The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1896-08-19


as the present gold dollar; or the present
! gold dollar could be reduced one-half in
/ weight so that the present silver dollar
! would weigh 32 times as much as the
( new gold dollar; or the change could be
| made by increasing the size of the silver
| dollar and decreasing the size of the
! gold dollar until the new silver dollar
would weight 80 times as much as the
| new gold dollar. Those who have ad-
| Vised IA change in the ratio have usually
suggested that the silver dollar be
A shrinkage of one-half in the silver
| money of the world would mean a
| shrinkage of one-fourth in the total
| volume of metallic money. This con-
traction, by Increasing the
VALUE OF THE DOLLAR.
would virtually increase the debts of the
world billions of dollars ard decrease
stlll more the value of the property of
| the world as measured by dollars. Be
! sides this immediate result such a
| change in the ratio would permanently
| decrease the annual addition to the
worlds supply of money because tho
annual silver product when coined into
| dollars twice as large would make only
half as many dollars.
The people of the United States would
/ be injured by change in the ratio. not
because they produce silver, but because
| they own property and owe debts and
they cannot afford to thus decrease the
value of their property or increase the
| burden of their debts.
In supporting the act of 1890 known
| as the Sherman act, Senator Sherman,
| on June ;, of that year, said: Under the
law of February. 1878. tile purchase OF
| $2,000.000 worth CT silver bullion month
has by coinage producsd annually an
average of nearly three million dollars
per month for period of twelve years
but this amount. in view of the retire
ment of thN bank-notes. will not increase
our currency In proportion to our in
creasirE populations"
If our present currency is estimated
at $l,400,O00 and our population Is in
| creaslng at the ratio of per cent. per
| annum, 1t would REQUIRE $42, ,OOO, 900 in
creased circulation each year to keep
pace with the increase of population,
| but. as the increase of population is ac-
companied by st!ll greater ratio of
INCREASE OF WEALTH
| and business, 1t was thought that an i'm
mediate Increase of circulation might be
obtained by larger purchases of silver
bullion to an amount sufficient to make
good the retirement of bank-notes and
keep pace with the growth of population.
Assuming that S5l coo, 600 year of ad-
ditional currency is needSd upon this
basis, that amount is provided for III
this bill by the issue of treasury notes
In exchange for bullion at the market
price.
If the United States then needed more
than $42,0O0.0O0 annually to keep pace
with population and business. 1t now,
with larger population, needs a still
greater annual addition; and the United
States is only one nation among many.
vision for increasing monetary needs of
the world.
In the second place. change in the
ratio Is not necessary. Hostile legisla-
tion has decreased the demand for sill
yer and lowered its price when meas
ured by gold. while this same hostile leg
islatlon. by increasing the demand for
gold, raised the value OF gold when
measured by other forms of property.
No one questions the right of legMa-
lures to fix the rate OF interest which
can be collected by law; there Is far more
reason for preventing private indiVidu-
ais from setting aside legal tender laws.
The money which Is by law made Il
legal tender must, in the course of ordin-
ary business. be accepted by 90 out of
every 100 persons. Special contracts
have tendency to increase the demand
for a particular kind of money and thus
force 1t to premium.
Some of the more ZealCu opponents of
free colnage point to the fact that thir-
teen months must clapse between the
election and the fret regular session OF
congress and assert that during that
time, in case people declared themselves
in favor free coinage, all loans would be
Withdrawn and all
MORTGAGES FORECLOSED.
II these are merely prophecies INDUCED
in by those who have forgotten the pro
visions of the constitution. IL Will be
sufficient to remind them that the presi-
dent is empowered TO convene congress
In extraordinary session whenever the
public good requires such action.
Whenever 1t is necessary for the pec-
pie as n whole TO obtain consent from
the owners of money and the changers
of money before they can leglslate upon
financial questions.w shall have passed
from democracy to plutocracy But
that time has not yet arrived. Threats
and intimidaticns Will be OF no avail. |
The people who in l776 rejected the doc
trlne that kings ruled by divine right,
will not in this generation subscribe to
doctrine that money Is omnipotenti
al agreement looking to the restoration
of blmetallism throughout the world.
The advocates of free coinage have on
all occasions shown their Willingness
to cooperate with other nations in the
reinstatement of silver but they are not
willing to await the pleasure OF other
governments when immediate
RELIEF IS NEEDED
'by the people of the United States and
they further believe that independent
action offers better assurance OF Inter-
national bimetallism than servile de-
pendence upon foreign aid.
For more than twenty years we have
invited the assistance of European ma.
tions but all progress in the direction
of international blmetallIsm has been
blocked by the opposition of those who
derive pecunlary benefit from the ap-
probation of gold. How long must we
walt for bimetallism 20 be brought to
us by those who profit by monometal-
llsm? II the double standard Will bring
benefits to our people who Will deny
them the right to enjoy these BENEFITS?
If our opponents would admit the
right. the ability and duty of our peo-
pie to act for themselves on all public
questions without assistance and re-
gardIess OF the wishes of other nations
and then propose the remedial legls!a
tion which they considered sufficient,
we could meet them in the field of hon
orable debate; but when they assert
that this nation Is helpless to protect
the rights of It's own citizens we chal-
people whose patriotism has never been
appealed to in vain.
We shall not offend other nations
when declare the right of the Amer
lean people to govern themselves and
without let or hindrance from without.
decide upon every question presented
for their consideration. In taking this
position we simply maintain the dig
nifty of seventy million citizens who are
second to none in their capacity for
government.