People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1896-09-03
perienoe OF history and approved by all

perience OF history and approved by all
/ the prominent Statesman Of ssnr nation,
from The day; Of our.frst president down
20 1873 When We ask tha5 our minis be
Z opened TO free and unlimited coinage OF
silver into iul! Legal tenesr money we are
shnply asking tha.t The han. p iyileges be
/, accorded 10 silver ttat atsncw accorded
! 70 gold. When We that TIL, coinage
be at the ratio Of IS TO l, we simply ask
that our gold coins and standard silver
dollar, which be it understood contains
the same amount Of pure silver as the firt
silver dollar coined our minis, retain
their present weigh ard iineue,s.
Quotes an European Writer.
! The tn oretical advantage Of III, b'me.
Z tallic systemis best stat.d by an EuroDean
writer on political ec0uomy who suggests
the following illustrations
A river fed from two sources Is more
uniform in volume than a river fed from
one sOurc5-the reason beng tina WHEN
one OF the feeders is swollen, the other
may be low, whereas river which ha,
but one feeder must ri Q or fall with that
lie der. So, In the case Of bimetallism, the
metallic money receives contributions
from both the gold mines and silver mines
and therefore varies less; and the dollar
resting upon the two m tails is less change.
able in It's purchasing power than the dol
lar which ret; on one metal only. II there
are two kinds of money the option must
rest either with the debtor or the creditor
Assuming that their rights are equal, we
lnnl- at l.. -. q -.
general in order TO determine TO which
side the op ion should be given. Unde-
the bimeialllc system gold and silver are
linked together by law at fixed IA 10
and any person or persons owning any
! quantity of either metal can have he
same converted into full legal tender
meney.
If the creditor has the right to choose
the metal in which payment shall be made,
1t Is reasonable to suppose that he will re-
quire 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 for the dearer
metal will make that metal dearer still,
while the decreased demand for the cheap
or metal will make that metal cheaper
, still. If, on the other hand, the debtor e1-
ercises The option il Is reasonable to sup
pose that he will pay in the cheaper metal
II 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
higher metal will lower its 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 created
Is sufficient to absorb all of both metals
presented at the mint. Society /; there
fore interested in having the option exer-
cised by the debtor. Indeed, there can be
no sucn thing as real bimetallism unless
the option is exercised by the debtor.
The exercise Of the option by the debtor
compels the creditor classes, whether do
nestle Or foreign, to exert themselves to
maintain the parity between gold and
silver at TIE legal ratio, whereas they
might find profit in driving one Of the
! metals TO premium if they could then
demand the dear metal. The right Of the
debtor to choose the coin in which pay
ment shall be made extends to obligations
due from the government as well as TO
contracts between individuals. A gov
eminent obligation is simply q debt due
from all OF the people to one Of the people
and it is impossible to Justify policy
which makes the interests of one person
who holds ths obligation superior to the
rights of the many who must be taxed to
pay 1t. When prior to 1873 silver was at q
premium 1t was never contended that
national honor required the payment Of
government obligations in silver, and the
Matthews resolution adopted by congress
In 1878 expressly asserted the right of the
United States to redeem coin obligations
In standard silver dollars as well as in
gold coin. Upon this subject the Chicago
platform reads:
Quotes the Platform.
1--WE are opposed to the policy and prac-
tice OF surrendering to the holders Of the
obligations Of the United States the option
reserved by law to the government Of re-
deeming such obligations in either silver
coin or gold coin"
II Is constantly assumed by some that
the United States notes, commonly called
greenbacks, and the treasury notes issued
under the act of 1890, are responsible for
the recent drain upon the gold reserve,
but this assumption Is entirely without
foundation. Secretary Carlisle appeared
before the house committee on appropria-
tons on Jan. 81, 1895, and / quote from the
printed report Of his testimony before the
committee:
mir. Sibley-I would like to ask you
perhaps not entirely connected with the
matter under disoussion) what objection
there could be to having the option Of re-
deeming either In silver or gold with the
treasury instead Of the note HOLDER"
Secretary Carlisle-I that policy had
been adopted at the beginning Of the re-
sumption, and / am not saying this for
the purpose Of critioising the action Of my
predecessors or anybody else, but II the
policy OF reserving TO the government at
the beginning OF resumption the option Of
redeeming In gold or silver all Its paper
presented, l believe 1t would have worked
benefcially, and there would have been
no trouble growing out Of 1t, but the SEQ
retaries Of the treasury, from the begin
ming otgesumption, have pursued policy
Of redeeming In gold or silver at the OBJ
ton Of the holder Of the paper, and II any
secretary had afterward attempted to
change that policy and force silver upon
man who wanted gold, or gold upon q
man who wanted silver, and especially II
he made the attempt at such a critical
period as we have had in the last two
years. my judgment Is 1t would have been
very disastrous"
Docs Not A gree with Carlisle
! do not agree with the secretary that Il
was wise TO follow bad precedent, but
from his answer IL will be seen that the
fault does not lie with the greenbacks aud
thetreasury, but rather with the execu-
tive officers who have seen fit TO surren-
der right which should have been exer-
cised for the protection Of the interests OF
the people. This executive action has al
ready been made the excuse for the issue
Of more than s25o. 600, 900 In bonds, and 1t
10 impossible TO estimate the amount OF
bonds which may hereafter be issued II
this policy Is continued. Weare told that
any attempt upon the part Of the govern.
eminent 70 redeemits obligations in silver
UOnld a inn L..