Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1896-08-22

well being Of the nation-aye. Of clvili-
zation itself-depends upon the prosper
ity OF the masses.
Danger of Appreciation.
What shall II profit us to have a dollar
which grows more valuable every day
IL such a dolle. lowers the standard Of
civilization and brings distress TO the
people? What shall 1t profit Dis IL In try
ing to raise our credit by increasing the
purchasing power of our dollar we de-
ready contracted by lowering the pur-
chasing power OF the products with
which those debts must be paid2 II 1t
Is true, as is constantly asserted, that
the gold standard will enable us to bors
row more money from abroad. / reply
that the restoration OF blmetallism will
restore the parity between money and
property and thus permit an era OK pros
perity which will enable the American
people to become loaners instead OF pefs
petual borrowers, Even IL we desire to
borrow. how long can we continue bor-
rowing uhder a system which by lower
Ing the value of property weakens the
foundation upon which Credit rests?
Even the holders OF fixed investments,
though they gain an advantage from
the appreciation Of the dollar. certainly
SNS liz iiyuSlltG VI lut itkiSttNipl itAti
gives them this advantage over those
whose incomes depend upon the value
Of property and products. IL the hold
ers of Ike investments will not listen
to arguments based upon justice and
equity, l appeal TO them to consider the
interests OF posterity. We do not live
for ourselves alone. Our labor. our self
denial and our anxious care-all these
are for those who are to come after Us
N q ~ , a. fA- "a, eZ1.saa 49, sac - aayAt
protect our children beyond the period
Of u lives, Let those who are now
reaping advantage from q vicious fnan-
cial system remember that In the years
TO come their own children and their
children's children may through the OPP
GRAFTON OF this same system be made to
pay tribute to the descendants Of those
who are wronged today.
As against the maintenance OF a gold
standard. either permanently or until
other nations car be united for Its over
throw. the Chicago platform presents n
clear and emphatic demand for the inn
mediate restoration of the free and un-
limited coinage of silver and gold at the
present legal ration 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 insist
ing upon n return to a financial policy
dDBlcNtd py ne thDtIltflCt VI IllNNDIt
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 ac-
corded to gold. When we ask that his
coinage be at the ratio of l6 to / we sim
V1N na1 shAN 49,. 49, - A.
standard silver dollar-whlch, be it re-
membered. contains the same amount
OF pure silver as the first dollar coined
at our mints-retain their present
weight n fineness.
Debtor VS.. Creditor.
If there are two kinds OF money the
option must rest either with the debtor
or with the creditor. Assuming that
their rights are equal. we must look at
the interests of society in general In or
der to determine to which side the op-
ton should be given. Unde the BIZ
metallic system gold and silver are
linked together by law at a fixed ratio,
n any person or persons owning any
quantity Of either metal a have the
same converted into full legal tender
II the creditor has the right to
h1Oot NV tNtNot fA VAlt.Ah I1N
shall be made. X Is reasonable to sup
pose that he Will require the debtor TO
pay In the dearer metal IL there is any
difference between the bull
lion values of the metals. This new de-
created for the dearer metal will
h a metal dearer still. while the
demand for the cheaper metal
Will make that metal cheaper still.
III, on the other hand. the debtor exer-
the option ii is reasonable to sup
pose that he will pay in the cheaper
IL n metal Is perceptibly cheap
than the other: but the demand thus
created for the cheaper metal will raise
It's price, while the lessened demand for
he earer metal will lower its price.
In other words, when the creditor has
The. option the metals are drawn apart,
proxImatefy at the ratso nkeo is,T AN,
provided the demand created is SUI
fcient to absorb all OF both metals pre-
scented at the mint. Society Is therefore
interested in having the option exer-
cised by the debtor. Indeed there can
be no such thing as real bimetallism un-
less the option is exercised by the debt
or. The exercise Of the option by the
debtor compels the creditor classes,
whether domestic or foreign, To exert
themselves to maintain the parity be-
tween gold and silver at the legal ratio,
whereas they might find a profit in
driving n of the metals to a premium
IL they could then demand the dearer
metal.
The right OF the debtor to choose the
coin in which payment shall be made
extends to obligations due from IN
government as well as To contracts be-
tween individuals. A government OBJ
legation Is simply a debt due from all
the people to one Of the people, and IL
Is impossible 10 justify a policy which
a the interests of the one person
who holds the obligation superior to the
rights of h many who must be taxed
to pay 1t. When prior to 1873 silver was
at a premium Ii was never contended
that national honor required the pay
ment of government obligations in sill
yer. n the Matthews resolution adopt
ed by congress in 1878 expressly asserted
the right Of the United States 10 redeem
coin obligations In standard silver dol
lars as well as In gold coin.
Upon this subject the Chicago plat
form reads: I'VE are opposed TO the pol
Icy and practice OF ~surrendering 10 the
holders OF the obligations OF the United
States the option reserved by law TO the
tions In either silver coin or gold coin"
Why Treasury Reserve Vanishes.
1t is constantly assumed by some that
the United States notes commonly
called greenbacks and the treasury
notes issued under the act OF 1890 are re-
sponsible for the recent drain upon the
gold reserve, but his assumption Is en-
tirely without foundation. Secretary
Carlisle appeared before the house COM
mittee on appropriations on January q,
1895. and / quote from the printed re-
port Of his testimony before the COM
mittee:
Mr.. Sibley: / would like to ask you
(perhaps not entirely connected with
the matter under discussion) what OBJ
lection there could be to having the op-
ton Of redeeming in either silver or gold
lie with the treasury instea-- Of the note
holder?
Secretary Carlisle: II that policy
had been adopted al the beginning OF
resumption-and / am not saying this
for the purpose Of criticising the action
OF any OF my predecessors or anybody
else-but II the policy Of r~eserving to the
government at the beginning of resump-
ton the option Of redeeming In gold or
silver all Its paper presented
had beer followed, 1 believe II
would have worked beneficially, and
there would have been no trouble grow
Ing out Of Ii. but the secretaries of the
treasury from the beginning OF resump-
ton have pursued a policy Of redeeming
In gold or silver at the option of the
holder Of the paper, and II my secretary
had afterwards attempted to change
that nnllcv and frrca oilvar ,Dnc -