The people's journal. (Pickens, S.C.) 1891-1903, 1896-09-03
Bryan's Great Speech
-
At Madison Square Gar
den.
ICONCLUDED.
HOLDERS OF FIXED DINVESrMEN

HOLDERS Oh FIXED IN INVESTMENTS.
Even the holders OF liked investments
though they gain an advantag. from
the appreciation on the dollar, cor tain
~ see the in Justice OF the Legislation
winch gives them advantage over those
whose incomes depend upon the value
OF property and products. If the hold
ers of fixed investments will not listen
to arguments based upon justice and
tequity, l appeal to them TO consider
the interest Of p0sterity. We do not
live for ourselves alone; our labor, our
self-denial, and our anxious care-all
these arc for those who are to come
after us as much as for ourselves, but
wo can not protect our children boy Ond
the period OF our lives. Let thOsn who
are now rcapiug advantage from Il
vicious financial system remember that
In the years to come their own chii-
dren and their children's children
may, through the operation Of this
same system, be made to pay tribute
to the descendants OF tnosc who are
wronged to-day. AS against tho main
tepancc Of gold standard. either
permanently or until other nations
can be united for its othcrthrow, the
Chicago platform presents Il clear
and emphatic demand for the immedi-
ate restoration Of the free and unlimit-
I coinage of silver and gold at the
p, >ant legal ratio OF lG to 1, without
waiG.' !" for .:ife aid or consent Of any
our nation. WGs,re not asking that a
new experiment bG tried; We are in
Sisting on q return to financial policy
approved by the experl, nee Of history
and supported by all tic prominent
statesmen Of our nation, from the day
of the first President down 10 1878
hot ipf,
ed to unlimited coinage Of silver INTO
full legal-tcnder money, wo are simply
asking that the same mint privileges
be accorded to silver that are now uc-
corded to gold. When we ask that
this coinage DC at the rate OF Is to |,
we simply ask that our gold coins and
the standard silver dollar, which, be
it remembered, contains tho same
amount Of pure silver as the first
silver dollar coined at our mints, re-
tain their present weight and lincncss.
TIE BIMErALLIC THEORY.
The theoretical advantage Of tho
bimetallic system is best stated by a
! European writer on political economy
who suggests tho following illustra-
tiOn:
a river fe6 from two sources is moro
uniform in volume than in q river fed
from one sOurce--the reason being that
when one Of the feeders is swollen the
other may be low; whereas q river
which has but one feeder must rise
or fall with that feeder. So in tho
case Of bmctallism the volume of
metallic money receives contributions
from both the gold and silver mines
and therefore varies less ; and the dol
lar, resting upon two metals, is less
changeable in its purchasing power
than the dollar which rests upon ono
metal only.
If there are two kinds of money the
option must rest either with the debtor
or with the creditor. Assuming that
their rights arc equal we must look at
the interests Of society in general in
order to determine to which side the
option should be given. Under the
bimetallic system gold and silver are
linked together by law at fixed ratio,
and any person or persons owning any
Quantity Of either metal can have the
same converted into full legal tender
money. If the creditor has the right
to choose the metal in which payment
shall be made, it is reasonable to sup
pose that he will require the debtor to
pay in the dcarcr metal if there is any
pcrceptiblc difference between the
bullion values Of the metals. This new
demand created for the dearer metal
will make that metal dcarer, while
the decreased demand for the cheaper
metal will make the metal cheaper
still. If, on the other hand. he debtor
excrcised tho option, it is reasonable
to- suppose that he will pay in the
cheaper metal if one metal 10 perccpti-
bly, cheaper than the other; but the
demand thus created for the cheaper
t,J nj 70 la
lesscned demand for the dcarcr metal
will lower its price. In other words,
when the creditor has the option the
metals are drawn apart, whereas when
the debtor has the option the metals
are held together approximately at a
ratio fixed by law; provided, the de-
mand created is sufficient to absorb all
of both metals presented at the mint.
Society is, therefore, Interested in hav-
ing the option exercised by tho dcbtor.
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 compe!s
the creditor classes, whether domestic
or foreign, to exert themselves tC
maintain the parity between gold and
silver at the legal ratio, whereas they
might find profit in driving ono OF
the metals to Il premium if they could
then demand the dcarcr metal
Tho right of the dcbtor to choose
the coin in which payment shall be
made extends to obligations duo from
the government ds woll as to the con
tracts between individuals. A govern
mcnt obligation is simply debt due
from all the people to one OF tho pco
pic and it is impossible to Justify ;
policy which makes tho interests o
the ono person who holds the obliga
tion superior to tho rights Of the many
who must be taxed to pay for it. Wh
prior to 1873, silver was at q premium
il was never contendcd that nationa
honor required the payment OF Govern
ment obligations in silver, and thu
Matthews resolution, adopted by Con
gress in 1878, expressly asserted th'
right of the United States to redeem
coin obligations in standard silver dol
lars as well as In gold coin.
Upon this bjcct the Chicago plat
form reads: "Wc are opposed to tn
policy and practice Of surrcndering t.
holders OF obligations of the Unite
States the option reserved by law t
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