaim advocacy
of any change of the existing ratio.
Should a change be made at any time
hereafter 1t cannot and ought not to af-
feet contracts antedating such change.
But in advocating the unlimited coin
age of silver bullion, at the present ratio,
for the owner and without cost to him,
Mr.. Bryan does propose a change Of the
NAbAA OaSA5 QRO4I lit 0QSllVcES Il tldIS-
acted. We are informed by him that there
are three ways by which the ratio be-
tween gold and silver can be altered
l. The shrinking In size of the gold dollar.
2. The enlargement of the silver dollar.
8. Making a change in the size and weight
of both dollars. Either Of these three
methods c~ontemplates a nearer approx
nation of the coinage ratio to the COM
mercial ratio and is SO far forth honest.
II this approximation of the two ratios
were carried to the point of Identity, the
change suggested by him would be abso-
lutely honest-provided that 1t is not re-
troactive in it's application to outstanding
debts.
This is not, however. the change which
would follow the adoption of free coin
age at IS to /. There is still another pos
sible change to which Mr.. Bryan made no
reference in his speech, namely, the
shrinkage Of the silver dollar. a silver
dollar containing S71A grains of pure sill
yer, worth So cents in gold, which never
theless 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 dollar
is visible; AZ cents of its value is invisible.
and consists IN credit. Free and unlimited
coinage would destroy this credit. In adj
vocating free coinage al is to i. there
fore, Mr.. Bryan proposes to make the sill
yer dollar smaller-not to the eye, but in
fact.
This would be a change or ratio in the
purchasing owe of the silver dollar, as
compared with a gold dollar, from te:1 to
81.
proposes that we should do one of two
t~hings-double the weight of the silver
dollar, or else coin gold dollars half their
present weight. Anybody can see that
one of these would have to be done, in or
der that identity should be established
between the coinage ratio and the com
mercial ratio.
Which Of these two expedients does Mr..
Bryan favor? He tells us that charging
the silver dollar would help the creditor
1t would only help him by maintaining
the present standard of value. He also
tells us that halying the gold dollar would
help the debtor. If so, 1t would be by a
change in the present standard of value.
Finally, he tells us that he prefers the lat
ter expedient, because the debtor has
rights superior to the rights of the credi-
tor.
THE PRICE OF FARM PRODUCTS.
January 10, 1S9.-HThe price received
for the great staples of agriculture in the
United States depends upon the price in
foreign
TT amount Of silver coined in the
United States will not affect the price (in
gold in foreign markets; therefore, ac-
cording to the admission of Mr.. Bryan, it
will not affect the price Gin goid} in this
country.
FREE COINAGE AND THE FARMER.
January Is. 1Ss4.-"You cannot help a
farmer except by a bounty. and no one
proposes to pay a bounty on agricultural
products
Then, unless the free and unlimited
courage of silver at is to l is in the ma
ture of a bounty, it will not help the
farmer. But if it is in the nature of a
bounty, it is contrary to Mr.. Bryan's
principles, for in the same speech he said:
Il will not attempt to justify a bounty
on anything. I believe it to be inde-l
feasible in principle and vicious in prac-
tice.''
THEY WANT JUSTICE.
January II 1894 1.-THE 1ahorino mon Of