The Caucasian. (Clinton, N.C.) 188?-1913, 1896-08-27

opcrntion of this same system. De mane
70 nav tribute TO the descendants OF
those who are wronged to-day.
AS against the maintenance goid
standard. either permanently or unui
other nations can he united for It's
overthrow, the Chicago platform pre-
sen,s n clear and emphatic demand Tor
the immediate restoration OF the free
and unlimited coinage OF silver and
gold at the present ratio OF 10 TO j,
without waiting for the aid or consent
of any other nation. We are not ask
ing that n new experiment. he tired; we
are insisting upon a return To nnan-
cial policy approved by the experience
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
mints he opened to the free AID un-
limited coinage of silver into full legaI
tender money, we are simply asking
that the same mint privileges be &C
corded to silver that are now ACCORDED
to gold. When we ask that this coin
age be ut the ratio of 16 TO we simply
ask that our gold coins and the stand
ard silver dollar-which, he 1t remem-
bered contains the same amount OF
pure silver as the first silver dollar
coined at our mints-retain their
present weight and fneness. :.
1.-THE theoretical advantage OF the BIZ
metallic system il best stated by q
European writer on political economy,
who suggests the following illustra-
ton: a river fed from two sources il
more uniform i'm volume than river
fed from one source-the reason being
that when one Of the feeders is swol-
len the other may be low; whereas, a
river which has but one feeder must
rise or fall with that feeder. So in
the case OF bi-metallism; the volume
of metallic money receives cOntribu-
tions from both the gold mines and
the silver mines. and, therefore, varies
less; and the dollar, resting upon two
metals, is less changeable in it's pur-
chasing power than the dollar which
rests on one metal only.
DEBTOR AND CREDITOR.
eff 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 ut the interests of society in gen.
cml in order to determine
to which side the option
should he given Under the
bi-metallic system, gold and silver are
linked together by law at fixed rate
and any person owing any guam
tity OF either metal can have the same
converted into full legal tender money
If the creditor has the right to choos1
the metal in which payment shall b'
made, it is reasonable to suppose tina
he will require the debtor 10 pay il
the dcarcr metal il there is any percep
tible difference between the bullion
values of the metals. This new de
mand created for the dearer metal
will make that metal dearer, while tn
decreased demand for the cheape
metal will make that metal cheape
still. IF, on the other hand, the debto
exercise the option, it is REASONABLE
to suppose that he will pay in tn
cheaper metal il one metal is percept
bly, cheaper than the other. But tn
demand thus created for the cheape
metal, will raise it's price while tn
lessened demand for the dearer meta
will lower it's price. In other word.
when the creditor has the option, tn
metals are drawn apart; whereas
when the debtor has the option, tn
metals are held together approximate
ly at the ratio fixed by law; provide
the demand created is sufficient t
absorb all of both metals presente
mt the mint. Society is, therefor
interested in having the option exel
cised by the debtor. Indeed there ca
be no such thing as real bi-metallisI
unless the option is exercised by til
debtor.
"The exercise of the option by tn
debtor compels the creditor classe
whether domestic or foreign, to exc
themselves to maintain the parity b
tween gold and silver at the legal rati
whereas they might find a profit
driving one of the metals to
premium if they could then demar
the dearer metal. The right Of IL
debtor to choose the coin in whie
payment shall be made extends to o
legations due from the government
well as to contracts between indivi
uals. A government obligation is si1
ply debt due from all the people
one OF the people, and it is impossit
to justify a policy which makes t.
interests of the one person who hol
the obligation superior to the RICH
of the many who must he taxed
pay it. When, prior to 1873, silver w
at premium, it was never contend
that National honor required the pa
ment OF government obligations in s
rand the Matthews resolution, ado
ted by Congress in 1878, expressly 3,
SSiVVu uuC ilSut vi
to redeem coin obligations in star
ard silver dollars as well as in gS
coin.
Upon this subject the Chicago pl:
form reads: 1--WE are opposed to t
policy and practice of surrendering
the holders Of the obligations of I
United States the option reserved
law to the government Of redeemi
such obligations in either silver q
or gold COIN"
THE GOLD WITHDRAWALS.
1T is constantly assumed by so,
that the United States notes, co
monty called greenbacks,and the Ire
ury notes, issued under the act
1890, are responsible for the rece
drain upon the gold reserve, but Il
assumption is entirely without fount
ton. Secretary Carlisle appeared
fore the House Committee ON App
priations on January 81, 1895, and
quote from the printed report of
testimony before the committee:
Mr.. Sibley: I would like to ask y
(perhaps not entirely connected wi
the matter under discussion) what ,
ioCtiCr there cOs,11 - 20 hn&~r 4