The Progress., 1896-09-19

ting tie pehe1lt. Vi 1irtetalllam, object
to coinage at the present ratio. L
hey are deceived by this objection.
they ought TO remember that there are
nc bimetalists who are earnestly en-
deavoring to secure it at any other ra-
tic than Is to /. We sre opposed to
any change in the ratio for two rea.
sons:
Must Not Change Ratio.
First because change would pro-
duce great injustice, and second, be-
cause a change in the ratio is not nec-
essary. A change would produce in
justice because, if effected in the man.
ner usually suggested, it would result
in an enormous contraction in the vol
ume Of standard money. Those who
have advised change in the ratio
have usually suggested that the silver
dollar be doubled. If this change were
made it would necessitate the rec)inage
Of four billions of silver into two bill
lions of dollars. There would be an
immediate loss of two billions OF dol
lars either to individuals or to the gov.
eminent, but this would be the least
Of the injury.
This contraction, by increasing the
value of the dollar, would virtually In.
crease the debts of the world billions
Of dollars and decrease still more the
value Of the property Of the world a.
measured by dollars. Besides this i'm.
mediate result such change in the ra'
ito would permanently decrease the
annual addition to the worlds supply
OF money, because the annual silver
product when coined into dollars twice
as large would make only half az many
dollars.
"In 1878 Mr.. Carlisle said: Man.
kind will be fortunate indeed II tho
annual production Of gold and silver
coin shall keep pace with the annual
increase Of population and industry
I repeat this assertion.
Easier to Get Gold Then.
1--WE are told that the restoration OF
bimetallism would be hardship upon
these who have entered into contracts
payable in gold coin, but this Is .
mistake. 1t will be easier to obtain the
gold with which to meet a gold contract
when most Of the people can use silver
than it is now when every one is try
ing to secure gold.
Some Of the more Jealous opponents
of free coinage point to the fact that
thirteen months must elapse between
the election and the first regular ses-
sion of congress, and assert that dur.
ing that time, in case people declare
themselves in favor Of free coinage,
all loans will be withdrawn and all
mortgages foreclosed. The president
is empowered to convene congress in
extraordinary session whenever the
public good requires such action. II,
ii November, the people by their bal.
lots declare themselves in favor OF the
immediate restoration OF bimetallism,
tho system can be inaugurated within
few months.
III, however, the assertion that loans
will be withdrawn and mortgages fore
closed is made to prevent such political
action as the people may believe to
be necessary for the preservation Of
their rights, then new and vital Issue
is raised. Whenever 1t is necessary
for the people as whole to obtain
consent from the owners Of money and
the changers of money before they can
legislate upon financial questions, We
shall have passed from democracy to
a plutocracy. But that time has not
yet arrived. The people who in Ito
rejected the doctrine that kings rule
by divine right will not in this genera.
ton subscribe to doctrine that money
is omnipotent.
International Bimotallisu,
I'VE are not opposed to an interna.
tional agreement, looking to the res.
iteration of bimetallism throughout the
world, but we are not willing to await
thepleasure Of other governments when
immediate relief is needed by the PEG.
pie Of the United States, and they
further believe that independent action
offers better assurance Of international
bimetallism than servile dependence
upon foreign aid. How long must We
wait for bimetallism to be brought to
US by those who profit by monometal.
ism? II the double standard will
bring benefits to our people, who will
deny them the right to enjoy those
benefits? In taking this proposition
we simply maintain the dignity Of TO-
100000 citizens, who are second to
none in their capacity for sell-govern-
ment.
"The gold standard has compelled
the American people to pay ever in
crasing tribute to the creditor nations
Of the world-a tribute which no one
dares to defend. I assert that nation.
al honor requires the United States
to secure justice for all its citizens 40
III L. l. l..-A III 81