The Progress., 1896-08-22

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''oy ave Deceived by this objection.
they ought 10 remember that therG are
NJ himrtullsts who are earnestly en-
dcdg0rnR 10 secure II nj any other "a
10 than ~ to !. W. are opposed to
any change in he ratio for two rea-
sons
hnst Not Change Ratio.
"FirSi, b"callS" a chang" would pro-
Guce great injustice, apd second, be-
cause a change in the ratio il not nee
oESary. A chang" would produce in
iuGtlC" because, II effected In the man
n"r usually suggested it would resnlt
in an enormous contraction in tho vol
umo Of standard money, Those who
hnv" advised change In tho ratio
hav" usually suggested that the silver
dollar be doubled. II this chang" we're
made II would nec"ssItato the re image
Of fnnr billions Of silver into two bill
Immediate loss Of two billions OF dol
lars either TO individuals or to the gov
eminent, but this would be the least
Of the injury.
This contraction By increasing the
value Of the dollar would virtually in
crease the debts Of tho world billions
Of dollars and decrease still more the
value Of tho property OF tho world as
measured by dollars Besides this i'm.
mediate result such a change in the ra.
ito would permanently decrease tina
annual addition TO the worlds supply
OF money, because the annual silver
product when coined into dollars twice
as larg" would make only half NJ many
dollars.
"ln 1873 Mr.. Carlisle said: Man.
kind will be fortunate indeed IL the
annual production OF gold and silver
coin shall keep pace with tho annual
increase OF population and industry
| repeat this assertion.
Easier 70 Get Gold Then,
"Wo arc told that the restoration Of
himrtallism would be q hardship upon
these who have entered into contracts
payable in gold coin but this Is
mistake. 1t will be easier to obtain thu
gold with which to meet gold contract
when most Of the people can use silver
than it ia now when every ono Is try
ing to secure gold.
Some Of the more Jealous opD0nentS
Of free coinage point to the fact that
thirteen months must elapse between
She election and the first regular ses.
sion OF congress, and assert that dur
Ing that time, in case people declare
themselves in favor OF free coinage.
oil loans will be withdrawn and all
mortgages forcclCsed The president
Is empowered to convene congress IN
extraordinary session whenever the
public good requires such action. II.
al November, the people by their bal
lots declare themselves In favor OF the
Immediate restoration Of bimetallism,
tho system can be inaugurated within
q few months.
'Ii. however, the assertion that lOana
will be withdrawn and mortgages fore
closed is made to prevent such political
action "a the people may believe to
be necessary for the preservation Of
their rights, then a new and vital issue
is raised. Whenever it is necessary
for the people AZ a whole to obtain
consent from the owners Of money and
the changers Of money before they can
leglsate upon financial questions, we
shall have passed from democracy to
q plutOcracy. But that time has not
yet arrived. The people who in 1875
rejected the doctrine that kings rule
by divine right will not in this genera
ton subscribe to.a doctrine that money
| Is omnipotent.
International ninletalllsm.
eve are not opposed to an interna.
| tional agreement, looking to the res.
tcration OF bimetallism throughout the
world but we are not willing to await
thepleasurc OF other governments, when
immediate relief Is needed by the peO-
pie Of the United States, and they
further believe that Independent action
offers better assurance Of international
bimetalllsm than seryile dependence
upon foreign aid. How long must we
wait for bimetallism to be brought to
H., by those who profit by monOmetal.
! Ism? II the double standard will
bring benefits to our people, who will
deny them the right to enjoy those
benefits? In taking this proposition
We simply maintain the dignity Of TO-
100000 citizens, who are second to
none in their capacity for self-goyern.
ment.
"The gold standard has compelled
tho American people to pay ever In
Craslng tribute tD the creditor nations
OF the world--a tribute which no one
dares 10 defend. / assert that nation
al honor requires the United States
to secure justice for all its citizens az
we'll as to do justice to all It's creditors.