The people's journal. (Pickens, S.C.) 1891-1903, 1896-09-03


international agreement to raise the
t ratio throughout tho world to 81 to |
Il the change might be effected in an,
n one OF three ways Tho silver dollar
t could be doubled in size, so that til,
4 now silver dollar would weigh thirty
1 Two times as much as the present golC
: dollar; or the present gold dollar
could be reduced onc-half ir weight
! SO That the present silver doln,
I would weigh thirty-two times as much
l as the now gold dollar; or the change
! could be made by increasing the sizv
of the silver dollar and Decreasing the
size OF the gold dollar until the now
silver dollar would weigh thirty-twu
, as much times rs the now gold dollar.
Those who have advised Il change in the
) ratio have usually suggested that the
silver dollar be doubled. If this change g
, were made it would necessitatc the re-
coinage Of four billions OF silver into
two billions Of dollars. There would
be an Immediate loss Of two billions OF
dollars, either to individuals or TO the
government, but this would be the
least OF the injury. a shrinkagc Of
onc-half in the silver moncJ OF the
world would mean a shrinkago OF one
lOurth In the total volume Of metallic
money. This contraction by increasing
the value OF the dollar, would virtually
Increase tho debts Of the world bill
lions of dollars and decrease still more
the valuo OF the property Of the world
as measured by dollars. Besides this
Immediate result such q change in the
ratio would permanently decrease the
annual addition to the worlds supply
OF money because the annual silver
product when coined into dollars twice
aS large would make only half US many
dollars.
The people of tho United States
would be injured by q change in the
ratio, not because they produce silver.
but because they own property and
owe dobts and they can not airord to
thus decrease tho value Of their prop
crty or increase 'thc burden OF their
debts.
MORE MONEY WANTED.
In 1878, Mr.. Carlisle said "Mankind
will ne fortunate, indeed, if the annual
production OF gold and silver coin shall
keep pace with the annual increase OF
population and industry"
| rcncat this assertion. All Of the
gold and silver annually a"ailablc for
coinage when converted into coin at
the present ratio will not, in my iudg.
mcnt, moro than supply our monetary
needs.
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, 1878
the purchase OF 81 600, 600 worth OF sill
yer bullion q month has by coinage
produced annually an average Of near
~ VI, ,O00, 600 q month for Il period O
twelve years, but this amount, in vicH
: OF the retirement Of tho bank notes
Will not increase our currency in pro
portion to our increasing population
IL our present currency is estimated a
Sl,4oo, ,ooo,oO0. and our population is in
!, crcasjng at the ratio Of 3 per cent. De
| annum, it wonld require $l2, 600, 600 in
i creased circulation each year to kcc
+ pace with the increase Of population
l but rs the Increase Of population is &C
S companicd by q still greater ratio c
G increase OF wealth and business, It wa
! thought that an Immediate increase c
y circulation might be obtained by large
Q purchases OF silver bullion to a.
n amount sufficient to make good the re
S tiroment Of bank notes and keep pac
I with the growth Of population. Nssum
Q ing that $1l 900, 600 year of additiona
1 currency is needed upon this basis
that amount is provided for in this bill
s by the issue Of the Treasury notes ir
Il exchange for bullion at tho markc
Q price"
I If the United States then needed
: more than 81, 100000 annually tc
+ keep pace with the population and bus
mess, 1T now, with larger population
= needs still greater annual addition
Q and the United States is only ono ma
tion among many. Our opponent.
/, make no adequate provision for in
5 crcasing the monetary needs Of tho
i | world.
CHA N(E RA'rIn
a In the second place a change in tho
: ratio Is not necessary. Hostile lcgisla
t tlon has decreased the demand for silver
5 and lowered its price when measured
t by gold, while this same hostile lcgis
, latlol, by increasing the demand fOl
gold, has raised tho value Of gold whcr
measured by other forms of property
n We are told that the restoration o
lisln would be hardship upon
, those who have entered into contracts
+ payable in gold coin, bat this is u mis-
, take. 1T will be easier to obtain the
gold with which to meet Il gold con.
, tract when most Of the people can use
, silvcr, than it is now, when every one
IS trying to secure gold.
The Chicago platform expressly de-
clarcs in favor OF such Legislation as
may be necessary to prevent, for the
, future, the decentralization Of any kind
OF lcgal-tcndcr money by private con
tract. Such contracts are objected to
on the ground that they arc against
public policy. No one questions the
right OF Legislatures TO Tx the rate of
interest which can be collected by law:
there is far more reason for preventing
private individuals from setting aside
legal tender law. The money which
Is by law made a lcgal-tcnder must in
the course OF ordinary business be ac-
copied by ninoty-ninc out Of every lOC
persons. Why should tho one hun
drcdth man be permitted to exempt
himself from the general rule ? Special
contracts have II tendency to increase
the demand for Il particular kind o
money and thus force it to a. premium
Have not the people q right TO sa,
that comparatively few individual!
shall not be permitted TO dcranpg the
, financial system Of tho nation in ordc,
10 collect premium in case they sue
coed In forcing one kind of money 10 {
premium ?
: WITHDRAWALS or LOANS.