The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1896-08-26
, to borrow more money fror,

us to borrow more money FROM
abroad, l reply, that the, restoration
tween money and property and thus per-
NIT an era of prosperity which will enable
the American people to become loaners of
money instead of perpetual borrowers.
Even if we desire to borrow how long can
we continue borrowing under a system
which by lowering the value Of property
weakens the foundation upon which credit
rests? If the holders of fixed gains, though
they gain an advantage from the apprecia-
tion Of the dollar, certainly see the injus-
tice of the legislation which gives them ad.
vantage over those whose income depend
upon the value Of property and products.
II the holders of fixed investments will not
listen toarguments based upon justice and
equity, appeal to them to consider the
interest of pcsterity. We do not live for
ourselves alone or orthose who come after
us, but we must protect our children be-
yond the period of our lives Let these
who are now reapiny advantage from a
vicious financial system remember That in
the years to come their own children and
their children's children may, through the
operation of this same system; be made to
pay tribute to the descendants Of those
whoa wronged today.
AS against the maintenance of gold
standard either permanently or until other
nations can be united for its overthrow the
Chicago platform presents clear and en-
phatit demand for the Immediate restora-
ton 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 a new experiment be tried;
we are insisting on a return to financial
policy approved by the experience Of his
tory 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 this coinage be at the
ratio OF 10 to we simply ask that our gold
coins and the standard silver dollar, which,
be It remembered, contains the same
amount of pure silver as the first silver
coined at our mints, retain their present
! weight and fineness.
The theoretical advantage of the b.
metallic system is best stated by an Euro
pean writer on political economy, who
suggests the following illustration:
"a river fed from two sources Is more
uniform in value than 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
feeder must rise or fall with that feeder.
So in the case Of bimetallism; the volume
Of metallic money receives contributions
from both the gold and silver mines, and
therefore varies less; and the dollar, rest
| ing upon two metals. Is less changeable In
its purchasing power than the dollar
which rests upon one metal only"
II there are two kinds of money the OPP
ton must rest either with the debtor or
rights are equal we must look at the in
terest of society in general in order to de-
termine to which side the option should be
given. Under the bimetallic system golf
and silver are linked togtther by law at
fixed ratio, and any person or persons
owning any quantity OF either metal can
have The same converted into full legal
right to choose the metal in which pay
ment shall be made, it Is reasonable to
suppose that he will require the debtor to
pay in the dearer metal If there is any per.
ceptible difference between the bullion val
ues Of the metals. This new demand crc-
ated for the dearer metal will make that
metal dearer still, while the decreased de-
maud for the cheaper metal will make the
metal cheaper still. If, on the other hand,
UOc uSDlOT cAtECasc6 tuS OpVlOu ~ II lCttooh-
able that he will pay in cheap metal it one
metal is percptibfy cheaper than the other
but the demand thus created for the cheap.
er metal will raise its price, while the less
ened demand for the dearer metal will low
er 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 q ratio fixed by law
| <ho toC sc Hcfo pt
to absorb all Of both metals presented ai
the mint.
Society, therefore, is interested in hav
ing the option exercised by the debtor
Indeed, there can be no such thing as rea
himetai!:sm unless the option is exercised
By the dcDror. The exercise or tne option
by the debtor compels the creditor class
whether domestic or foreign, to exer
themselves to maintain the parity between
they might find profit in driving one o
the metals to premium il they could tt
demand the dearer metal. The right 0
the deeper to choose the coin in which
! payment shall be made extends to obliga
!, lions due from the government. as we'll a
to the contracts between individuals. !
, government obligation is simply a deb
, due from all the people to one Of the pee
pie, and it is impossible to Justify polio
WHICH, HnASS SnS AHIctCr'S VI oiiC oho P0i
son who holds the obligation superior t
: the rights Of the many, who must b
} taxed to pay for it.
Then, prior to 1873. silver was at prt
: MUM. It was never contended that M
} tional honor required the payment of go,
9 eminent Obligations in silver, and tn
Matthews resolutions. adopted by cor
( gress in 1878. expressly, asserted the rigt
, of the United States to redeem coin obi
' cations in standard silver dollars as we'll g
( in gold coin. Upon this subject the Oh
= cago platform reads:
0 1--WE are opposed to the policy and pril
+ ciples of surrendering to the holders {
r obligations Of the United States the o.
/ ton reserved by law to the government
q redeeming such obligations in silver col
8 or gold con-"
g +. IL constantly assumed by some II.