The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1896-08-21
SUBSCRIPTION: sl.oO Per Year.

IICy neEU TOr Tcar they
may hereafter have more than they need
L am firmly convinced that by opening our
rnints to free and unlimited coinage at the
present ratio we can create demand for
silver which will keep the price of silver
bullion at $1.29 per ounce, measured by
gold.
Some of our opponents attribute the fail
. | in the vnlue of silver when measured by
gold to the fact that during the last quarter
OF century the worlds supply of silver
has increased more rapidly than the world S
supply of gold: This argument is entirely
answered by the fact that during the last
five years the annual production of gold
has increased more rapidly than the an
nual production of silver.
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 pres
ent financial policy is adhered to, unless we
continue TO borrow from across the ocean,
cnd even then we simply postpone the evil
because the amount borrowed, together
| with the interest upon it, must be repaid
in appreciated dollars.
Not Advocating Fifty-Cent Dollars.
Following in an earnest argument favor
ing the restoration of bimetallism, Mr..
| Bryan said: Perhaps the most persistent
Misrepresentation that we have to meet Is
the charge that we are advocating the pay
! present time and under present laws Sil-
yer dollar. when melted loses nearly half
its value, but that will not be true when
| we again establish a mint price for silver
| and leave no surplus silver upon the mar
|
der bimetallism silver bullion will be worth
| as much as silver coin, just gold bullion
! is now worth as much gold coin, and we
! believe that silver dollar viii be worth as
/ much as a gold dollar.
! Those who deny the ability of the United
| States to maintain the parity between gold
and silver at the present legal ratio>with-
| out foreign aid, point to Mexico, and assert
that the opening cf our mints will reduce
US to a silver basis and raise gold to a
! premium 1t is no reflection upon our sis
| ter republic to remind our people that the
cd fC for -ipn
in area, in population and in commercial
strength. 1t is absurd to assert that the
United States is not able to do anything
which Mexico has failed to accomplish.
The one thing necessary in order to
great enough to utilize all the silver which
will come to the mints. That Mexico failed
to do this is not proof that the United
States would also fail. In response to the
argument that improved machinery has
lessened the cost OF producing silver, Mr.
Bryan said it sufficed to say that the same |
IS true of the production of gold and not |
Withstanding that gold has risen in value !
Arguments Against silver Answered.
He replied in detail to numerous argu- |
ments against silver. If it is asserted, he |
said, that the free coinage of silver is in
tended only for the benefit of the mine |
owners, it must be remembered that free
coinage cannot restore to the mine owners
any more than decentralization took away;
and it must also be remembered that the
loss which the demonetization of silver has
brought to the mine owners Is insignif-
cant compared to the loss which this poll
cy has brought to the rest of the people
The restoration of silver viii bring to the
people generally many times as much ad-
vantage as the mine owners can obtain
from it. While it is not the purpose of free
coinage to specially aid any particular class,
yet those who believe that the restoration
of silver is needed by the whole people
should not be deferred because an incl
dental benefit will come to the mine owner
The erection of forts, the deepening of
erection of public buildings-all these con-
fer incidental benefits upon individuals and
efits do not deter US from making approprl-
atoms for these purposes whenever such
appropriations are necessary for the public
good
Debtor Should Have the Option.
If there are two kinds Of money che op-
tion must rest either with the debtor or
rights are equal. we must look at the inter
ests of society in general in order to de-
given. Under the bimetallic system gold {
and silver are linked together by law at q
fixed ratio, and any person or persons own
the same converted into fun legal tender.
II the creditor has the right TO choose
the metal in which payment shall be made.
1t is reasonable to suppose that he Will
require the debtor to pay IN, the. dearer
metal IL there is any perceptible difference
between the bullion Values of the metals.
This new demand created for the deafer
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 exercises :
.he option, it is reasonable to suppose that
he viii pay in the cheaper metal if one may |
be percepftbly cheaper than the other but I
the demand thus created for the cheaper | =
metal will raise its price while the lessened =
demand for the dearer metal will lower its I
In other words, when the creditor has !
the option, the metals are drawn apart; a
the metals are held together approximate L
y ut the ratio fixed by law; provided the q
)f both metals presented at the mint. So n
;iety Is, therefore, interested in having Q
The right OF the debtor 10 choose the y
'oin In which payment shall be made eX- II
nent as well as to contracts between in G
iividuals. A government obligation is q
Of the peope and Ir3 Il a u in9 pe9BBIe 10
Justify policy which makes the interests
4 the one person who. holds the obllga- II
ion superior to the rights of the many | n
Who must be taxed to pay 1t. When, prior in
Q 1873 silver was at a premium, IT was fe
Iuired the payment of government obi "
'ations in silver. and the Matthew'S reso- q;
essy asseRrted tke Pght Of q the 1S Tnfed
tates to redeem coin obligations in stand tT
Jpon this subject the Chicago platform ii
eads; We are opposed to the policy and re
be, obligations of the United States the n,
ption reserved by law to the government er
liver coin or gold coin" q a.
Cause of the Drain on the Reserve. r.
It IS constantly assumed by some that to
reenbacks. and the treasury notes is II
led under the act of 1880, are responsible So
Or the recent drain upon the gold re- sh
erVe. but this assumption is entirely with tn
ut foundation. In support of this asser- hG
on Mr.. Bryan quoted from testimony OF | m
ecretary Carlisle before the committee
2 appropriations. January 2 1895, I'm
hich. the secretary said If the policy of NJ
serving to the government at the be- "a
inning Of resumption the option of re. 80
eeming in gold or silver all its paper pre- VI VI
nted had been adopted he thought 1t re
ould have worked benehciaily. But the Al
of the treasury from the be- int
nning OF resumption, had pursued q poll
or redeemfng in gold or silver, at the
'tion OF the holder Of the paper, and If no
ny secretary had afterward atternpted IN
change the policy and force silver upon in
man who wanted gold and gold upon q rnC
an who wanted silver HIS Judgment was n1f
at It would have been very disastrous 81
Ihis, Mr.. Bryan argued, showed that the iss
ult does not lie with the greenbacIss | by
Id treasury notes, but rather with the thu
ecutive officers who have seen fit to | pa
lrrender a right which should have been of
ercised for the protection Of the inter th'
Is or the people. If the government WI
ould retire It's paper and throw upon the SIN
-nkS the necessity of furnishing coin re- ba
mption the banks would exercise the un
{ht TO furnish either gold or silver; in Po
her words, they would exercise the OBJ bic
'n Just as the government ought to ex- inc
else IL now we
It may be further answered that orr- nm for
nents have suggested no feasible pIan for POI
olding the dangers which they fear The Ins
Ilrement Of the Ereenbacks and treasury az. az
YES .. YOU'D not protect the treasury be- an,
use the same policy which now leads the ~, n,l
cretary or the treasury TO redeem all pal
VerhLnenI paper In gold, when gold is de- Inc
anoeq VIII require the redemption OF all eve
Fsr ts. ooiars and silver certificates in gold uni
tne greenbacks and treasury notes are iisT
tndrawn from circulation. More than eva
y, II the government should retire its anC
per and throw upon the banks the neces- poy
int fFlssl