The River Falls times. [volume] (River Falls, Pierce County, Wis.) 1894-1933, 1896-08-18

petual borrowers Even if we desire to
borrow, how long can we continue borrow
Ing under system which, by lowering the
value eff property. weakens the foundation
upon which credit r6ets?
Even the holders of fixed Investments
though they gain an advantage from the
appreciation of the dollar, certainly see t.e
injustice of the legislation which gives
them this advantage over those whose in
come depends upon the value of property
and products. If the holders of fixed in
vestments will not listen to arguments
based upon justice and equity, | appeal to
them to consider the interests of poster
ity. 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 ourselves. b
we cannot protect our children beyond the
period of our lives. Let those who are now
reaping advantage from a vicious financial
system remember that in the years to come
their own children and their chidren's chill
uren may, through the operation of this
same system. be made TO pay tribute to
the descendants of those who are wronged
to-day.
AS against the maintenance of a gold
standard, either permanently or until 9th
er nations can be united for it's overthrow
the Chicago platform presents clear and
emphatic demand for the immediate restor-
alton Of the free and unlimited coinage
of silver and gold at the present legal ratio
Of 16 to L. without waiting for the aid or
consent of any other nation. We are not
asking that a new experiment be tried; we
are insisting upon return to financial
policy approved by the experience of his
tory 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 be opened to the
free and unlimited coinage OF silver into
full legal tender money, we are simply ask
Ing that the same mint privileges be ac-
corded to silver that are now accorded to
gold. When we ask that this coinage be at
the ratio OF 1G to 1, we simply ask that our
gold coins and the standard silver dollar
which, be it remembered contains the same
amount of pure silver as the first silver
dollar coined at our mints-retain their
present weight and fineness.
The theoretical advantage of the bimetal-
lie system is best stated by a European
writer on political economy, who suggests
the following illustration: river fed
from two sources is more uniform In vol
ume than river fed from Que source, the
reason being that when one Of the feeders
Is swollen the other may be low; whereas,
q river which has but one feeder must rise
or fall with that feeder. So in the case
of bmetallism; the volume OF metallic
money receives contributions from both the
gold mines and the silver mines, and there
fore VARIES less; and the dollar resting
uDon 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 op-
ton must rest either with the debtor or
with the creditor. Assuming that their
rights are equal, we must look at the in
terests Of society in general III order to
determine to which side the option should
be given.
Under the biInetallic system god and sill
yer 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.
IL the creditor has the right to choose the
metal in which payment shall be made, it
Is reasonable to suppose that he will re-
quire the debtor to pay in the dearer metal
IL there is any perceptible differences be-
tween 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 tne cheaper
metal will make that metal cheaper still.
II, on the other hand, the Debtor exer-
eises the opinion, it is reasonable to sup
pose that he will pay in the cheaper metal
IL enc metal is perceptibly cheaper than the
other; but the demand thus created for
the cheaper metal will raise it's price, while
the essened demand for the dearer metal
will lower it's 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
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 ny the debtor.
Indeed, there can be no such thing as real
bimetaIlism Gniess the option is exercised
by the debtor Tie exercise of the option
by the debtor cas1Ecis the creditor classes,
whether domestic .; foreign, to exert them
selves to maintain the parity between gold
and silver at the legal ratio, whereas they
might find profit in driving csc OF the
metals to q premium il they c8utd then
demand the dearer metal. The IiSht of the
debtor to choose the coin in which pay
ment shall be made extends to obligations
due from the government Us we'll as 20 con-
tracts between individuals. governments
obligation IS simply q debt due from all
the people to one of the people, and 1t Is
impossible 10 justify a policy winch makes
the interests of the one person who holds
the obligation superior to the rights of the
many who must be taxed to pay it. When,
prior to 1873, silver was at premium, it
was never contended that national honor
required the payment of government o5li-
cations in silver, and tae Matthews reso1u-
tion, adopted by congress in 1873 expressly
asserted the right of the United States
to redeem coin obligations in standard sill
YER dollars as well as in god coin. Upon
this subject the Chicago platform reads
1--WE are opposed to the policy and prac-
tice of surrendering to the holders of the
obligations of the United States the option
reserved by law to the government of re-
deemng such Obligations IN either silver
coin or gold COIN.
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 founda-
ton. Secretary Carlisle appeared before the
Rouse committee on appropriations Jan. p,