The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1896-08-29
BRYAN ON THE RATIO.
He Sang a Different Song on tn.
Subject When He was In
Congress.

On the 10th of August, 1893. on N.
floor of the House of Representative.
Mr.. Byran said:
I'm fixing the ratio we should select thar
one which Will secure the greatest nd.
vantage to the public and cause the leas,
injustice. The present ratio, in my iudv.
mcnt. should be adopted. A change N
the ratio could be made las in 1871 nv
by increasing the size of the silver dol.
lar. or by making a change in the weight
of both dollars. A larger silver doilar
would help the creditor. A smaller COLA
dollar would help the debtor. II il nor
Just to do either, but If change must
be made, the benefit should be given m
the DEBTOR rather than the creditor Let
no one accuse me of defending the inst
ness of any change; but l repeat Il IL
we are given choice between n cbanca
which will aid the debtor by reducing
the size of his debt and a change which
viii aid the creditor by increasing tha
amount which he is to receive, either Inv
increasing the number of his dollars or
to the debtor" "
Legislation in favor of debtors or ~
creditors, as q, class. would be class lee.
islation and wholly unjustifiable. Ones.
tons between debtors and creditors arc
properly settled in the courts: and every
court Will hold that what is right for tho
an, therefore. did well to disclaim nd
vocacy Of any change of the existing
ratio. Should a change be made at any
time hereafter 1t cannot and ought nor
TO AFFECT contracts antedating such
change. ''n
But in advocating the unlimited coin.
age Of silver bullion, Mt the present ratio.
Nj
Mr.: Bryan does propose n change of the
entire basis upon which business is trans
acted. We are informed by him thar
there are three ways by which the ratio
between gold and silver coin can be nj
tered: i. The shrinkage in size of the
silver dollar. 3. Making a change in the the
size and weight of both dollars. Either
of these three methods contcmplates n
nearer approximation of the coinage ra-
ito to the commercial ratio and is so far
forth honest. If this approximation of
the two ratios were carried to the point
of ideality, the change suggested by him
would be absolutely honest-providcd
that II is not retroactive in its application
to outstanding debts
This is not. however. the change which
would follow the adoption of free coin.
age ut 10 to 1. There is still another
possible change TO which Mr.. BRYAN
made no reference in his speech namely.
the shrinkage of the silver dollar. A
silver dollar containing 371h grains of
pure silver. worth 80 cents in gold, which
nevertheless passes current for 100 cents
in gold, is an anomaly in finance. unless
explained. The explanation is simple
Fifty-three cents of the current value of
this dollar is visible: ~ cents of its value
is invisible. and consists in credit Free
and unlimited coinage would destroy this
credit. In advocating free coinage at
10 to /: therefore. Mr.. Bryan proposes to
make the silver dollar smallcr-not to the
eye. hut in fact.
This would be a change of ratio in the
purchasing power of the silver dollar. as
compared with gold dollar, from 1871
TO 31:1.
To avoid this result Mr. Bryan yarely
proposes that we should do one Of two
things: double the weight of the silver
dollar or else coin gold dollars half their
present weight. Anybody can see that
one of these would have to be done, in
order that identity should be established
between the coinage ratio and the eom-
mercial ratio.
Which Of these two expedents Goes
Mr. Bryan favor? He tells MS that en-
larging the silver dollar would help the
creditor. 1t could only help him by
maintaining the present standard OF
value. He also tells us that havins the
gold dollar would help the debtor. IL so.
il would be by a change in the present
standard of value. Finally. he tells MS
that he prefers the latter expedient. be
cause the debtor has rights superior to
the rights of the creditor.