The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1896-08-13
and would gain disproporti~nsts and
unfair advantage ever every other species

II the relatively few whose wealth con
sists largely In fixed Investments have
right to use the ballot to enhance tn
value Of their investments, have not tn
rest OF the people the right to use tn
ballot to protect themselves from tn
disastrous consequences of a rising stand
ard2 The well being Of the nation-aye
Of civilization itself-depends upon tn,
prosperity of the masses. What shall i
profit us to have a dollar which grow
more valuable every day If such dolla
lowers the standard of civilization ant
brings distress to the peoples What shall
| 1t profit us il in trying to raise our credit
| Embarrassing the purchasing power of oul
dollar we destroy our ability to pay the
debts already contracted by lowering the
purchasing power of the products with
which these debts must be paid2
II, as 1t constantly is asserted, the gold
standard will enable us to borrow more
money from abroad, reply that the res
toration of bimetallism will restore the
parity between money and property, and
thus permit an era of prosperity which
will enable the American people to become
loaners Of money instead Of perpetual bor-
rowers. Even il we desire to borrow, how
long can we continue borrowing under q
system which, by lowering tho value of
property, weakens the foundation upon
which credit rests?
Not New Experiment.
We are not asking that new expert
ment be tried; we are insisting upon re-
turn to financial policy approved by the
experience of history and supported by all
the prominent statesmen Of our nation
from the days of our first president down
to 1873. When we ask that our mints be
opened to the free and unlimited coinage
of silver into full 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 is to we
simply ask that our gold coins and the
standard silver dollar-which, be it re-
membered, contains the same amount of
pure silver as the first silver dollar coined
at our mints-retain their present weight
and fneness.
The theoretical advantage CT the bime-
tallic system Is best stated by European
writer on political economy, who suggests
the following illustration: A river fed
from two sources Is more uniform in vol
ume than river fed from one source-the
reason being that when one of the feeders
are swollen the other may be low, whereas
a river which has but one feeder must rise
and fall with that feeder. So in the case
of bimetallism, the volume of metallic
money receives contributions from both
the gold mines and the silver miles, and,
therefore, varies less; and the dollar, rest
I'M t,yo Ntn1, Il, n. Ii.
in its purchasing power than the dollar
which rests on one metal only.
1t is constantly assumed by some that
the United States notes, commonly called
greenbacks, and the treasury notes, issued
under the act of 1890, are responsible for
the recent drain upon the gold reserve, but
this assumption is entirely without foun.
dation. Secretary Carlisle appeared be-
fore the house committee on appropria-
tions on Jan. 81 1895, and quote from
the printed report of his testimony before
the committee: Said Secretary Carlisle:
A Quotation from Carlisle.
"The policy of reserving to the govern
ment, at the beginning of resumption,
the option of redeeming in gold or silver
all its paper presented, believe would
have been no trouble growing out of 1t,
but the secretaries of the treasury from
the beginning of resumption have pur-
sued policy of redeeming in gold or sill
yer, at the option of the holder of the pa
per, and If any secretary had afterwards
attempted to change that policy and force
silver upon man who wanted gold, or
gold upon man who wanted silver, and
especially if he had made that attempt at
such critical period as we have had in
the last two years, my Judgment is it
would have been very disastrous"
l do not agree with the secretary that it
was wise to follow a bad precedent, but
from his answer 1t will be seen that the
fault does not lie with the greenbacks and
treasury notes, but rather with the execu-
tive officers who have seen fit to surrender
q right which should have been exercised
for the protection of the interests of the
people, This executive action has already
been made the excuse for the issue of more
than $3.50, 900, 900 In bonds, and it is impos- |
sible to estimate the amount of bonds |
which may hereafter be issued if this pol |
icy is continued.
There is an actual necessity for bimetal- |
lism, as well as theoretical defense of it. |
During the last twenty-three years legis- |
lation has been creating an additional de-
mand forgOld, and this has resulted in in
creasing the purchasing power of each
ounce of gold. The restoration of bimetal-
ism In the United States will take away
from gold just so much of its purchasing
power as was added to it by the demoneti-
mi IF ell hv,t ho Init I'd Ck,t ha
silver dollar is now held up to the gold
lollar by legal tender laws, and not by re-
lemption in gold, because the standard
silver dollars are not now redeemable in
gold either in law or by administrative
policy.
We contend that free and unlimited
coinage by the United States alone will
'aise the bullion value of silver to its
Coinage value, and thus make silver bull
ion worth 81 90 per ounce in gold through
'ut the world. This propositian is in
keeping with natural laws, not in defiance
If them. The best known law Of com.
nerce Is in the law of supply and demand.
We recognize this law and build our argu-
nents upon it. We apply this law to
money when we say that reduction in
he volume of money will raise the pur-
hasing power of the dollar. We alsoapply
he law of supply and demand to silver
When we say that a new demand for silver
reated by law will raise the price of sill
'er bullion.
The Mine Owner Bugaboo.
International bimetallists cannot COM
lain that free coinage gives benefit to
he mine owner, because international BIZ
gives to the owner Of silver all
he advantages offered by independent BIZ
netallism at the same ratio. 1nterna-
ional bimetallists cannot accuse the adj
COATES of free silver of being Bullion
wners who desire to raise the value of
heir value" or debtors who desire to
ay their debts in cheap dollars" or
Demagogues who desire to curry favor
nth the people" They must rest their
position upon one ground only, namely:
hat the supply of silver available for
oinage is too large to be utilized by the
United States.
In discussing this question we must con-
der tho capacity of our people to use sill
er and tho quantity of silver which can
ome to our minis 1t must be remcm-
cred that we live in country only par
ally developed, and that our people far