The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-13

the silver certificate, which Is as easily
carried as the gold certificate or any
other kind of money.
There are some who, while admitting
the benefits Of bimetalliSm, object TO
coinage at the present ratio. If any
are deceived by this objection, they
ought 20 remember that there are no BIZ
metalltsts VINO are earnest in endeaVor-
ing to secure it at any other ratio than
Is to l. We are opposed to any changes
of the ratio for two reasons: First, be-
cause change would produce great in
Justice and, secondly, because a change
In the ratio is not necessary. A change
would produce injustice because, If ef-
fected in the manner usually suggested,
1t would result in an enormous contrac-
ton in the volume of standard money.
If, for instance, il was decided by in
transitional agreement to raise the ra-
ito throughout the world to 80 to l, the
change might be effected IN any one of
three ways: The silver dollar could be
doubled in size, so that the new silver
dollar would weight 80 times as much as
the present gold dollar, or the present
gold dollar could be reduced one-half
In weight, so that the present silver
dollar would weight 81 times as much as
the new dollar, or the change could be
made by increasing the size of the sl-
yer dollar and decreasing the size of
the gold dollar until the new silver dol
tar would weight 90 times as much as
the new gold dollar. Those who have
advocated a change in the ratio usually
suggested that the silver dollar be doub-
ted. If this change were made it would
necesSitate the re-coinage of four bill
lions OF silver into two billions OF dol
lars
There would be an immediate loss OF
two billions of dollars, either to individ
ual5 or to the government, but this
would be the least OF the injury. A
shrinkage of one4half IN tine silver mon
" of the world would mean a shrink
age of one-fourth of the total volume
Of metallic money. This contraction,
by increasing the value Of the dollar,
would virtually increase the debts Of the
world billions of dollars and decrease
st'l more the value of the property of
the world as measured by dollars. Be
sides this immediate result, such a
fTange in the ratio would permanently
decrease the annual addition to the
worlds supply of money, because the
annual silver product, when coined into
dollars twice as large, would make only
half as many dollars.
be injured by a change IN the ratio, not
because they produce silver but because
they own property and owe debts and
they cannot afford TO thus decrease the
VA ue of their property or increase the
burden of their debts.
IN 1873 Mr.. Carlisle said:
Mankind Will be fortunate indeed IL
The annual production of gold and silver
coin shall keep pace with the annual in
-Iease of population and industry"
I repeat this assertion. All Of the
gold and silver annually available for
coinage when converted into coin at the
present ratio will not, in my judgment,
more than supply our monetary needs.
In supporting the action of 100, known
as the Sherman act, Senator Sherman
on June 5 of that year said:
Under the law of February, 1878, the
purchase of s.. 900. 900 worth of silver bull
lion a month has by coinage produced
annually an average of nearly 5000. 900
dollars per month for period of twelve
years but this amount, in view Of the re-
tarement of the bank notes, will not in
crease our currency in proportion to our
increasing popula ton. If our present
currency is estimated at 81 400, 900 600
and our population is increasing a t the
rat of per cent per annum it would
require g, 000.0 900 increased circulation
paoh year to keep pace with the increase
Of population but as the increase OF
population ia accompanied by a still
greater ratio of Increase of wealth and
business, IL was thought that immedi-
ate increase of circulation might be OBJ
tanned by large purchases of silver bull
lion to an amount sufficient TO make
good the retirement of bank notes and
keep pace with the growth of population
Assuming that So, 000 a year of ad-
tlitional currency is needed upon this
basis that amount is provided for in
this bill by the issue of treasury notes
In exchange for bullion at the market
price"
II the United States then needed more
than S42, 0eo, 600 annually to keep pace
with the population and business, 1t
now, with larger poulation, needs
etill greater annual addition; and the
United States is only one nation among
many. Our opponents make no ade-
quate provision for the increasing mon
ey needs Of the world.
In the second place. a change in the
ratio IS not necessary. Hostile legisla-
ton has decreased the demand for sill
yer and lowered its price when measur-
when measured by other forms of prop
erty.
We are told that the restoration Of b.
metallism would be hard upon those
who have ventured into contracts pay
able in gold coin. but this Is a mistake.
II viii be easier to obtain the gold with
which 70 meet gold contract when
most of the people can use silver than il
IS now when every one is trying to Sc
cure gold
The Chicago platform expressly de-
Cares in favor Of such legislation as
may he necessary to prevent for the
future the decentralization of any kind
OF legaa tender money by private con-
tract Such contracts are objected 10
on the ground that they are ganist pub
&c 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 the preventing
private individuals from setting aside
legal tender law. The money which *
~ law made a legal tender must in the
course OF ordinary business be accepted
by go out of every 100 persons. Why
should the one hunGredth man be per-
nfittei 10 exempt himself from the gen.
eral rule? Special contracts have a
tendency TO increase the demand for a
particular kind Of money and thus force
* - r premium. Have not the peoo.e
a right 10 say that a comparatively
few individuals shall not be permitted
tc oerange the financial system Of the
nation in order 70 collect a premium,
IN case they succeed in forcing one
kird Of money % premium?
There is another argument to which
ask your attention Some o. the more
zealous opponents Of free COMA &c point
70 the fact that thirteen months must