The Kootenai herald. [volume] (Kootenai, Idaho) 1891-1904, 1896-08-15


any person or persons owning any guam
tity 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
il is reasonable to suppose that he will
require the debtor to pay in the dearcr
money, If there is any perceptihle differ
ence between the bullion values of the
metals This new demand created for a
dearer metal will make that metal dearer
still. while the decreased demand for the
cheaper metal will make that metal
cheaper still.
when the creditor has the option the
metals are drawn apart; whereas wnen
the debtor has the option the metals are
held Together and Appropriated at the
ratio fixed by law; provided the demand
created is sufficient to absorb all or both
metals presented at the mint Society IS
therefore interested i'm having the option
exercised by the debtor. There can be
no such thing as real bimetalllsm until
the option is exercised by the debtor. The
right of the debtor to choose the coin in
which payment shall be made extends to
obliga tions due from the government. as
well as to contracts between individuals.
government obligation is simply a debt
pie. and it is impossible to justify a policy
which makes the interest of one person.
who holds the obligations. superior to the
rights of the many who must be taxed to
pay it.
Government Redemption.
1T is constantly assumed by some that
United States notes. commonly called
greenbacks, and treasury notes issued
| he not If acnopeihla
the recent drain upon the gold reserve,
but this assumption is entirely without
foundation. The fault does not lie with
the greenbacks and the treasury notes.
but rather with the executive officers who
have seen fit to surrender right which
should have been exercised for the pro-
| lection of the interests of the people. We
are told that any attempt upon the part
of the government to redeem its obliga-
| tons i'm 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 a ratio of 1879 TO !,
and retains in circulation more silver
per capita than we do.
1T may be further answered that our
opponents have suggested no feasible
plan for avoiding the danger which they
fear. The retirement of greenbacks and
treasury notes would not protect the
treasury, but the same policy which now
leads the secretary of the treasury to
redeem all government paper in gold,
when gold is demanded. will require the
redemption of all silver dollars and silver
certificates in gold. if the greenbacks ard
| treasury notes are Withdrawn from
circulation. Are our opponents willing to-
outline a financial system which win
carry out their precepts to "A legitimate
conclusion, or will they continue to cloak
their designs in ambiguous phrase? There.
is an actual necessity for bimetallism
we'll as a theoretical defense. We con-
tend that the free and unlimited coinage
by the United States alone will raise the
bullion coinage of silver to its coinage
value and thus make silver bullion worth
$1.29 per ounce i'm gold throughout the
world.
In Keeping With Natural Laws.
This proposition is in keeping with
natural laws. and 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.
The question upon which international
bimetallsts and independent bimetallists
coinage of silver at the presnt legol ratio
will create "A demand for silver which.
taken in connection with tine demand al
ready i'm existence will he sufficient to
utilize all the silver that would be pre-
scented at the minis. They agree i'm their
defense of the bimetallc principle, and
they agree in the unalterable opposition
to the gold standard. International BIZ
metallists can not complain that free
coinage gives a benefit to the mine own
en- but International bimetallism gives to
the owner of silver all the advantages of
fered by Independent bimetallism at that
ratio. International bimetallists can not
accuse the advocates of free silver of
being bullion owners who desire to raise
the value of bullion, or debtors who de-
sire to pay their debts in cheap dollars,
or demagogues who desire to curry favor
with the people.
"They must rest their opposition on the
ground only, namely. that the supply OF
silver available for coinage is too large
to be utilized by the United States. If
our mines are opened to free and unlim-
tied coinage at the present ratio, mer-
chandise silver can not come here. The
labor applied to il has made ii worth
more in the form of merchandise than it
will be worth at our mints. We not
even expect all of the product of silver,
because India. China, Japan and Mexico
and all other silver using countries must
satisfy their annual needs from the an
nual products. The arts will require a
large amount, and standard countries will
need considerable quantity for subsidi-