The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1896-08-20

nunities and vet these incidental benefits
| do not deter Us from making appropria-
| lions for these purposes whenever such ap-
propriations are necessary for the public
good
The argument that a silver dollar Is
heavier than a gold dollar, and that there
fore silver is less convenient to carry in
large quantities, is completely answered
by the silver certificate, which is as easily
carried as the gold certificate or any other
kind Of paper money.
AS to the Present Eatio.
There are some who, while admitting
the benefits of bimctallism, object to coin
age at the present ratio. If any are deceiv-
ell by this objection, they ought to remem-
her that there are no bimetallists who are
earnestly cndcavoring to secure it at any
| other ratio nan II to l. We are opposed
| to anv change i'll tho ratio for two reasons
first EecauSc d change would produce
| great injustice, and, second, because q
cll ..I.-c in the ratio is not necessary. A
| Change would produce injustice because,
| if effected in the manner usually suggest
| ell. it would result in an enormous con-
| traction in The volume Of standard money.
f. for instance it was decided by inter
| national agreement to raise the ratios
| throughout the world to SO to !, the change
| might lie effected in any one OF three
| ways
The silver dollar could be doubled in
| size 80 that the new silver dollar would
| weigh 30 times as much as the present gold
| dollar, or the Present gold dollar could be
reduced onc-h half in weight, that the
present silver dollar would weigh 80 times
| as much as the new gold dollar, or the
| change could DC made by increasing the
| f = I,, CT, ri RI al n
size of the gold dollar until the new silver
| dollar would weigh 80 times as much as
the new gold dollar. Those who have ad-
| viscd change in the ratio have usually
suggested that the silver dollar be doubled.
| If this change were made, 1t would neces-
| state the recoinagc of 4,OOO, 900, 900 of sill
| yer into $4,000, 900, 900. There would be
| an immediate loss Of $1,000, 900 either
| to individuals or to the government, but
| this would hc the Last Of the injury A
| shrinlage OF onchalf in the silver money
| of the world would mean a shrinkagc of
| one fourth in 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 still more the value OF
| the property OF the world as measured by
| d ,llarS. Beside, this Immediate result
| such IL change in the ratio would pcrma-
| ncnrly decrease the annual addition to the
| worlds supply Of money, because the an
| nual silver product, when coined into dol
lars twice as large, would make only half
| as many dollars
The People of the United States would
be injured by a change in the ratio not
| because they reduce silver but because
they own property and owe debts, and
they cannot afford to thus decrease the
value of their property or increase the bur.
den of their debts.
| In 1873 MIR Carlisle said, "Mankind
| will be fortunate indeed if the annual pro
| duction Of gold and silver coin Shall keep
| pace with the annual increase Of pOpula
ton and Industry | repeat this asser,
| ton 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.
The She rman Act.
In supporting the act of 1890, known as
the Sherman act, Senator Sherman, on
| June 5 of that year, said:
| 'Under the law of February, 1873, the
| purchase of s., 600, 900 worth of silver bull
lion a month has by coinage produced
annually an average Of nearly So, ZOO, O0C
per month for Il period Of II years, but this
amount. in view of tie retirement of the
bank notes, will not increase our currency
in proportion to our increasing popula
! ton -
# our present currency is estimated
at 81 ,4OO, 900, 900 and our population is
Increasing at the ratio of 3 per cent pei
annum, it would require s42, 200, 900 in
creased circulation each year to keep pace
with the increase of population, but as the
increase of population is accompanied by q
still greater ratio of increase of wealth anG
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 :w.kc good the
retirement of bank notes and keep pace
with the growth of population. Assuming
that S54,O0G,O0O year of additional cur
rency is needed upon this basis, that
amount is provided for in this bill by the
issue Of treasury notes in exchange fol
bullion at the market price.
If the United States then needed moro
than S42, 600, 900 annually to keep pace
with population and business, it now,
with a larger population, needs a Still
greater annual addition, and the United
States is only ono nation among many
| Our opponents make no adequate provi
I floli III iuG llltIO1SlLS JIlOllcIdTy uCCuS "
the world.
| In the second place, a change in the ra
ito is not necessary. Hostile Legislation
has decreased the demand for silver ant
lowered its price when measured by gold
while this same hostile legislation, by in
crcasing the demand for gold has raisc(
the value of gold when measured by othel
forms of property.
We are told that the restoration of bi
metallism would be u hardship upon those
who have entered into contracts payable
in gold coin, but this is a mistake. 1t viii
lie easier to obtain the gold with which tt
meet a gold contract when most of tho
| people can use silver, than it is now, when
every one is trying to secure gold.
| The Chicago platform expressly declare.
in favor of such legislation as may be nee
essary to prevent for tho future the de
monctization of any kind of legal tender
money by private contract. Such con
tracts are objected to on the ground thai
they arc against public policy. No ont
questions the right of legislatures to III
the rate of interest which can be collected
by law. There is far more reason for pre-
venting private individuals from settine
aside legal tender law. The money which
is by law made legal tender must, il
the course of ordinary business, be accepted
by ninety-ninc out of every hundred per
sons. Why should the one hundredth mar
be permitted to exempt himself from thu
general rule? Special contracts have {
tendency to increase tho demand for q par
ticular kind of money, and thus force it t.
a premium. Have not the people right
to say that u comparatively few individ
ualS shall not be permitted to derSngc thu
financial system of the nation in order t
collect Il premium In case they succeed il
forcing one kind Of money to premium
There is another argument to which
ask your attention. Some Of the NOR,
Jealous opponents Of free coinage point tt
the fact that Is months must clapse be
tween the election and the first regular
session of congress and assert that during
that time, in case people declare themsclvc:
in favor of free coinage, all loans will bt
withdrawn and all mortgages forccloScd
L.. IL