Cottonwood report. [volume] (Cottonwood, Idaho) 1893-1901, 1896-08-21

his is not true of any
fy statement published
iks shows the assets to
hes; that Is to say, while
rye amounts of money to
II has not only enough
10 pay its depostors, but
10 has enough to cover
plrplus
strange that those who have
Foft by furnishing gold to the
t[llient in the hour of its extremity
That financial policy which keeps
government dependent upon men,
believe, however, that 1 speak the senti-
4 ment of a vast majority of the people of
| the United States when l say that a wise
financial policy, administered in behalf
OF all the people, would make our gov
| eminent independent of any combination
OF financiers, foreign or domestic.
| sherman's Prediction.
Let me say a word now in regard to
certain persons VINO are pecuniarily ben
Gifted by the goiu standard, and who IA
vor it, not for the desire to trespass upon
| the rights of others, but because the cir
cumstances which surround them blind
| them to the effect of the gold standard
upon others. 1 shall ask you to consider
| the language Of two gentlemen whose
| long public service and high standing in
| the party to which they belong will pro-
| tect them from adverse criticism by our
| opponents.
I'm 1869 Senator Sherman said: Con
| traction of the currency is a far more
distressing operation than the senators
| supposed. Our own and other nations
have gone through that operation be-
| fore 1t is not possible to take that ac-
| ton without serious distress to every per-
| son, except the capitalist out of debt,
! or the salaried officer or annuitant. 1t is
| a period of loss, danger, lassitude of
trade, fall of wages, of suspension OF
enterprise, bankruptcy and disaster. 1t
means ruin to all dealers whose debts
are twice their business capital, though
one-third less than their actual property.
| 1t means fall Of all agricultural produc-
| ton without any great reduction of taxes.
What prudent man would dare to build
| a house, railroad, factory or barn With
this certain fact before him?'
when Sherman describes the contrac-
| ton of the currency as disastrous 10 ell
people except the capitalist out of debt,
| and those who stand in position similar
| to his, he Is stating a truth which must
| be apparent to every person who will
give the matter careful consideration.
| Sherman was at that time speaking of
| the contraction of the volume of paper
| currency, but the principle which he sets
| forth applies, If there is a contraction Of
the volume of the standard money of
| the world.
John G. Carlisle discussed the same
| principle in connection with the demone-
| tization Of silver in the house of repre-
sentatives in 1878.
What Carlisle Said.
What shall Il profit us to have a dol
| lar which grows more valuable every day
| if such dollar lowers the standard of
civilization and brings distress to the
people? What shall II profit us in trying
to raise credit by increasing the pur-
| chasing power OF our dollar. if we de-
| stroy our ability to pay the debts al
ready contracted by lowering the pur-
| chasing power of the products with
| which those debts must be paid? If it
| is asserted, as it constantly is. that the
gold standard will enabis to borrow
more money from abroad, l reply that
| the restoration of bimetallism will restore
| the parity between money and property,
and thus permit an era of prosperity
which will enable the American people
| to become the lenders of money instead
of perpetual borrowers
1.-The Chicago platform presents a clear
and emphatic demand for the immediate
restoration of the free and unlimited
coinage of silver and gold at the present
ratio of 16 to /, without waiting for the
aid or consent of any other nation. We
| are not asking that new experiment be
tried; we are insisting upon a return to
| the financial policy approved by the ex
perience of history and supported by all
prominent statesmen of our nation.
When we ask that our minis be opened
| to the free and unlimited coinage of sill
yer to full legal tender money, we
simply want the same mint privileges to
be accorded to silver that are accorded
| to gold. The dollar resting upon the two
metals is less changeable in its purchas-
| ing power than the dollar which rests on
one metal only. If there are two kinds
of money, the option must rest either
with the debtor or the creditor. Assum-
| ing that other rights are equal, we must
act in the interest of society in general,
|
| option should be given. Under the BIZ
metallic system gold and silver are link
| ed together by law at a fixed ratio, and
| any person or persons owning any guam
| tity of either metal can have the same
| converted into full Legal tender money.
| If the creditor has the right to choose the
| metal in which payment shall be made,
| it is reasonable to suppose that he will
require the debtor to pay in the dearer
| money, If there is any perceptible differ
ence between the bullion values of the
| metals. This new demand created for 2
| dearer metal will make that metal dearer
still, while the decreased demand for the
| cheaper metal will make that metal
| cheaper still.
when the creditor has the option the
metals are drawn apart; whereas, when
the debtor has the option the metals are
held Together and Appropriated at the
ratio fixed by law; provided the demand
created is sufficient to absorb all or both
metals presented at the mint. Society is
therefore interested in having the option
exercised by the debtor. There can be
no such thing as real bimetallism until
the option is exercised by the debtor. The
right of the debtor to choose the coin in
| which payment shall be made extends to