Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1896-08-14

remember that there are no bimetallists
who are earnest in endeavoring to secure
it at at any other ratio than Is to l. We
are opposed to any changes of the ratio,
for two reasons: First, because change
would produce great injustice, and Sec
ond because change in the ratio Is not
necessary. A change would produce in
justice because, if effected in the manner
usually suggested, it would result in an
enormous contraction in the volume of
standard money. If, for instance, it was
decided by international agreement to
raise the ratio throughout the world to 32
to l, the change might be effected in any
one of three ways: The silver dollar could
be doubled in size 80 that the new dollar
would weigh 80 times as much as the
present gold dollar, or the present
gold dollar could be reduced one-half in
weight 80 that the present silver dollar
would weigh 80 times as much as the new
gold dollar, or the change could be made
by increasing the size of the silver dollar
and decreasing the size of the gold dollar
until the new silver dollar would weigh 80
times as much as the new gold dollar.
Those who have advised change in the
ratio have usually suggested that the sill
YER dollar be doubled. 1t this change
were made it would necessitate 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 of individuals or to the govern
ment, but this would be the least of the
jury. A shrinkage of one-half of the
silver money of the world would mean a
shrinkage of one fourth in the total vol
ume of metallic money. This contraction
by increasing the value of the dollar
would virtually increase the debts of the
still more the value of the property of the
world as measured by dollars. Besides
this immediate result, such 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 as many dollars.
The people of the United States would
be in jured by change in the ratio, not
because they produce silver, but because
they own property and owe debts, and
they can not afford to thus decrease the
value of their property or increase the
burden of their debts. In 1873 Mr..
Carlisle said:
Mankind will be fortunate indeed if
the annual production of gold and silver
coin shall keep pace with the annual
increase in population and industry"
repeat This assertion. All of the gold
and silver annually available for coinage
when converted into coin at the present
ratio will not in my Judgment more than
| II t,p dc In NJ.
ing the act of 1890, known as the Sherman
act, Senator Sherman on June of that
year said: "Under the law of February
1878, the purchase of 100000 worth Of
silver bullion month has by coinage
produced annually an average of nearly
100000 per month for period Of
twelve years, but this amount in view Of
the retirement of the bank notes will moi
increase our currency in proportion tc
our increasing population. If our pres
emit currency is estimated at 81 100000 0C
and our population is increasing at the
rate of per cent per annum it would re.
quire $42,O00,000 of increased circula-
ton each year to keep pace with the in
crease of population, but as the increase
of population is accompanied by still
greater ratio of increase of wealth and
business it was thought that an imme
date increase of circulation might be OBJ
tanned by large purchases of silver bull
lion to an amount sufficient to make
good the retirement of bank notes AND
Keep pace with the growth of population
Assuming that $54 100000 year of addi
tional currency is needed upon this basis
that amount is provided for in this bill
by the issue of treasury notes in exchange
for bullion at the market price," II thu
United States then needed more that $42,
100000 annually to keep pace with popu-
lation and business, it now, with larger
population, needs still greater annua
addition; and the United States is only
one nation among many. Our opponents
make no adequate provision for the in
creasing money needs of the world.
In the second place change in thu
ratio ia necessary. Hostile Legislation
has decreased the demand for silver ant
lowered its price when measured by gold
while this same hostile legislation BY
increasing the demand for gold hal
raised the value of gold when measured
by other forms of prosperity.
SPECIAL GOLD CONTRACTS.
We are told that the restoration of bi
metallism would be hardship upon thos,
who have entered into contracts payable
in gold coin, but this is mistake. 1
will be easier to obtain the gold will
which to meet gold contract when mos
of the PEG pile can use silver than it il
now when everyone is trying to secur'
gold. The Chicago platform expressl!
declares in favor of such legislation al
may be necessary to prevent for the fu
ture the characterization of any KIM
of legal tender money by private con
tract.
Such contracts are objected to on thu
ground that they are against public
policy. No one questions the right o
legislatures to fix the rate of interes
which can be collected by laws; there il
far more reason for the preventing pri
vate individuals from setting aside tn,
legal tender law. The money which il
course of ordinary business be 40
cepted by ninety-nine out of every 10t
persons. Why should the Tooth man b,
permitted to exempt himself from tn,
general rule? Special contracts have
tendency to increase the demand for
particular kind of money and thus forc'
it to a premium. Have not the people
right to say that comparative few in
dividuals shall not be permitted to de
range the financial system of the nation
in order to collect premium in cas'
they succeed in forcing one kind o
money to premium.
NEW AND VITAL ISSUE.
!; There is another argument to which
ask your attention. Some of the mos
jealous opponents of free coinage poin
to the fact that thirteen months mus
J elapse between the election and the frs