Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1896-08-22

- HUCA d uoIldT lowers the standard of
civilization and brings distress to the
people? What shall II profit US in trying
10 raise credit by increasing the pur-
! CHASING power OF our dollar, if we de-
stroy our ability to pay the debts al
ready contracted by lowering the pur-
chasing power of the products with
! which those debts must be paid? If it
Is asserted, as it constantly is. that the
! gold standard VIII enable us 10 borrow
more money from abroad, l reply that
| the restoration of bimetallsm will restore
! the parity between money and properly,
and thus permit an era of prosperity
which will enable the American people
TO become the lenders of money instead
of perpetual borrowers.
The Chicago platform presents a clear
and emphatic demand for the immediate
restoration of the free and unlimited
coinage of silver and gold at the present
ratio of Is 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 upon a return to
the financial policy approved by the eX
perience of history and supported by all
prominent statesmen of our nation.
When we ask that our minis be opened
to the free and unlimited coinage of sill
yer to full legal tender money, we
simply want the same mint privileges to
be accorded to silver that are accorded
to gold. The dollar resting upon the two
| metals is less changeable in its purcha7-
! ing power than the dollar which rests on
one metal only. If there are two kinds
of money the option must rest either
with the debtor or the creditor. Assum-
/ ing that other rights are equal, we must
act in the interest of society in general
! in order to determine to which side the
! option should be given. Under the BIZ
| metallic system gold and silver are link
| ed together by law at a fixed ra a. and
| any person or persons owning eAquan-
! tity of either metal can have thufsame
converted into full legal tender ,Ioney.
If the creditor has the right to cht'se the
metal in which payment shall ~ made
it is reasonable to suppose that will
require the debtor to pay in the dearer
money, if there is any perceptible differ
ence between the bullion values Of thu
metals. This new demand createc' for q
dearer metal will make that metatttearel
still, while the decreased demand for the
cheaper metal win make that meta
! cheaper still.
When the creditor has the option thu
metals are drawn apart; whereas, wner
the debtor has the option the metals ar,
held together and Appropriated at the
ratio fixed by law; provided the demand
created Is sufficient to absorb all or bOtt
metals presented at the mint. Society Is
therefore interested in having the option
exercised by the debtor. There can be
no such thing as real bimetallism unit
the option is exercised by the debtor. The
! right of the debtor to choose the coin In
which payment shall be MADE extends tc
obliga tons due from the government, as
we'll as to contracts between individuals
A government obligation is simply debt
due from all the people to one of the PEG
pie, and it is impossible to justify poncy
which makes the interest of one person
who holds the obligations. superior to the
rights of the many who must be taxed TO
pay it.
Government Redemption.
1T is constantly assumed by some That
United States notes, commonly called
greenbacks, and treasury notes issued
under the act of 1890 are responsible Tor
the recent drain upon the gold reserve
/ but this assumption is entirely without
| foundation. The fault does not lie with
! the greenbacks and the treasury notes
! but rather with the executive ohlceTs VINO
! have seen fit to surrender right Whlch
! should have been exercised for the pro
lection of the interests of the people. we
! are told that any attempt upon the part
of the government to redeem us ooHga-
tons in silver would put premium upon
gold But why should 1t? The Bank Of
France exercises the right to redeem all
hank paper in either golo or silver, and
VET France maintains the parity between
gold and silver AZ a ratio of 1871 70 /,