Middlebury register. (Middlebury, Vt.) 1886-1937, 1896-08-21

"disproportionatc and unfair advantage
over every other species Of property" If
the relatively few whose wealth consists
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 ballot to pro-
tect themselves from the disastrous conse-
qucrccs OF rising standards Tho people
Who mrst purchase money with the prod
Toll stand in position cntirley diff
....i from the position Of those who own
ulti ~ on receive fixed income. The well
lciug of the nation-ayc, Of civilization it.
self-depcnds upon the prosperity of the
misses. What shall it profit us to have
dollar which grows moro valuable every
day if such Il dollar lowers the standard of
civilization and brings distress to the peo-
pie? What shall it profit us if in trying to
raise our credit by increasing tho purchas-
ing power of our dollar We destroy our
ability to pay the debts already contracted
by lowering tho purchasing power of the
products with which those debts must be
paid2 If it is asserted, az it constantly is
asserted, that the gold standard will en-
able us to borrow moro money from abroad,
l reply that the restoration of bimetallism
will restore the parity ctwccn money and
property, and thus PERI it an era of pros
perity which will Crgl 70 the American
people to lCcOmc lOancr3 e mCnCy instead
of PERI etral borrowers. Ivon if we desire
to borrow low long cen We continue Dor
rowing under u system which, by lower
ing the value Ct property, wcakcns the
foundation upon which credit rcsts2
Even the holders cf f@il investments
though they gain an idvi.ntage from the
appreciation Of the dollar, certainly see the
injustice Of tho legislation which gives
them this advantage over these whose in
comes depend upon tho VGlUc Of property
and products. If tho holders Of fixed in
vestments will rot listen to arguments
based upon justice and equity l appeal to
them to consider the interests of posterity
We do not live for ourselves alone. Our la
Dor, our self denial and our anxious care,
all these arc for those who are to come aft
or us az much as for ourselves, hut we can
not protect our children beyond the period
of cur lives. Let those who are now reap
ing advantage from vicious financial sys-
ten remember that in the years to como
their own children and their children's
children may, through tie operation of
this same SYSTEM Ee made to pay tribute
to the descendants of those who are
wrongcd today
AS against the maintenance of q gold
standard, either permanently or until 9TH
or nations can be united for its overthrow,
the Chicago platform presents II clear and
emphatic demand for the immediate res
toratiQn of the free and unlimited coinage
of silver and gold at the present legal ratio
of Is to ! without waiting for the aid or
consent of any other nation. We are not
asking that Il Kew experiment be tried We
are insisting upon return to a 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 1878. 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 privileges be accorded
to silver that are now accorded to gold.
When we ask that this coinage be at the
ratio of 16 to l, 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 sill
yer dollar coined at our minis, retain their
present weight and fncness.
Theory of BimetalIism.
The theoretical advantage of the bimetal-
lie system is best stated by European
writer on political economy who suggests
the following illustrations: a river fed
from two sources is more uniform in vol
ume than a river fed from enc source, the
reason being that when one of the feeders
is swollen the other may bo low, whereas
Il river which has but one feeder must rise
or fall with that feeder. So in the case of
TnEN,allism. The volume of metallic mon.
et receives contributions from both the
gold mines and the silver mines and
therefore varies less, and tho dollar, rest
ing upon two metals, is less changeablc in
its purchasing power than the dollar which
rests on one metal only.
Ii there are TWO kinds Of money, the OPP
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 in order to de-
termine TO which side the option should be
given. Under the bimetallic system gold
and silver are linked together by law at a
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 creditor has the right
to choose the metal in which payment
shall be made, it is reasonable to suppose
that he will require the debtor to pay in
the dearer metal if there is any perceptible
difference between the bullion values of
the metals, This new demand created for
the dearer m0tal will make that metal
dearer still, while the decreased demand
for the cheaper metal will make that metal
cheaper still. If, ON the other hand, the
debtor exercises the option, it is reasonable
to suppose that he will pay in the cheaper
metal if one metal is perceptibly cheaper
than the other but the demand thus Great
ed for the cheaper metal will raise its
price, while the lessened demand for the
dearer metal will lower its price. In other
words, whcp the creditor has the option,
the metals are drawn apart, whereas
when the debtor has the option the metals
are held together approximately at the ratio
fixed by law provided the demand created
is sufficient To absorb all cf both metals
presented at the mint Society is there
fore interested in having the option eXer-
cised by the Debtor. Indeed there can be
no such thing as real bimctallism unless
the option is exercised by the debtor. The