The Progress. (Shreveport, La.) 1892-1900, 1896-08-20

are insisting upon return to imam
cial policy approved by the experiences
Of history and supported by aljtho
prominent statoGmon Of our ma ion
from the days Of the first president
down to 1873
FREQ Coinage "f Both Metals.
when we AK that our mints y"
opened to the free and unlimited coin
age of silver into full Iesal-tend"r
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 al
the ratio Of lG to |, We simply ask that
our gold coins and The standard silver
! dollar which. be il remembered. con
! iains The same amount Of pm" silver as
| the first silver dollar coined al our
mints retain their present weight and
| iincnesS.
'lf there are Two kinds Of money The
option must rest either with the debtor
or with the creditor, II the creditor
has the right to choose the metal in
which payment shall be made. i, is
reasonable to suppose that he will re
quir" the debtor TO pay in the dearer
metal If there is any perccpt'bln differ
ence between the bullion values Of the
metals. IT, on The other hand. The
debtor exercises the option, it is rea
sonablc to suppose that he will pay
in the cheaper metal if one metal is
the demand thus created for ,he cheap
CT metal will raise is while the
lossened demand for lrcr meta!
will lower its price. T., 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 the ratio fixed by law: provided the
demand created is sufficient TO absorb
all of both metals presented at the
mint. Society Is. therefore. interested
In having the option exercised by the
debtor. Indeed there can be no such
thing as real bmetalisln unless the
option Is exercised by the debtor. The
exercise Of the option by the debtor
compels the creditor classes, whether
domestic or foreign, TO exert them
selves to maintain the parity between
gold and silver at the legal ratio
whereas they might find profit in
driving one of the metals to premium
If they could then demand the dearer
metal.
Debtors and Creditors.
, "The right Of the debtor to choose
the coin in which payment shall be
made extends to obligations due from
the government. as well as to con
tracts between individuals. A govern
ment obligation Is simply debt due
from all the people to one of the peo-
pie, and it is impossible to justify a
policy which makes the interest Of the
one person who holds the obligation
superior to the rights of the many who
must be taxed to pay it. When, prior
to 1873, silver was at a premium, it was
n5ver Contended that national honor
required the payment Of government
obligations in silver, and the Matthews
resolution, adopted by congress in
1878. expressly asserted the right Of the
United States to redeem coin oblga.
tons In standard silver dollars, as well
as IN gold coin.
eve are told that any attempt upon
the part of the government to redeer
its obligations in silver would put q
premium upon gold, but why should it.
The Bank Of France exercises the right
to redeem all bank paper in either goIC
Or silver, and yet France maintains the
parity between gold and silver at the
ratio Of l5i2 to I, and retains in circu,
lation more silver per capita than VIZ
do in the United States.
1--WE contend that free and unlimited
coinage by the United States alone vii
raise the bullion value OF silver to it
coinage value, and thus make silver
bullion worth sl.29 per ounce in golt
throughout the world This PROPOSE
ton is in keeping with natural laws
not in defiance of them. The bes
known law Of commerce is the law Of
supply and demand. We recognize
this law and build our argument upor
it. We apply this law to money wher
VIC say shat reduction in the volume
Of money will raise the purchasing
power Of the dollar; we also apply thu
law Of supply and demand to silvel
when we say that a new demand fol
silver created by law will raise thu
price of silver bullion.
Where the BimetalI,sts Differ.
"The only question upon which in
ternational bimetalists and independ
ent bimetallists differ is: Can thu
United States, by the free and unimit
ed coinage of silver at the present lega
ratio, create demand for silver which
taken in connection with the demand
already in existence, will be sufllcien
10 utilize all the silver that will be pre-
sented at the minis. They agree in thei
defense Of the bimetallic principle, an,