The weekly Thibodaux sentinel and journal of the 8th Senatorial District. [volume] (Thibodaux, Lna. [i.e. La.]) 1875-1898, 1896-08-22

Ia ~ESp y Ia OOGA 49,
the mint.
Society, therefore, Is interested in hay
ing tho option exercised by the d0btOr.
Indeed. there can be no such thing = real
bimetallism unless the option is exercised
by the debtor. The exercise of the option
by the debtor compels the creditor class,
whether domestic or foreign. to exert.
themselves to maintain the parity between
gold and silver aI the legal ratio, whereas
they might find q profit in driving one Of
the metals to a premium if they could to
demandthe dearer metal. The right Of
the deeper to choose the coin in which
payment shall be made extends to Obliga-
.;nns due from the government. as well rs
to the contracts betwenn individuals. A
government obligation is simply q debt
dne from all the people to n ct the peo-
ple. and it il impossible to Justify a policy
son who holds the obligation superior to
| the rights of the many, who must be
taxed to pay for II.
Then, prior to 1879. silver was at . pre-
MUM. II was never cOntended that ma
tional honor required the payment Of gov
eminent obligations in silver. and the
Matthews resolutions, adopted by con-
greSs in 1878. expressly asserted the right
Of the United States to redeem coin obi
cations in standard silver dollars as well as
in gold coin. Upon this subject the Chi
csgo platform reads:
stIH OnHOH6Q VD tIc ROkICy 4uu UT1Il-
ciples OF snrrendering to the holders OF
obligations of the United States the OPP
ton reserved by law to the government OF
redeelning such obligations in silver coin
or gold CON-"
1t is constantly assumed by some that
the United States notes, commonly called
gTeanbacks and the treasury notes. issued
under the act of 1890. are responsible for
the recent drain upon the gold reserve,
but this assumption is entirely without
foundation.
There Mr.. Bryan referred to Secretary
Carlisless testimony before the senate
bond investigating committee in which he
said he redeemed all the paper presented
in gold because his predecessors set the ex-
ample and he was afraid to do otherwise
for the welfare Of The government.
lido not agree with the secretary that it
was wise to follow . bad precedent, out
from his answer it will be seen that the
fanit does not lie with the greenbacks and
treasury notes. but rather with the exec
ntive officers. who have seen fit to surren-
der a right which should have been exer-
cised for the protection Of the interests Of
the people. This executive action has al
| ready been made the excuse for the issue
of more than $25O, 000.tR0 in bonds, and it
is impossible to estimate the amoun OF
bonds which may hereafter be issued Il
| this policy il continued.
We are told that an attempt on the part
| OF the government at any time to redeem
its obligations ia silver would put a pre-
mimi on 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 par
ity between gold and silver at the ratio of
Is IL to ! and retains in circulation more
silver per capita than we do in the United
| states.
It has been further answered that our
opponents have suggested nc feasible plan
for avoiding the dangers which they fear.
| The retirement of the ~greenbacks and
| treasury notes would o protect the treas
ury. because the same policy which now
leads the secretary Of the treasury to re-
deem all government paper in gold when
gold is demanded will require the redemp-
tion Of all silver dollars and silver certifi-
catet in gold il the greenbacks and treas
nry notes are withdrawn from circular
ton.
Mors than thu, il the government
should retire it, paper and throw upon
redemption the banks would exercise the
| right to furnish either gold or silver. In
other words. they would exercise b OPP
ton, Just rs the government ought to ex-
ercise it now. The government must
! eithe. exercise the right to redeem its OBJ
| legations in silver when silver is more con-
v~enient, or it must call all the silver from
circulation and use nothing but gold -
legal tender. Are our opponents willing
to outline a financial system which will
carry out their policy to its legitimate
conclusion, or will they continue to cloak
their designs in ambiguous phrasess There
is an actual necessity for bimetallism as
we'll IA a theoretical defense of it.
The silver dollar is now held up to tho
gold dollar by legal tender laws and not
by redemption in gold, because the stand
ard silver dollars are not now redeemable
in gold either in law or by administrative
policy. We contend that free and unlim-
tied coinage by the United Ssats alone
will raise the bullion value of silver to its
coinage value and thus make silver bull
lion worth 41.9 per ounce in gold through
out the world. This proposition is in
keeping with natural laws not in defiance
to them. /.
IF our minis are opened to free and mn
limited coinage at the present ratio mer-
cEandise silver eannot com here because
the labor applied to it mas made it worth
more in the form Of merchandise than it
would be worth at our minis. We cannot
| even expect all OF the annual product OF
| silver. because India, China, Japan, Mexi-
co and all the other silver using countries
mist satisfy their annual needs from the
products: the arts will require a large
mount and the gold standard countries
will need q considerable quantity for sub
sieiary coinage. We will be required to
coin only that which is not needed else
where, but II we stand ready to q and
| utilize all of it other nations will be com
PEELED to buy at the price which we fix.
| Many fear that the opening of orr minis
will be followed by the enormous increase
in the annual production of silver. This
is conjecture. Silver has been used as
money for thousands of years, aIai during
| all that time the world has never suffered
from oy~erproduction.
Orr opponents cannot ignore the fact
| that gold is now going abroad in
| spite Of all legislation intended to prevent
| it and no silver is being coined to take its
| place. Not only is gold going abroad now,
| but it must continue TO 60 abroad as long
as the present financial policyis adhered to
| unless we continue TO hnrrnw from acrass