The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-08-13
!bIIIty no pay Inc debts already contract


ard Will enable us to borrow more money
from abroad, l reply that the restora-
| ton of bimetallism Win restore the pa RI
~ between money and property and
thus permit an era OF money instead OF
perpetual borrowers. Even IL we desire
10 borrow, how long can we continue
borrowing under II system which by low
erinE the valtg OF property weakens
the foundation upon which credit rests? ?
Let those who are now reaping ad-
Vantage from vicious financial system
remember that in the years TO come
their own children and their childrcns
children may, through the operatio
of this same system. be made to pay
tribute to the descendants of those who
are wronged to-day.
| As against the maintenance OF a gold
standard, either permanently or until
other nations can be united for its over
throw, the Chicago platform presents n
cleaS and emphatic demand for the i'm
| meflate restoration OF the free and
unlimited coinage of silver and gold at
| the present legal ratio OF IL 10 | with
out waiting for aid or consent of any
other nation. We are not asking that
| a new experiment be tried; we are in
sisting upon return to a financial poll
cy approved by the experience OF his
tory and supported by all the prominent
statesmen of our nation from the days
of the first president down 10 1878
The theoretical advantage of the BIZ
metallic system Is best stated by an
European writer on political economy
who suggests the following Illustration
"A river fed from two sources is more
uniform In volume than n river fed from
enc source-the reason being that when
lone of the feeders is swollen the other
may be low; whereas, Il river which has
but one feeder must rise or fail with
that feeder. SO in the case of bmetall-
fg,N, Lao .
ceives contributions from both the gold
mines and the silver mines, and. there
fore varies less: and the dollar resting
upon two metals, Is less changeable in
it's purchasing power than the dollar
which rests on one 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 are equal, we must look at
the interest of society in general In Or
der to determine 10 which side the option
| should be given. Under the bimetallic
| system gold and silver are linked to-
gether by law at u fixed alto and any
person or persons owning any quantity
| of either metal can have the same con-
verified 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
dearer metal, If there is any perceptible
difference between the hnllion values q,
the metals. THIS NEW DEMAND
CREATED FOR THE DEATiIGit Met
AL WILL MAKE THAT NERAL
CREASED DEMAND FOR THE
CHEAPER METAL WILL MAKE
THAT METAL CHEAPER STILL. If.
on the other hand. the debtor exercises
| the option, IL Is reasonable to suppose
that he will pay in the cheaper metal,
| a oil, In,
the other BUT THE DEMAND THUS
CREATED FOR THE CHEAPEI,
METAL WILL RAISE IT'S PRICE,
WHILE THE LESSI2NI0D DEMAND
FOR THE DEARER METAL WILL
LOWER IT'S PRICE. In other words,
when the creditor has the option the
metals are held together approx inately
at the ratio fixed by law: provided the
demand created is sufficient to absorb
all of both metals presented ut the mint.
Society Is, therefore, interested i'm hav-
ing the option exercised by the debtor.
Indeed, there can be no such thing
as real bimetalism unless the option is
exercised by the debtor. The exercise of
the option by the debtor compels the
creditor class, whether domestic or for
| eiEn, TO exert themselves to maintain
the parity between gold and silver
at legal ratio, whereas they might
hnd proiit in driving one of the metals
to premium II they could then de-
mana the dearer metal The right of
the debtor TO choose the coin In which
payment shall he made extends to obli-
cations due from the government as
well as to contracts between individuals.
y government obligation is simply a
debt due from all the people to one of
the people, ana IL is impossible to Justify
a policy which makes the interests OF
the one person who holds the obligation
superior 10 the rights OF the many who
must be taxed To pay 1t. When, prior
10 1913. silver was a Il premium, IL was
never commended that national honor re-
quired the payment Of government obli-
cations in silver, and the Matthews reso-
luton. adopted by Congress in 1878, ex-
pressly asserted the right of the United
states 10 redeem coin obligations i'm
standard silver dollars as well a in gold
dollars.
| Upon this subject the Chicago plat
! form reads:
we are opposed to the policy and
practice OF surrendering to the holders
| OF the obligations of the United STATES
me option reserved by law to the gov
eminent of redeeming such obligation
IN either silver or gold coin"
IL Is constantly assumed by some
| that the United States notes common
| ~ called Greenhacks and the Treasury
| notes Issued under the act of 1890 are re-
| SpoNSib!c ior ;hc recent drain upon tha
Soli reserve. but this assumption is en-
| t!re!y without foundation Secretary
Carlisle appeared before the House com.
| mittee on Appropriations on Januorv
q, 1895, ana / quote from the nrinte1
| REPORT ot his testimony before the COM