The record-union., 1896-08-13

and other countries for Single gold
standard would if successful. produce
widespread disaster in and throughout
the commercial world. The destruction
of silver as money, and the establishing
Of gold as the sole unit of value, must
have a ruinous effect on all forms of
property, except those invested which
yield a fixed return in money. These
would be enormously enhanced in value
and would gain disproportionate and
unfair advantage over every other
species of property
rs it strange that the holders of in
yestments which yield flxed return
in money can regard the destruction OF
silver with complaceney! May we not
expect the holders of other forms OF
property to protest against giving 10
money disproportionate and unfair
advantage of every other species OF
property? If the relatively few whose
wealth consists largely in flXed invest
ments have a right to use the ballot
to enhance the value of their invest
merts. have not the rest of the people
the right to use the ballot to protect
themselves from the disastrous conse-
cuences of a rising standard? The peo
pie who must purchase money with
the products of toll stand in a position
entirely different from the position of
those who own money or received a
fixed income The well-being of the ma
tion-aye, of the civilized world itself
depends upon the prosperity Of the
masses. What shall it profit US to have
q dollar which grows more valuable ev-
cry day, if such a dollar lowers the
standard of civilization and brings dis
tress to the people? What shall it
profit us if, in trying to raise our credit
by increasing the purchasing power OF
our dollar we destroy our ability to pay
the debts already contracted by lower
ing the purchasing power of the pro-
ducts with which those debts must be
paid? If it is asserted, as it constantly
is asserted, that the gold standard Will
enable us to borrow more money from
abroad, I reply that the restoration OF
birnetallism will restore the parity be-
tween 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.
LAS against the maintenance Of
gold standard, either permanently or
until other nations can be united for
it's overthrow, the Chicago platform
presents a clear and emphatic demand
for the immediate restoration of free
and unlimited coinage of silver and
gold at the present legal ratio of 16 to
|, without waiting for the aid or con-
sent of any other nation. We are not
asking that a new experiment be tried;
we are insisting upon return to a
financial policy approved by the expe-
rience of history and supported by all
the prominent statesmen of our Nation
from the days of the first President
down to 1878.
when we ask that our Mints be
opened to the free and unlimited coin
age 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
cur gold coins and the standard silver
dollar-which, be it remembered, con-
tains the same amount of pure silver as
the first silver dollar coined at our
Mints-retain their present weight and
fneness.
Under the bimetallic system gold and
silver are linked together by law at d
fixed ration and any person or persons
owning any quantity Of either metal
can have the same converted into full
fiedged legal tender money. If the
creditor has the right to choose the
metal in which payment shall be made
it is reasonable to suppose that he VIII
require the debtor to pay in the dearer
metal, If there is any perceptfble differ
ence between the bullion values of the
metals. If on the other hand, the
debtor exercises the option, it is reason
able to suppose that he will pay the
cheaper metal, if one metal is percepti-
bly, cheaper than the other; but the de-
mand thus created for the cheaper metal
will raise its price. while the lessened
demand for the dearer metal will lower
it's price.
"The right of the debtor to choose the
coin in which payment shall be made
extends to obligations due from the Gov
eminent as well as to contracts between
individuals. A Government obligation
is simply a debt due from all the people
to one of the people, and it is impossible
10 justify a policy which makes the in
terests 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 obligations in silver, and
the Mathews resolution, adopted by
Congress in 1878, expressly asserted the
right of the United States to redeem
| coin obligations in standard silver dol
| lars, as we'll as in gold coin.
1--WE are told that any attempt upon
| the part of the Government at this time
| to redeem it's obligations in silver
would put a premium upon gold, but
why should it? The Bank of France
| exercises the right to redeem ali bank