The times. [volume] (Richmond, Va.) 1890-1903, 1896-08-13
BRYAN NOTIFIED.
scontinued from first paec)

OWNING any quantity OF either metal can
have tue same converted into full legal
y tender money II the creditor has the
q right to choose the metal IN which pay
| mont hail be made. IL f. reasonable to
| suppos. that he Will require the debtor
Ito pay in the doarcr metal. 81 there is
sany d. ,rccpublc difference between the
bullion values of the two metals.
| THIS NEW DEMAND CREATED FOR
! rHE I)EARER METAL WILL WAKE
! , HAT METAL DEAHER STILL WILL.
p TIE u ECREASED DEMAND FOR TIE
| e. NEAI EK METAL WILL MAKE THAT
N ErAI, CHEAPER STILL.
+. on the other hand, the debtor ex-
or, iscs the option. IL is reasonable TO
sul pose that De will pay in the cheaper
mo, al. ono may be pcrceptibly cheaUcr
th- ia other. But THE DEMAND
| TIL IS CREATED FOR THE CHEAPER
ME TAI WILL RAISE ITS PRICE.
| VIII LIB THE LESSENED DEMAND
/ FOR HE DEARER METAL WILL
! LOW YER IT'S PRICE. In other words
| when rc creditor has the option. the
meta "a are held together approximately
90 a. ratio hNoi by law: provided the
| dcma nj created IS sufficient TO absorb all
e bo n metals presented at the mint
OPT ION MUST BE THE DEBTORS.
SOci cay Is. therefore. interested I'm hav-
ing Il y option exercised by the debtor
Indcct A. therc can be no such thing as
real . inetallism unless the option IS cx-
crciseo by the debtor The exercise OF
the 81 zion by the debtor compols the
credito class. whether domestic or for
cign. exert themselves 10 maintain the
purity between gold ana silver at a legal
ratio. whereas they might find profit in
\ driving one Of'thc metals 10 a premium
/. hon
metal
The SIGHT offthc debtor 10 choose tho
coin IN which payment shall be made
tctcnds ITO OBLIGATIONS duo from tn, Gov
rnr"ni' rs well to contracts between
On lividuals d Government obligation is
sir 9ply delft DIV, from all the people 70
one Of The pcopIe. and II is impossible
~ rsiifv a. polT' which make sthc inter
osis Of the one person. who holds the oh.
ngati,,n 81 periO to the rights Of the
many. who uusf'bc taxed 70 nay e.
Whom rior 70 1873. silver wss ~ n
!. premium IT, IL was ncvcr contcnded that
national horror required the payment Of
/ Govcrnr vent obligations IN sil-er and the
!. MATTHEW * resolutions adopted nv Con
s-reee IN ISIS. expressly asserted the right
90 tho I ritcd states 70 redeem coin oh
llgations IN standard silver dollars rs
vol rs GOLD coin
T-non ~ = srihoct the Chicago platform
! roads. "0n' % mo orr,0sed 10 tho policy
ard rracti 70 of surroplorirg 70 The hold
lfors ~ obi t-s-tions 81 the United states
tbcsoptfon ,ose-vo1 bv law 70 tho Govern
\ mont m r. urT~nnF such oh'gaiions IN
I-othor eiivor 'coin o~'ro'd coin
THE RCuJ. or cKEF;NRACKs.
=. g. oorete y,.lv ossrruo@l nv some that
l.O o. United Sta+os nof's commonly called
,,-- ,orb books N VI tho TreH-surv notes'ssn"d
.,,,aor ,1,o act NJ 800 % - rcsponsiNc for
- ,loo,,. drsvn ,,ncn the cold reserve.
lh,,n. tbie assuw vtion is entirely wfh"ui
! e,attc, c. rrofo1-v "p~lisle appeared
! 'bcrcro tho Vorrc Comui''co on Annfo-
! ,riotio,s on Iauu nary y 1905 ana cnote
| ero,, flo nrinfo0 ~ouo rt Of his testimony
| before Tho comm tttc-'
| NJ Siblov-'T would Ike To ask Won
] (porhane not entirely conn""iod WIN 'ue
I waiter indor die ~ seiom. wha' "h'''-
rcn ,horo could h,. TO having the orfion
l. - rcdoomirc either I'm silver or gold lie
/ with tho Treasury instead Of tho note
t'hodcr2"
Secretary Carlisle -"Nv policy has been
adonted Of the hogir ming ~ rosumDtion-
aud ain NOT saving this for the nur-ose
of criticising the acti on ~ any nr"f"cos-
,sr or nnv ono else mt n the policy or
d, ,eor,,ine, 70 tho GOV ernment AZ 'he he
g.
dorniuc I'm gold or stvcT all its naDor
presented 7 believe n would have'worked
lor,cfciailv. and there would have heen
no trouble growing ont n II. hut The Sec
rota vics Of the Treasury from IN" BEGIN
Ming OF resumption have purTicd policy
Of rodoeming i'm cold Or silver nj the
ontiou, Of the holder Cf the paper ana
n any Secretary had afte rwar's attempted
| 20 change the policy and force silver upon
,n11 ftftI col
man who varied silvcri and especially
n he Ind m@dc the atfGmnt AZ such a.
critical periods We have had IN tho
| last two years. my judgment IS that 1t,
would have been very disastrous
A FAD PRESEDENT.
| do not. agree with, the secretary that's
IL WIS Wise TO follow n bad precedent,
| but. from his answer IL will be seen that6
! the fault does not lie with the green
Lacks and Treasury notes. but rather
with the executive officers who have seen
| iii TO surrender a right which should
havo been exercised for the projections
of the interests of the people. This exec
| cutiyc action has been already the cN-
| cuse for the issue of more than S2J0OD0.-s
| OOl ian bonds and IL is impossible TO
estimate tho-amount Of bands which mayf,
hereafter De issued if the policy is con
| tinutd. We are tod mat any attempt
upon the part Of the Government at this
| time 10 redeem It's obligations i'm silver
would put a premium upon gold. but whys
should it? The Bank of France exercises
the right 20 redeem al bank paper in
eithcr gold or silver. ard yet France
maintains the parity between gold and
silver at the ratio OF 1912 To /. and re-
tlins I'm circulation more silver per capita !
! than We do in the Un!ted'Statcs.
| II may be further answered that ourS
| opponents have suggested no feasible
| plan for avoiding the dangers which they
| fear The retirement of the grcenbacks
| and Treasury notes would not protect the
| Treasury. because the same policy which
| now leads the Secretary Of the Treasury
| 10 redeem all Government paper In gold.
| when gold IS demanded. viii require tho
redemption OF all silver dollars and silver
certificates I'm gold. If the ereenhacks.and
| Treasury notes are withdrawn from cir
! culot'on.
More than THIS. n the Government
should retire It's paper and throw on the !
| banks the necessity OF furnishing coin
| redemption. the banks would exercise the |
| right 10 furnish either gold or silver In
other words. they would exercise the
opinion Just as the Government ought to |
exercise II now. Tho Government must
| either exercise the right 10 redeem, 'ts
| obligation I'm silver when more convenient