The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1896-08-15

made a profit by furnishing gold to the
government in the hour Of its extremity
favor that financial policy which keeps
the government dependent upon Inem.
believe, however, that l speak the senti-
ment of vast majority of the people of
the United States when l say that wise
financial policy. administered in behalf
of all the people, would make our gov
ernment independent of any combination
of financiers. foreign or domestic.
ShermRn's Prediction.
Let me say a word now in regard to
certain persons who are pecuniarity ben
Gifted by the gold standard. and who ia
vor II. not for the desire to trespass upon
the rights Of others. but because the cir
cumstances which surround them blind
them to the effect of the gold standard
upon others. l shall ask you to consider
the language OF two gentlemen whose
long public service and high standing in
the party to which they belong will pro
tect them from adverse criticism by our
opponents.
In 1859 Senator Sherman said: Con
traction of the currency Is a far more
distressing operation than the senator's
supposed. Our own and other nations
have gone through that operation be-
fere. 1t is not possible to take that ac-
ton without serious distress to every per-
son. except the capitalist out OF debt.
or the salaried Officer or annuitant. II IS
period of loss. danger. lassitude OF
trade. fan OF wages, OF suspension OF
enterprise. bankruptcy and disaster. Ii
means ruin to all dealers whose debts
are twice their business capital. though
one-third less than their actual property
1t means a fall OF all agricultural proiuc-
ton without any great reduction OF taxes,
What prudent man would dare 10 oulld
house, railroad, factory or barn With
this certain fact before him?'
When Sherman describes the contrac-
ton Of the currency as disastrous TO eli
people except the capitalist out OF debt
and those who stand In a position similar
TO his, he Is stating a truth which mus
be apparent TO every person who viii
give the matter careful consideration
sherman was at that time speaking OF
the contraction OF the volume OF paper
currency, but the principle which he sets
forth applies, IL there Is contraction of
the volume OF the standard money OF
the world.
John c. Carlisle discussed the same
principle in connection with the demone
tization OF silver in The house Of repre-
sentativ-s In 1873.
What Carlisle said.
What shall Il ,.roat US to have do.
lar which grows more valuable every dly
Z such a dollar lowers the standard 81
civilization and orIngs distress 10 ths
people, what shall II profit US In trylna
10 RAISE credit by Increasing the pqr-
chasing power OF our dollar. II w. h.
stroy our ability to pay the debts Al
ready contracted by lowering IN" pur
chasing powvr IT the products wla
which those debt, must be pald' II Il
Is asserted as 1t constantly IT, that IN.
gold standard ~. enable us 20 borrow,
more money from abroad. reply tau
the restoration OF bIm-tAlIisrp III res .l-.
the parity between money Iad proper .y
and thus permit An era of pr1-p- l.y
when VIII enable the American ps1pa
20 become the lenders OF money lust,a.
Of perpvtul. Borrower
The Chicago platform presents .lsG-
and emphatic demand FOR the lmmculit-
restoration OF the rree and uu.In4t-,
coinage Of silver and gold AZ the pr-s-n
ratio Of - 10 I. without wA,tinS for the
aid or consent Of auy other aluon ".
are not asking thnt new experiment D..
tried, We ara insisting upon 4 return 3.
the dnlncia. policy approys,i by ta. -t
psrleuce og hl4tory and supported by g..
prominent statesmen Of our ulLlo.
When We ask that our minis be op.r.-,
-.
YER 10 Fun leEai tender money. 49,
simply want the same mint privilege 2.
be accorded to SILVER that are accorded
20 gold. The dollar resting upon the Two
metals Is less chaug-abi- in Ita purrll..
!ng power than tn dollar which rss.. On
one metal only. II there are two x.al.
Of money the option must rest eth .r
"ith the debtor or che creditor Assam.
ing thai other riEhts are equal wa must
act In the Iuterear OK society IN genera.
N order 10 determine 20 which side .H-
option should be given. Under the s.
metallic system gold AM silver are .lrs.
eel together BY law at uNsd ratio. and
any person or persons owning any l4tH.
tty Of either metal rnn have the sam.
converted tuto full .aEl, tender m8n..
II the creditor has the right 20 -h1.-z., I'm.
metal IN which payment shall 10, mad.
't Is rsasnra Die 70 suppose that ne al.
require the debtor to pay In ,n. DEAR
money u there Is any per-sptlbIa IIr.r
anas between the bullion values % tas
metals This new demand created g,~
3aarer metal will make that m.t,i dear
-it. while the decreased demand for ,aa
cheaper metal will max, th,s m,.t'
.h.ap"r still
" hen the creditor has the option t4s
metals are drawn apart. whereas. wr-r
the debtor has the option the metals are
held Together and apUro1irnated A. mo
ratio nxs! By Law, provided the Ism1na
r"ated Is sufficient 10 absorb an or both
metals presented at the mint Society "a
therefore Interested in having the optloa
exercised by the debtor Thrra an lao
no such thing "a real bimstaIIlsm un,I
the option Is exercised by the debtor The
right OF the debtor TO choose the coin in
which payment shall be made extends m
obligations due from the government. a.
well as to contracts between individuals
government obligation ls simply a lob,
due from all tho people TO one Of the peo.
pie. and It Ia impossible to justify a policy
which makes the interest Of one person.
who holds the obligations. superior 70 the
rights Of the many who must he taxed 10
pay it.
Government Redemption.
1t Is constantly assumed by some tina,
United States notes. commonly called
sre"nbacks, and treasury notes Issued
under the act Of 1900 are responsible for
the recent drain upon the gold reserve.
but this assumption Is entirely without
foundation. The fault does not lie with
the sreenbacks and the treasury notes.
but rather with the executive officers who
have seen AZ 10 surrender a right which
should have been exercised for the pro-
lection Of the interests OF the people. We
are t1Ll that any attnrrr.t ttrnr, IL. 49,. -.