The Progress. (Shreveport, La.) 1892-1900, 1896-09-10

L WilllVut waiting lVI tHt Hiu w 'tHntlll
of any other natioh We arc not ask
ing that a new experiment be tried, we
are Insisting upon a return to f'nan
cinl policy approved by the experience
Of history and supported by all the
prominent Statesmen Of our nation
from the days OF tho fri 9resident
down to 1873.
FREQ Coinage OF Both Metal.
when we ask that our nints be
opened to the free and unlimited coin
age Of silver into full lcgal-tcnder
moncr, we are simply asking that the
same mint privileges be accorded to
silver that arc now accorded to gold
When we ask that this coinage be at
the ratio Of l6 to /, We simply ask that
our gold coin6 and the standard silver
dollar which, be It remembered, con
'aing The same amount Of pure silver as
the first silver dollar coined at our
mints-rctain their present weight and
tlneness.
"1f there are two kinds Of money the
option must rest either with the debtor
or with the creditor II the creditor
has the right to choose the metal in
which payment shall be made it iG
reasonable to suppose that he will re-
quire the debtor to pay in the dearer
metal If there is any pcrccptible differ
cnce between the bullion values of the
metals. IT, on the other hand. the
debtor exercises the option, 1t Is rea
sonahle to suppose that he will pay
IN the cheaper metal II one metal is
perceptibly cheaper than the other; but
the demand thus created for the cheap
or metal will raise its while the
lcssencd demand for lrer metal
will lower its price. A.. other words,
when the creditor has the option the
metals are drawn apart; whereas,
when the debtor has the option, tho
metals are he'd together approximately
Mt the ratio fixed by law: provided the
demand created is sufficient to absorb
all Of both metals presented at the
mint. Society is therefore, intorelted
In having the option exercised by the
debtor Indeed there can be no such
thing as real bimetallism unless the
option Is exercised by the debtor. The
exercise Of the option by the debtor
compels the creditor classes, whether
domestic or foreign, to exert them
selves to maintain the parity between
gold and silver at the legal ratio,
whereas they might find profit in
driving one of the metals to a premium
II they could then demand the dearer
metal.
| Debtors and Creditors.
"The right Of the debtor to choose
the coin In which payment shall be
made extends to obligations due from
tho government, as well as to CON
tracts between individuals, A govern
ment obligation Is simply 4 debt due
from all the people to one Of the peo-
pie, and 1t is impossible to justify a
policy which makes the interest of the
one person who holds the obligation
superior to the rights Of the many who
must be taxed to pay it. When, prior
to 1873, silver was at premium, it was
never coltended that national honor
required the payment of government
obligations in silver, and tho Matthews
resolution, adopted by congress in
| 1878, expressly asserted the right OF the
| United States to redeem coin obliga-
tons in standard silver dollars. MS well
as in gold coin.
1--WE are told that any attempt upon
| the part Of the government to redeeEa
1T. obligations in silver would put
premium upon gold, but why should it?
| The Bank Of France exercises the right
to redeem all bank paper in either gold
or silver, and yet France maintains the
parity between gold and silver at the
ratio Of 1915 to 1, and retains in circu-
lation more silver per capita than We
do in the United States
| eve contend that free and unlimited
coinage by the United States alone will
raise the bullion value of silver to its
coinage value, and thus make silver
bullion worth s1.29 per ounce in gold
throughout tho world. This PROPOSE
ton IS In keeping with natural laws,
not in defiance Of them. The best
known law Of commerce Is the law Of
supply and demand. We recognize
this law and build our argument upon
It. We apply this law to money when
No sAy that reduction In the volume
Of money will raise the purchasing
power of the dollar; we also apply the
law Of supply and demand to silver
when we say that new demand for
silver created by law will raise the
price Of silver bullion.
| Whore tho Bimetsils.ts Differ.
'The only question upon which in
ternational bimetallists and independ-
ent bimetallists differ Is: Can the
United States, by the free and unlimlt-
ed coinage Of silver at the present legal
ratio, create demand for silver, which,
taken in connection with the demand
already In existence, will be sufficient
TO utilize all the silver that will be pre-
scented at the minis. They agree Ia their