Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-08-13

history. and supported by all the promi-
nent statesmen OF our nation, from the
davs OF the first President down 10 1873.
When we ask that our minis be opened to
the free and unlimited coinage of silver
into full legal-tender money. we are
sln,plv asking that the same mint privi-
legos be accorded to silver that are now
accorded 10 gold. When we ask that this
coinage be at the ratio OF 10 to l, we
simply ask that our gold coins and the
standard silver dollar-which. be 1t re-
membered. contains the same amount OF
pure silver as the first silver dollar coined
at our mints-shall retain their present
weight and nneuess
The theoretical advantage OF the bi-
metallic system Is best stated by
European writer on political economy. VINO
suggests the following Illustration; A
river fed from two sources Is more UNI
form I'm volume than river fed from
one sourco--the reasons being that When
one OF the feeders is swollen the other
may be low whereas. river which mas
but one feeder must rise or fan with that
force. So, in the case Of bimetalhsm' the
volume Of metallic money receives con-
tributions from both the gold miner ana
the silver miner and. therefore varies
less; and the dollar resting upon TWO
metals Is less changeable in It's purchas-
ing power than the dollar which rests Oh
one metal only.
OPTION BETWEEN METALS.
II 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 interests Of society in general IN
order 10 determine TO which side the op-
l.. md ~ NJ
metallic system. gold and silver are
linked together by law at fixed ratio,
and any person or persons owing any
quantity Of either metal can have the
same converted into fun legal-tender
money. If the creditor has the right TO
choose the metal In which payment shall
be made. II Is reasonable TO suppose
thai he viii require the debtor to pay In
the dearor metal, If there is any per-
ceptible difference between the bullion
values OF the metals. THIS NEW DE
NiAND CREATED FOR THE .DEARER
METAL WILL MAKE THAT METAL
DEARER STILL. WHILE THE DE-
CREASED DEMAND FOR THE CHEAP
ER METAL WILL MAKE THAT
METAL CHEAPER STILL. IT, on the
other hand. the debtor exercises the
option. il IS reasonable TO suppose that he
will pay I'm the cheaper metal. II one
may be perceptibly cheaper than the
other: But THE DEMAND THUS
CREATED FOR THE CHEAPER
METAL Will RAISE ITS PRICE,
WHILE THE LESSENED DEMAND
FOR THE DEARER METAL WILL
LOWER ITS PRICE. lu other words.
when the creditor has the option. the
metals are held together approximately
at the ratio fixed by law; provided, the
demand created is sufficient 10 absorb
all of both metals presented at the mint.
Society is. therefore, interested IN
having the option exercised by the debt
or. Indeed. there can be no such thing
as real blmetallism unless the option Is
exercised by the debtor The exercise
of the option by the debtor compels the
creditor class. whether domestic or for
eign. to exert themselves to maintain
the parity between gold and silver at
legal ratio: whereas. they might find
q nroit I'm driving one OF the metals TO
a premium. If they could then demand
the dearer metal.
GOVERNMENT OBLIGATIONS.
The right of the debtor to choose the
coin i'm which payment shall be made eX-
tends TO obligations due from the
government as well as 10 contracts be-
tween individuals A government OBJ
legation IS simply a debt due from all
the people to one Of the people, and ii
Is impossible TO justify n policy which
makes the interests Of the one person
who holds the obligation superior to the
rights Of the many who must be taxed to
pay IT. When prior TO 1873. SILVER was
at a premium. il was never contended
that national honor required the payment
Of government obligations in silver. and
FnnHF lone 4I fN
Congress IN 1878. expressly asserted
the right Of the United States to redeem
coin obligations I'm standard silver dol
lars. as we'll as I'm gold coin.
Upon this subject the Chicago plat
form reads: 1--WE are opposed to the
policy and practice Of surrendering TO
the holders Of obligations Of the United
States the option reserved by law to the
government Of redeeming such obligations
in either silver coin or gold COIN
DRAIN on RESERVE.
II is constantly assumed by some that
the United States notes. commonly called
greenbacks and the Treasury-notes, IS
sued under the act OF 1880, are responsi-
Bile for the recent drain upon the gold
reserve but this assumption Is entirely
without foundation. Secretary Carlisle
appeared before the House Committee on
Appropriations on January p, 1880, ana
l quote from the printed report Of his tes-
timony before the committee;
"Mr. sibley: l would like to ask you
Cperhaps not entirely connected with the
matter under discussion) what objection
there could be TO having the option OF
redeeming either in silver or gold lie with
the Treasury. instead OF the note-holder!
Secretary Carlisle: Ny policy was
adopted at the beginning OF resumption
and ] am not saying this for the purpose
Of criticising the action Of any predeces-
sor. or any one else-but. II the pollcy
Of raserving TO the government, nj the
beginning Of resumption. the option OF
redeoming in gold or silver all It's paper
presented. I believe Il would have worked
benefcially, and there would have peeh
no trouble growing out Of IT, but the
secretaries OF the Treasury from the be-
Ginning of resumption have pursued a
policv OF redeeming in gold or silver at
he ontion of the holder Of the paper. and
n any Secretary had afterward attempt
"a 10 change the policy and force silver
mon a man who wanted gold. and gold
unon a man who wanted silver. anu
especiallv n he had made the attempt AT
s,,cb a critical period as we have had IN
the last two years. my judgment Is II
would have been very disastrous
WHERE THE FAULT LIES.
40 NOT agree with the Secretary that
II was wise to follow a bad precedent
lint from his answer It will be seen that
the fault does not lie with the greenbacks
ana Treasury notes. but rather with me
execvtive officers. who have seen III 10
surrender right which should nave Deeh
exercised for the protection OF the int
rests of the people. This executive actlon
has already been the excuse Tor the Issue
of more than $3.50 10000 in bonds, ana II -
ho1ds which may hereafter be issued, II
the policy Is continued
We are told that any attempt upon tne