The Roanoke daily times. (Roanoke, Va.) 1895-1897, 1896-08-13


it constantly is asserted, that the gold
standard will enable us to borrow more
money from abroad, L reply that the
restoration of bimetallism will restore
the parity between 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. Even if we desire
to borrow, how long can we continue Dor
rowing under a system which, by lower
ing the value of property, weakens the
foun 1ation upon which credit rests?
If the holders of fixed Investments will
not listen to arguments based upon JUS
tice and equity, appeal to them to con
slider the interests of posterity. 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 for ourselves, but we can
not protect our condition beyond the
period of our lives. Let those who are
not reaping advantage from the vicious
financial system remember that in the
years to come their own children and
their childrens children may, through
the operation of this same system, be
made to pay tribute to the descendants
of those who are wronged to-day.
If there are two kinds of money the
option must rest with either the debtor
or with the creditor. Assuming that
their rights are equal, we must look at
the interests of society in general in or
der to determine to which side the option
should be given. Under the bimetallc
system gold and silver are linked to-
gether by law at n 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 he made it 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. This new demand created for
the dearer metal 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 exercise the option, it is rea-
sonable to suppose that he will pay in
the cheaper metal if one metal is per
ceptibly cheaper than the other But
the demand thus created for the cheaper
metal will raise its price while the less
ened demand for the dearer metal will
lower its price. In other words when the
creditor has the option the metals are
drawn apart; whereas, when the debtor
has the option, the metals stay together
approximately at the ratio fixed by law,
provided the demand created is sufficient
to absorb all of both metals presented at
the mint. Society is, therefore, inter
ested in having the option exercised by
the debtor. Indeed, there can be no such
thing as real bimetallism unless the OPP
tion is exercised by the debtor
We are told that an attempt on the
part of the Government at this time to
redeem its obligations in silver would
put premium on gold, but why should
it? The Bank of France exercises the
right to redeem all bank paper in either
gold or silver, and France maintains the
parity between gold and silver at the
ratio of ID 1-2 to l, and retains in circu-
lation more silver per capita than we do
in the United States
The Government must either exercise
the right to redeem it's obligations in
silver when silver is more convenient, or
it must retire all the silver and silver
certificates from circulation, and leave
nothing but gold as legal tender money.
Are our opponents willing to outline
financial system which will carry out
their policy to its Legitimate conclusion,
or Will they continue to cloak their de-
signs in ambiguous phrases?
Our opponents cannot ignore the fact
that gold is now going abroad in spite of
all legislation intended to prevent it, and
no silver is being coined to take its place
Not only is gold going abroad now, but
it must continue to go abroad as long as
the present financial policy is adhered to,
unless we continue to borrow from
across the ocean, and even then we sim
ply postpone the evil, because the amount
borrowed, together with interest upon it,
must be repaid in approaching dollars.
There is only one way to stop the in
creasing flow of gold from our shores,
and that is to stop falling prices. The
restorationof bimetallism will not only
stop falling prices, but will, to some eX-
tent, restore prices by reducing the
worlds demand for gold.
Perhaps the most persistent msrepre-
sentation that we have to meet is the
charge that we are advocating the pay
ment of debts in fifty cent dollars. At
the present time and under present laws
II silver dollar melted loses nearly half of
its value, but that will not be true when
we establish mint price for silver and
leave no surplus silver. upon the market
TO drag down the price of bullion. I'm
der imetallism silver bullion will be
worth as much as silver coin, just as
gold bullion is now worth as much as
gold coin, and we believe that n silver
dollar will be worth as much as a gold
dollar.
The charge of population comes with
poor grace from those who are seeking to
add to the weight of existing debts by
legislation which makes money dearer
and who conceal their designs against
the general welfare under the euphonious
pretense THAT they are unfolding public
credit and national honor.
In answer to the charge that gold will
90 abroad, it must be remembered that
no gold can leave this country until the
owner OF the gold receives something in