The Progress., 1896-09-19

are insisting upon q return 10 imam
cial policy approved by the experience
Of history and supported by all the
prominent statesmen OF our nation
from the days OF the fri president
down to 1878.
FREQ Coinage of Both Metals
when we ask that our mints be
opened to the free and unlimited coin.
2ge Of silver into full legal-tender
:noneT, 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 16 to I, we simply ask that
our 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
fineness.
If there are two kinds of money the
option must rest either with the debtor
or with the creditor. If the creditor
has the right to choose the metal in
which payment shall be made, 1t is
reasonable to suppose that he will re-
quire the debtor to pay in the dearer
metal If there is any perceptible differ
ence between the bullion values of the
metals. IT, on the other hand, the
debtor exercises the option, 1t is rea-
sonahle to suppose that he will pay
In the cheaper metal If one metal is
perceptibly cheaper than the other; but
the demand thus created for the cheap
err metal will raise its while the
lessened demand for lrer metal
will lower it's price. H. other words,
when the creditor has the option the
metals are drawn apart; whereas,
when the debtor has the option, tho
metals are hetd together approximately
Mt the 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 bimetallism unless the
option is exercised by the debtor. The
exercise of the option by the debtor
compels the creditor classes, whether
domestic or foreign. to exert them
selves to maintain the parity between
gold and silver at the legal ratio,
whereas they might find a profit in
driving one of the metals to a premium
If they could then demand the dearer
metal.
Debtors and Creditors.
"The right of the debtor to choose
the coin in which payment shall be
made extends to obligations due from
the government, as we'll as to COR
tracts between individuals. A govern
ment obligation is simply a debt due
from all the people to one of the peo-
pie, and it is impossible to justify
policy which makes the interest of tire
one person who holds the obligation
superior to the rights of the many who
must be taxed to pay it. When, prior
to 1878, silver was at a premium, it was
nsver contended that national honor
required the payment of government
obligations in silver, and the Matthews
resolution, adopted by congress In
1878, expressly asserted the right of the
United States to redeem coin obliga-
tons in standard silver dollars, as we'll
as in gold coin.
eve are told that any attempt upon
the part of the government to redeer
itE obligations in silver would put a
premium upon gold, but why should it?
The Bank of France exercises the right
to redeem all bank paper in either gold
or silver, and yet France maintains the
parity between gold and silver at the
ratio of 151z to /, and retains in circu-
lation more silver per capita than we
do in the United States.
eve contend that free and unlimited
coinage by the United States alone will
raise the bullion value of silver to it's
coinage value, and thus make silver
bullion worth $1.29 per ounce in gold
throughout the world. This PROPOSE
ton is in keeping with natural laws,
not in defiance Of them. The best
known law Of commerce is the law Of
supply and demand. We recognize
this law and build our argument upon
1t. We apply this law to money when
We cry that reduction in the volume
Of money will raise the purchasing
power of the dollar: we also apply the
law Of supply and demand to silver
when we say that new demand for
silver created by law will raise the
price of silver bullion.
Whore tho Bimetallists Differ.
"The only question upon which in
.ernational bimetallists and independ-
ent bimetallists differ is: Can the
United States, by the free and unlimit-
ed coinage Of silver at the present legal
ratio, create demand for silver, which,
taken in connection with the demand
already in existence, will be sufficient
TO utilize all the silver that will be pre-
sentcd at the minis. They agree ia their
defense of the bimetallic principle, and
they agree in unalterable opposition to