The Progress., 1896-08-22

VI HISluI anu HHnVbl'U ~ "N Wv
prominent statesmen OF o'ir nation
from the days OF tho first president
down to 1873.
FREQ Coinage 81 Erth Metals.
when We ask tEJi our mints 30
opened TO the free and unllmited con-
2ge OF silver into fall Legal tender
money. We are almp,y asking that the
same mint privileges b. accorded 10
ailser that are noW accorded to sold.
When we ask that this coinage b' at
the ratio OF II to /. we simply ask that
our gold coins and the standard silver
dollar which, be it remembered. con
tains the same amount IT pure silver rs
the first silver dollar coined at our
mints retain THEW present wnigh' sud
tncness
III there arc WO kiudR Of m0n-y |he
option must rest either with the debtor
or with the creditor. # the creditor
has the right to choose the metal in
! which payment shall be made il "a
reasonable to suppose that ne wIll 10
| quire the debtor TO pay IN the hea,"i
metal II there is any pclCeptihl" differ
cnCe bel tween the bullion vailIrs Df the
metals. If. on the other hand, the
| debtor exercises The option. 1t ia rra-
sonable TO suppose TINT he viii pay
| Ia, hs nI al a
pcrceptibly cheaper than the other. but
the demand thus created Tor he cheap.
CT metal will rait2 It's white The
| lcssened demand for ,rer metal
Will lower It's price. =. Other words,
when the creditor has the option the
metals are drawn apart. whereas.
when the debtor has the option, the
metals ar" held together approximately
ut the ratio fixed by law, provided the
demand created * sufficient 10 absorb
all OF both metalg presented at the
mint. Society Is. therefore, interested
in having the option exercised by tn"
debtor. indeed there can tr no such
thing as real bimetallism unless tn"
option Is exercised by the debtor. The
exercise of the option by tn" debtoI
C0mpes the creditor claHgef. whether
domestic or foreign. to eXor' them
selves to maintain the parity between
gold and silver at the legal ratio
whereas they might find a profit In
driving one of the metala TO a premium
II they could then demand the denrcl
metal.
Debtors and trcdltors.
"The right of the debtor 10 choose
the coin in which payment shalt be
made extends to obligations due from
the government, as well as t" con.
tracts between indiYiHua!G. A govern,
ment obligation Is simply debt due
from all the people to one Of The PEG,
pie, and it is impossible 10 justify q
policy which makes the inteies; of the
one person who holds the obligation
superior TO the rights Of the mnny who
must be taxed to pay it. When, prior
to 1873, silver was at premium. it was
peTer commended that national honor
required the payment OF government
obligations in silver, and the Matthew
resolution, adopted by congress II
1878, expressly asserted the right OF The
United States to redeem coin Obliga
tons In standard silver dollars, az vel
az in gold coin
eve arc told that any attempt upon
the part Of the government to redeer
It's obligations in silver would pat &
premium upon gold. but why should il
The Bank of France exercises the righ
to redeem all bank paper in either goC
or silver, and yet France maintains thu
parity between gold and silver at the
ratio Of 151s to /, and retains in circu
lation more silver per capita than w
do in the United States.
Eve contend that free and Unlimited
coinage by the United States alone vii
raise the bullion value Of silver to It
coinage value, and thus make silyeI
bullion worth $l.29 per ounce in golt
throughout the world. This PROPOSE
ton Is In keeping with natural laws
not in defiance of them. The hes
known law Of commerce Is the law 0
supply and demand. We recogniz,
this law and build our argument upol
it. We apply this law to money whcl
we eay that a reduction In the volume
Of money will raise the purchasing
power OF the dollar; we also apply thu
law Of supply and demand to silvo
when we say that new demand 70
silver created by law will raise tn
price Of silver bullion.
Whore tho Himetalllsts Difrer
'"The only question upon which In
ternational blmetallists and independ
ent bimetallists differ is: Can tn
United States, by the free and unlimit
ed coinage OF silver at the present lega
ratio, create demand for silver. which
taken in connection with the demand
already in existence, will be sufficien
10 utilize all the silver tnat Will be pre-
sentcd at the mlnts. They agree in the,
defense Of the bimetallic principle, an,
they agree in unalterable opposition t
he gold standard. The interna.iona
vi az al iotc rnuot roct fhoi, e.npoolfiO,