The Irish standard., 1896-08-15

4 ( : = sr.s
children's children may, through the oper~
alton Of this same system, be made to pay
tribute to the descendants of. those who
are wrOnged today. 5gass g. a gt
AS against the maintenance Of a gold
standard. either permanently or until
other nations can be united for it's over
throw, the Chicago platform presents q
clear and emphatic demand for the -imme-
date restoration Of the free and unlimited
coinage of silver and gold at the present
legal 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 return to a
financial policy approved by the expert
ence OF history and supported by all the
prominent statesmen of our nation from
the days of the first president down to
1873. When We ask that our minis be
opened to the free and unlimited coinage
of silver into full legal tender money, we
are simply asking that the same mint
privileges be accorded to silver that are
now accorded to gold. When we ask that
the coinage be at the ratio Of 16 to l, we
simply ask that our gold coins and the
standard silver dollar-Wllich be 1T re-
membered, contains the same amount. Of
pure silver as the first silver dollar coined
at our mnts-retain their present weight
and fineneSs. = Ii D.
The theoretical advantage of the BIZ
metallic system is best stated by Eu-
ropean writer on political economy, who
suggests the following illustration: A
river fed from two sources is more uni
form in volume than a river fed from one
source, the reason being that when one Of
the feeders is swollen the other may be
low; whereas, a river which has but one
river must rise or fall with that feeder.
So in the case Of bimetallism; the volume
of metallic money receives contributions
from both the gold mines and the silver
mines, and therefore varies less; and the
dollar resting upon two metals is less
cl1angeable in it's purchasing power than
the dollar which rests on one metal only.
If there are two kinds Of money, the OPP
ton must rest either with the debtor or
with the creditor. Assuming that their
rights are equal, we must look at the In
terests of society in general in order to
determine to which side the option should
be given.
MAKES FIFTY CENTS ON A DOLLAR:
Under the bimetallic system of gold and
silver are linked together by law at fixed
ratio, and any person or persons owning
any quantity 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 metal If there is perceptible differ
ence betWene the bullion values Of the
metals. This new demand created for the
dearer metal will make that metal dearer
still, while the decreased demand for the
cheaper metal will make that metal
cheaper still.
If, g nthe other hand, the debtor exer-
cises the opinion, it is reasonable to sup-
pose that he will pay in the cheaper metal
If one metal Is 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 it's price. In other words,
when the creditor has the option, the
metals are drawn apart; whereas. when
the debtor has the option, the metals are
held together approximately at the ratio
fixed by law; provided the demand Gre
ated is sufficient to absorb all Of both
metals presented at the mint. Society is,
therefore, interested in having the option
exercised by the debtor. Indeed there
can be no such thing as real bimetallism
unless the option is exercised by the debt
or. The exercise Of the option by the
debtor conpels the creditor classes.
whether domestic or foreign, to exert
themselves to maintain The parity be-
tween gold and silver at the legal ratio