Middlebury register. (Middlebury, Vt.) 1886-1937, 1896-08-21

in proportion TO our increasing popula-
ton. "
If our present currency if estimated
at $1,000, 600, OO0 and our population is
increasing at the ratio of 3 per cent per
anuum, it would !, ..uiro sl2 600, 600 in
creased circulation each year to keep pace
with the increase Of population, but as the
increase of population Is accompanied bya
still greater ratio of increase of wealth and
business it was thought that an immedi-
ate increase of circulation might be OBJ
tanned by larger purchases of silver bullion
to an amount sufficient to make good the
retirement of bank notes and keep pace
with the growth of population. Assuming
that $54, 900, 600 year of additional cur
rency is needed upon this basis, that
amount is provided Tor in this bill by the
issue of treasury notes in exchange for
bullion at the market price.
If the United States then needed more
than s42, 200, 600 annually to keep pace
with population and business, it now,
with larger population, needs o still
greater annual addition, and the United
States is only one nation among many.
Our opponents make no adequate provi-
sion for the increasing monetary needs of
the world
In the second place, change in the ra-
ito is not necessary. Hostile legislation
has decreased the demand for silver and
lowered its price when measured by gold,
while this same hostile legislation by in
creasing the demand for gold, has raised
the value of gold when measured by other
forms of property.
We are told that the restoration of BIZ
metallism would be hardship upon those
who have entered into contracts payable
In gold coin, but this is a mistake. 1t will
be easier to obtain the gold with which to
meet gold contract, when most of the
people can use silver, than it is now, when
every one is trying to secure gold.
The Chicago platform expressly declares
In favor of such legislation as may be nee
essory to prevent for the future the de-
monetization of any kind of legal tender
money by private contract Such con-
tracts are objected to on the ground that
they are against public policy. No one
questions the right of legislatures to fix
the rate of interest which can be collected
by law. There is far more reason for pre-
venting private individuals from setting
aside legal tender law. The money which
is by law made u legal tender must, in
the course of ordinary business, beaccepted
by nincty-ninc out of every hundred per-
be permitted to exempt himself from the
general rule? Special contracts have q
tendency to increase tho demand for par
ticular kind of money, and thus force it to
premium. Have not the people n right
to say that n comparatively few individ-
uals shall not be permitted to derange tho
financial system of the nation in order to
collect premium in case they succeed in
forcing ono Kind of money to premium?
There is another argument to which
ask your attention. Some of the more
jealous opponents of free coinage point to
the fact that 13 months must elapse be
tween the election and the first regular
session of congress and assert that during
that time, in case people declare themselves
I'm favor of free coinage, all loans will be
withdrawn and all mortgages foreclOsed.
If these are merely prophecies INDUCED in
by those who have forgotten the provisions
OF the constitution, it will be sufficient to
remind them that the president is empow-
cred to convene congress in extraordinary
session whenever the public good requires
such action. If in November tho PEOPLE
by their ballots declare themselves in favor
of the immediate restoration of bimetal-
lism, the system can be inaugurated with
in n few months.
If, however, the assertion that loans will
be withdrawn and mortgages foreclosed
is made to prevent such political action as
the people may believe to be necessary for
the preservation of their rights then a
new and vital issue is raised. Whenever it
is necessary for the people as whole to
obtain consent from the owners of money
and the changers of money before they can
legislate upon financial questions, we shall
have passed from n democracy to a plu-
tocracy. But that time has not yet arrived
Threats and intimidation will be of no
avail. Tho people who in 1776 rejected
the doctrine that kings rule by right di-
vine will not in this generation subscribe
to doctrine that money is omnipotent
international BimctaIlism.
In conclusion, permit me TO say word
in regard To International bimetallism
We are not opposed to an international
agreement looking to the restoration of
bimetallism throughout the world. The
advocates OF free coinage have on all occa-
sions shown their willingness to cooper
ate with other nations in the reinstate-
ment of silver, but they are not willing to
await the pleasure of other governments
when immediate relief is needed by the
people of the United States, and they fur
ther believe that independent action offers
better assurance of international bmet-
allism than scrvile dependence upon for
eign aid. For more than 20 years we have
invited the assistance of European nations,
but all progress in the direction OF inter
national bimetallism has been blocked by
the opposition of those who derive pecun-
larry benefit from the appreciation of gold
How long must we wait for bimetallism
- 4 l.. 1. n
recommendation? If the double standard
will bring benefits to our people, who will
deny them the right to enjoy those bene-
f1tsp II our opponents would admit the
right the ability and the duty of our peo-
pie to act for themselves on all public
questions without the assistance and re-
CARELESS OF the wishes of other nations
and then propose the remedial legislation
which they consider sufficient, we could
meet them in the field of honorable debate,
but when they assert that this nation is