Freeland tribune. (Freeland, Pa.) 1888-1921, 1896-08-13

bank norcs will not Increase our currency
In proportion to our increasing popula.
tion. "
If our present currency is estimated
at s1,i00, COO, O00 and orr population is
increasing at tho ratio of 3 per cent per
annum, it would require $40, 600, 900 in
creased circulation each year to keep pace
with the increase Of population, but as the
increase OF population is accompanied bya
still greater ratio of increase of wealth and
business it was thought that an immcdi-
ate increase of circulation might he OBJ
taincd by larger purchases of silver bullion
to an amount sufficient TO mako good the
retirement of bank notes and keep pace
with the growth Of population. Assuming
that $5l,O00,0 600 u year of additional cur
rency is needed upon this basis that
amount is provided for in this bill by the
issue of treasury notes in exchange fer
bullion at the market price.
If the United States then needed more
than SIP 900 900 annually to Keep Tacc
with population ard business, it now,
with Il larger population, needs Il still
greater annual addition, and the United
States is only one nation among many.
Our opponents mako no adequate Trovi-
sion for tic increasing monetary needs of
the world.
In the second Place, change in the ra-
ito is not necessary. Hostile legislation
has decreased the demand for silver and
lowered its price when measured by gold.
while this same hostile legislation, by in
crcasing the demand for gold, has raised
the value of gold when measured by other
forms of property.
We are told that the restoration of hi
mctallism would he IL hardship upon those
who have entered into contracts payable
in gold coin, but this is mistake. 1t vii!
be easier to obtain the gold with which to
meet II gold contract, when most of the
pcoI lie can use silver, than it is now, when
every one is trying to secure gold.
The Chicago latform expressly declares
in tavor of such legislation @S may lc nee
essary to prevent for the future the de
monctizatign of any Kind Of lcTGl tender
money by private contract. Such con
tracts are objected to on the ground that
they arc against public policy. No one
questions the righ. Of legislatures to fly
the rate Of interest which can 10 collected
by law. T-aro is far moro reason for Tro-
venting private individuals from sctti,y
aside legal tender law Tho money which
is by law made Il Legal tender must, in
the course Of ordinary business, boucceptcd
by ninCty-nino out Of every hundred per
sons. VIII should the onc-hundrclth man
be permitted to exempt himself from the
general rula? Special contracts haye Il
tendency to increase tine demand for u par-
ticular Mind Of money, and thus force it to
q premium Have not tho people II right
to say that Il comparatively few indiyid-
uali shall not bc permitted TO GCranga the
financial system of the nation in order to
collect premium in case they succeed in
forcing one Mind of money to n premium?
There is another argument to which |
ask your attention. Some of the more
jealous opponents of free coinage point to
the fact that 13 months must clnrsc be
tween the election and the first regular
session Of congress- and assert that during
that time, in ease rcoplc declare themselves
in favor Of free coinage, al loans win bc
withdrawn and al mortgages forcclosod.
If these are merely prophecies indulgcd in
by those who have forgotten the provisions
of the constitution, it Will Ec sufficient to
romiud them that the president is ompow
cred to convene congress in extraordinary
session whenever tho public good requires
such action. If in November tho Icoplc
by thCir ballots declare themselves in favor
of the immediate restoration of bimctal-
lism, the system can Ee inauguratcd with
in Il few months.
If, however, the assertion that loans will
be withdrawn and mortgages forccl3sCd
is made to prevent ~, h political action US
the people may believe to be necessary for
the preservation of thcir rights, then a
Few and vital issue is rais1d Whcncvcr it
is necessary for the people as u whole to
obtain consent from tho owners Of money
and tkc changers of money before they can
legislatc upon financial questions, VIC shall
have passed from democracy to u plu-
tocracy But that time has not yet arrived
Threats and intimidation will he of no
avail The people who in 177G rejected
the doctrine that kings rule by right di-
vino will not il this generation subscribe
to doctrine tha5 money is omnipotcnt.
International Bimetallism.
In conclusion, Tcrmit mo TO say a word
in regard t. International bimctallism.
We are not gppCsrl to an international
agreement lGNNing to the res oration of
bimctallism throughout the wCrld. The
advocates Of frcc coinage have on all occa-
sions shown their willingness to cooper
ate with other nations in the rcinstatc-
lncnl bl SllNtT, bub lucy itlt llOu NllllnP 10
await ths pleasure of other governments
when immediate relief is needed by the
people Of the United States, and they fur
ther believe that Independent action offers
better assurance of International bimct-
lllsm than scryilo dependence upon for
cign aid. For more than 20 years we have
invited the assistance of European nations,
but all progress in the direction of inter
national imctgllism has bean blocked by
the opposition of those who derive pccun-
iary benefit from the appreciation of gold
How long must we wait for bimcthllism
to lie brought TO us by those who profit by
monumetallism? If the double standard
will bring benefits to our people, who will
dony them the right to enjoy those bcne
fits? If our opponents would admit the
right, the ability and the duty of our poo
pie to act fer themselves on all public
questions without the assistance and re-
gartlIcSS of tho wishes Of other nations
and then propose the remedial legislation
which they consider sufficient, we could
meet them in the field of honorable debate
but when they assert that this nation is
helpless to protest the rights of its own
citizens VIC challenge them to submit the
issue to Il people whose patriotism has ncv-
or been appealed to in vain.