The evening bulletin. [volume] (Maysville, Ky.) 1887-1905, 1896-08-15

II the relatively few whose wealth con-
sists largely in fixed investments have a
right to use the ballot TO enhance the
value of their investments, have not the
rest Of the people the right TO use the bal
lot TO protect themselves from the disas-
trous consequences of "A rising standard?
The people who must purchase money
with the products of toll stand in a posi-
ton entirely different from the position of
those who own money or receive a fixed
income. The well-being of the nation
aye, of civilization itself-depends upon
the prosperity of the masses. What shall
it profit us to have "A dollar which grows
more valuable every day if such IA dollar
lowers the standard of civilization and
brings distress to the peOpleY
What shall il profit us If in trying to
raise our credit by increasing the pur-
chasing power of our dollar, we destroy
our ability to pay the debts already con-
tracted by lowering the purchasing power
of the products with which these debts
must be paid.
If il is asserted that the gold standard
will enable us to borrow more money for
abroad i reply that the restoration of BIZ
metallism 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 borrowers.
Even if we desire to borrow how long can
we continue borrowing under system
which by lowering the value of property
weakens the foundation upon which credit
restsi
Even the holders Of fixed investments,
though they gain an advantage from the
appreciation on the dollar, certainly sec
the injustice of the legislation, which
gives them this advantage over those
whose incomes depend upon the value of
property and products If the holders of
fixed investments will not listen TO argu-
ments based upon justice and equity, [
appeal to them TO consider the interest of
posterity. We do not live for ourselves
alone; our labor, our self-denial, and our
anxious care-all these are for those who
are to come after US as much as for our
selves, but we can not protect our chill
dren beyond the period of our lives. Let
those who are now reaping advantage
from vicious financial system remember
that in the years TO come their own chill
dren and their childrcn's children may
through the operation of this same system
be made to pay tribute TO the descendants
of those who ace wronged today.
As against the maintenance of gold
standard, either permanently or until
other nations can be united for its Ovet-
throw, the Chicago platform presents IL
clear and emphatic demand for the imme-
diate restoration of the free and unlimited
coinage of silver aud gold at the present
legal ratio of II to /, without waiting for
the aid or consent of any other nation. We
are not asking that new experiment be
tried we are insisting upon return to u
financial policy approved by the expert
ence of history and supported by all the
prominent statesmen of our nation from
the days of the first president down to
1873. When we ask that our minis lie
opened to the free and unlimited coinage
OF silver into full legal-tender money We
are simply asking that the same mint priv
ileges be accorded to silver that are now
accorded to gold. When we ask that this
coinage be at the ratio of 16 to we simply
ask that our gold coins and the standard
silver dollar-which, be it remembered
contains the same amount of pure silver Us
the first silver dollar coined at our mints-
retain their present weight and fineness.
The theoretical advantage Of the BIZ
metallic system is best stated by Euro
pean writer on political economy, who
suggests the following illustration:
A river fed from two sources IS more
uniform in volume than river fed from
one source, the reason being that when
one of the feeders is swollen the other
may be low; whereas Il river which has
but one feeder must rise or fall with that
feeder SO i'll the case of bimetallism;
the volume of metallic money receives
contributions from both the gold and
silver mines and therefore vatic, less;
and the dollar, resting upon two metals,
Is less changeablc in its purchasing power
than the dollar which rests upon one
metal only.
If there are two kinds of money the
option must rest either with the debtor or
with the creditor Assuming that their
rights are equal, we must look at the in
tcrests of society in general in order to de-
termine which side the option should be
given. Under the bimctallic system gold
and silver are linked together by law at
fixed ratio, and any person or persons
owning any quantity of either metal can
have the same converted into full legal
tender money. If the cr2di;or has the
right to choose the III 'tal in which pay
ment shall be made, IL is reasonable to
suppose that he will require the debtor to
pay in the dcarer metal If there is any
perceptible difference between the bullion
values Of the metals. This new demand
created for the dearer metal will make
that metal dearer still, while the decreased
demand for the cheaper metal will make
that metal cheaper
If, ON the other hand, the debtor exer-
cises the option, IL is reasonable to sup
pose that he will pay in the CHI eaper metal
the other; but the demand thus created
for the cheaper metal will raise its 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 approx
imately ut "a ratio fixed by law; provided
the demand created is sufficient to absorb
all of both metals presented at the mint
Society is, therefore, interested in having
the option exercised by the debtor
Indeed, there can be no such thing as
real binetallism unless the option Is ex-
ercised by the debtor. The exercise of the
option by the debtor compels the creditor
classes, whether domestic or foreign, TO
exert themselves to maintain the parity
between gold and silver at the legal ratio.
whereas they might find II profit in driv-
ing one of the metals TO premium if they
could then demand the dearer metal The
right of the debtor TO choose the coin in
which payments shall BE- made extends to