Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1896-08-17

price, while the lessened demand for the dearer
metal will lower its price In other words
when the creditor has the option, the metals
are drawn apart; whereas, when the debtor has
the option, the metals are held together ap-
pded the demand created is sucent to absorb
all of both metals presented at the mint So
eey is S b daef in ne cd p
be no such thing real bimetallism unless the
option is exercised by the debtor Inc exercise
classes, whether domestic foreign, to exert
themselves to maintain the parity between gold
and silver at the legal ratio; whereas they
might find profit in driving one of the metals
to premium if they could then demand the
The right of the debtor to choose the coin in
which payment shall be made extends to obliga-
tions due from the government well as TO
contracts between individuals. government OBJ
legation is simply debt due from all the Ieo-
pje to one of the people, and it is impossible to
Justify a policy which makes the interests of the
one person who holds the obligation superior to
If When prior to 1873 silver was at pre-
MUM, it was never commended that national IIa
cations in silver, and the Matthews resolution;
adopted by congress in 1875 expressly asserted
obligations in standard silver dollars as well as
in gold coin Upon this subject the e. Chca ig0
and practice of surrendering to the holders of
the obligations of the United States the option
reserved by law to the government OF redeemlng
such obligations in either silver or gold coin.
Responsibility for the Gold Drain.
It is constantly assumed by some that The
United States notes, commonly called greenbacks,
and the treasury notes issued under the act OF
$780, are responsible for the recent drain upon
the gold reserve, but this assumption is entirely
without foundation. Secretary Carlisle appeared
before the aeuse f on fe r on
port of his testimony before the committee: 'Mr.
sibley-I would like to ask you perhaps not en-
sion) what objection there could be to having
the option of redeeming, either in silver Or gold
Secretary Carisle-If that policy had been adopt
ed at the beginning of resumption-and am not
saying this for the purpose of criticising the
ton of any of my predecessors or anybody else
but if the policy of reserving to the government
at the beginning of resumption the option OF
redecmng in gold silver all it's paper pre-
sented / believe it would have worked bene-
fcially, and there would have been trouble
growing cut of it, but the secretaries of the
treasury from the beginning of resumption Lave
at the option of the holder of the paper, and if
any secretary had afterwards attempted to change
wanted gold. gold upon who wanted
silver, and especially if he had made that at
tempt at such critical period we have Lad
have been very disastrous
l do not agree with the secretary that it was
wise to follow a bad precedent but from his
answer it will be seen that the fault does not
rather with the executive officers who have seen
fit to surrender right which should have been
Of the peo This eEeepe action has already
been made the excuse for the issue of more than
after be issued if this policy is continued:
o e az redeem its the m
silver would put ma premium upon gold but
the The right to redeem all banks paper either in
gold or silver and yet France maintains the
parity between gold and silver at the ratio Of
per capita than we do in the United States
It NAV De further answered that our opponents
dangers which they fear. The retirement of the
greenbacks and treasury notes would not protect
the treasury, because the same policy which
leads the secretary of the treasury to re-
deem all government paper in gold when gold
is demanded, will require the redemption Of
all silver dollars and silver certificates in gold,
if the greenbacks and treasury notes are with.
the government should retire its paper and
throw upon the banks the necessity Of furnish
the right to furnish either gold or silver. In
other words, they would exercise the option,
Just the government ought to exercise it now.
The government must either exercise the right
to redeenf it's obligations in silver when silver
silver. and silver certificates from circulation.
and leave nothing but gold as legal tender
financial system which will carry out their
policy to it's legitimate conclusion will they
continue to cloak their designs in ambiguous
phrases?
Free Coinage and Values.
There is an actual necessity for bimetallism
rs we'll as a theoretical defense of it. During
the last twenty three years legislation has been
creating additional demand for gold and this
law-created demand here resulted in increasing
the purchasing power OF each ounce OF gGld;
States will take away from gold Just SO much
of its purchasing power as was added to it by
States Sta The silver dollar is nov held up to
the gold dollar by legal tender laws and not by
redemption in gold, because the standard silver
dollars are not now redeemable in gold, either
in law or by administrative policy.
the United States alone will raise the bullion
value Of silver to its coinage value and thus
goid Throughout the World This proposition is
in keeping with natural laws, not in defiance OF
law of supply and demand. We recognize this
law and build argument upon it. We Apply
ton in the volume of money will raise the pur-
chasing power of the dollar; we also apply apply the
say that new demand for silver created by
law will raise the price of silver bullion Gold
in that they limited in quantity. Corn,
wheat, manufactured products ETC.; can be pro
be sold at a price sufficient to stimulate produc-
ton; but gold and silver are called precious
These metals have been the objects of anxious
search as far back as history runs yet accord,
ing to Mr.. Harveys calculation, all the gold
coin of the world can be melted into 22-foot
cube and all the silver coin in the world into
limited. both in the quantity now in hand and
in actual production, it follows that legislation
WIN who Stands ready to take the entire supply Of
any given article at certain price, will pre-
vent that article from falling below tnat price.
SO the government fix a price for gold and
silver by creating a demand greater than the
supply International bimetallists believe that
several nations by entering into an agreement
to coin at a fixed ratio all the gold and silver
presented, can maintain the bullion value of the
metals at the mint ratio When mint price is
thus established it regulates the bullion price,
because any person desiring coin may have the
bullion converted into coin at that price, and
any person desiring bullion can secure it by
melting the coin.
A Point CT Difference.
The only question upon which international
bmetallists aud independent bmetallists differ
Isl Can the United States, by the free and
unlimited coinage of silver at, the present legal
ratio create a demand for silver which, taken
in connection with the demand already in ex-
istence. will be sufficient to utilize all the
silver that will be presented at the minis? ?
They agree in their defense of the bimetallic
principle, and they agree in unalterable Oppo-
sition to the gold standard. International BIZ
metallists cannot complain that free coinage
gives a benefit to the mine owner, because in
terna tioual bimetallsm gives to the owner of
silver all the advantages offered by independent
bimetallism at the same ratio. International BIZ
metallists cannot the advocates OF free
silver of being ''bullion owners who desire to
raise the value of their bullion" or debtors
who desire to pay their debts in cheap dollars"