The Progress., 1896-09-17
without waiting for the aid oY' consent

Il any other nation. We are not ask !
M that a new experiment DO tried; we
IRE insisting upon return to imam
,ial policy approved by the experience
Of history and supported by all the
prominent statesmen OF our nation
from the days Of the fri president
down to 1873.
FREQ Coinage Of Both Metals
when we ask that our nints be
opened to the free and unlimited coin
age Of silver into full legal-tender
noner, we are simply asking that the
same mint privileges be accorded 10
silver that are now accorded to gold.
When we ask that this coinage De al
the ratio of 16 to 1, we simply ask that
our gold coins and the standard silver
dollar-which, be it remembered, con-
tains the same amount OF pure silver as
the first silver dollar coined at our
mints-retain their present weight ana
fineness.
If 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, II Is
reasonable to suppose that he will re-
CURE the debtor to pay in the dearer
metal if there is any perceptible dlner-
ence between the bullion values OF the
metals. If, on the other hand, the
debtor exercises the option, it is rea-
sonable to suppose that he will pay
in the cheaper metal if one metal IS
perceptibly cheaper than the other; but
the demand thus created for the cheap
err metal will raise its while tne
lessened demand for 1rer meta'
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, the
metals are he1d 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, interested
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. Tho
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 II
driving one of the metals to premium
J; If they could then demand the deare
metal.
Debtors and Creditors.
1.-THE right Of the debtor to choos
= the coin in which payment shall
made extends to obligations due frol
D the government, as we'll as t. cor
tracts between individuals. A govern
e ment obligation is simply a debt du
y from all the people to one OF the pet
y pie, and it is impossible to justify
Il policy which makes the interest of IL
le one person who holds the obllgatio
superior to the rights Of the many WI
must be taxed to pay it. When, prl'
4 to 1878, silver was at a premium, 1t vi
9. nsyer contended that national hon
le required the payment Of governme
Z. obligations in silver. and the MATTHEW
lie resolution, adopted by congress
er 1878. expressly asserted the right OF t
I'd United States to redeem coin obllg
e. lions in standard silver dollars, as w
ne as in gold coin.
OF 1--WE are told that any attempt up
ns the part of the government to redee
lst It's obligations in silver would put
ms premium upon gold, but why should
ed The Bank Of France exercises the rie
~ to redeem all bank paper in either g
ST. or silver, and yet France maintains
in parity between gold and silver at
OF ratio of 151z to /, and retains In Cir
la lation more silver per capita than
ge- do in the United States.
to eve contend that free and unlimi
OF coinage by the United States alone
Of raise the bullion value Of silver to
lot coinage value, and thus make sill
as bullion worth $1.29 per ounce In 6
nd throughout the world. This prop'
. q ton is in keeping with natural la
bile not in defiance Of them. The
the, known law Of commerce is the Law
dis supply and demand. We recog1
ted, this law and build our argument u
the It. We apply this law to money W
row 10 ny that reduction In the vol
hat Of money will raise the purcha'
70. power of the dollar; we also apply
and law Of supply and demand to 81
Of when we say that q new demand
ner- silver created by law Will raise
,ney price Of silver bullion.
whore the Bimstallists Differ.
"The only question upon which
how .ernational bimetallists and indep
nder emit bimetallists differ is: Can
alue United States, BY the free and unli
tion ed coinage Of silver at the present
the ratio, create demand for silver, WI
,ugh taken in connection with the den
ap- already in existence, will be sumo
~ -s0~n,, vsy3N hA