The Bryan daily eagle. (Bryan, Tex.) 1895-1898, 1896-08-14

j.
nit an era u prosperity which will enable /
the American people to become luaners " /
money instead 81 perpetual borrowers.
Even II We desire 90 borrow how long can /
We continue borrowing under a system /
which by lowering the value q property |
weakens the foundation upon which credit /
restsf n the holders Of fixed gains. though |
they gain an advantage from the apprccia- 1
ton 81 the dollar. certainly see the inius- |
tioe Of the legislation which gives them adj. |
vantage over those whose Income depend |
upon the value Of property and products. |
II the holders Of fixed investments willnO |
listen 20 arguments based upon Justice and |
rquity. ! appeal 90 them 70 consider the
interest Of postcrity. We do not live for
ourselves alone or for those who come after
u.s. but we must protect our children be
yund the period Of our lives Let these
who are now reaplng advantage from n
vicious financial system remember that IN
the years TO come their own children and
their childrens children may, through the
operation of this same system, be made 10
pay tribute 10 the descendants Of those
who are wronged today
As against the maintenance Of u gold
standard either permanently or until other
nations can DE united for its overthrow the
Chicago platform presents clear and EN-
phatic demand Tor the immediate reston.
silver and gold nc the present legal ratio
oi rs 90 ! without waiting for the aid ~
consent ~ any other nation. We are not
asking that new experiment ~ tried;
We arr insisting on % return 90 financial
policy approved hy the experience Oi his
tory and supported by nll the prominent
statesmen 81 our nation from the days OF
the first president down 90 lsia When we
ask that our minis b. opened to the free
L 4
/ legal tender money We nre simply asking
| that the same mint privileges be- accorded
| to silver that are now accorded 90 gold.
| When we ask that this coinage be- nc the
/ ratio of 10 to We simply ask that our gold
I coins and the standard silver dollar, which,
l be Il remembered contains the same
amount Of pun silver ~ the. first silver
I coined at our mints, retain their present
/ weight and iincness.
The theoretical advantage ~ the hi.
metallic system j. lest stated by an Euro
nean writer ON political economy, who
| suggests the following illustration
"A river fed from two sources h more
| uniform IN value than river fed from one
source-the reason being that when one ~
the feeders h swollen the other may be-
low: whereas river which has but one
feeder must rise or fall with that feeder
So In the ease ~ himciallism the volume
| II metallic money receives contributions
from both the gold and silver mines. aud
Therefore varies less. and the dollar. rest
ing upon two metals. l. lees changcahle In
it, purchasing power than the dollar
which rests upon one metal only
II there are two kinds 90 money the OPP
ton must rest either with the debtor or
with the creditor Assuming that their
rights ART equal we must look ~ the in
ter,st Of society In general In order To- De
iermine 10 which side the option should I've
given Under the hmetallic system gold
and silver are linked together 10y law at a
fixed ratio, and any person or persons
owning any quantity ~ either metal can
have the same converted into full legal
tender money. n the creditor has the
right 20 choose the metal in which pay
ment shall lie mnde. Il j. reasonable "a
| suppose that he will require the debtor a.
pay On the dcarer metal II there u any per
oeptihlc difference between the bullion val
ues ~ the metals This new demand ere
/ ated Tor the dearcr metal viii make that
| metal dearrr still while the decreased de-
maud for the cheaper metal viii make The
metal cheaper still II. on the other hand
the debtor exercises the option 10 II reason
able that be- will pay In cheap metal u one
metal l. percptihly cheaper than the other
but the demand thus created for the cheap
er metal will raise it, price. while the less
cncd demand for the dearcr metal VIII low
/, er H. price In other words, when th'
creditor has the option, the metals ar'
I drawn auart whereas when the dehtu
has the option the metals are held togrthc
approximately M ratio fixed by law
b pr6vidrd the demand created j. suiiicien
To absorb all u both metals presented %
{ the mint
I Soclety. therefore. l. interested In hav
! ing the option exercised hy the debtor
? Indeed. there can be- no such thing ~ rca
| himetallism unless the option ls exercises
I hv the debtor The exercise NJ the uptiol
q by the dcldor compels the creditor class
b | whether domestic or foreign, % eNcr
q themselves o. maintain the parity hetwce
p gold and silver at the legal ratio, whcrca
r they might fluid n profit Ia driving one q
y the metals toa premium II they could {
n demand the dearrr metal The right q
1 the deeper Ia choose the coin In whic
G payment shall be made extends 90 ohlga
o lions due from the government, ~ well q
!, 10 the contracts between individuals :
a government obligation Is simply a def
?, due FROM III the people 10 one ~ the r.
b. ple. aud 10 ID impossible % justly polio
n which makes the interests ~ the one pei
II son who holds the obligation superior
: the rights Of the many, who must Z
Il taxed 10 pay for a.
b Then. prinr To is5a. silver WAS nj n pr
!. MUM h was never cuntendcd that M
a tional honor required the payment " gn'
h ernment obligations In silver. and ~
Matthews resolutions, adopted hy COZ
y gress In isis expressly asserted the rigi
a III the United States to redeem coin DBL
I uations In standard silver dollars ~ well 3
In gold coin. Upon this subject the Oh
m cagu platform reads
n 1--WE arr opposed % the policy and pril
N ciples ~ surrendering o. the holders
81 obligations 1T the United States the o
~ ton reserved by law 20 the government
M redecming such obligations In silver col
r or gold con.
n. II t. constantly assumed 10y some th
y, the United States notes, commonly call'
d. grvcnhacks and the treasury NOTES, ISSUE
i. under the act Of lSO, arc responsible 4
a the recent drain upon the gold rcserv
le but this assumption i entirely withol
u foundation.
y. Here Mr. Bryan referred to Sccrcta
Il, / Carlisle TESTIMONY before the seun
in bond investigating committee In which
u said De- redeemed all the paper presents
n. ia gold because his predecessors set the q
x ample and be- was afraid to do otherwi
Il. for the welfare ~ the government
AZ do not agree with the secretary that
Va was wise 10 follow q bad precedent 10
iy from his answer 10 will be- seen that q
.d fault does not he with the grccnhacks NJ
lr. treasury notes, but rather with the eN'
I'm utivp officers. who have seen ilt TO SURE
rc der right which should have been exc
cised FOR the protection Of the Interests
d the people This executive action has
IN ready hren made the excuse Tor the iss
n of mOre than s2j00Nt00 In bonds, and
X. & impossible 90 estimate the amount
n. bonds which may hereafter be- issued
a this policy Is continued,
~ We are told that m attempt ON the pa
IN Of the government at any time 10 redee
A. its obligations In silver would put ~
bt minm ou gold hut why should ~
of The hank 0f France exercises the right
be- redeem an bank paper In either gold
o. silver and yet France maintains the ~
e. ity between gold and silver at the ratio
le rs ne 10 aud retains IN circulation mo
v. silver per capita than we do In the Unit
IN Aatus
no II has been further answered that q
he onponcnts have suggested no feasible pll
n. for avoiding the dangers which they ici
of The retirement Of the Rrccnbacks nj
- f,,..ae,tr,. ,,,t..a tVnul1 NOT nrnlerl the tired