Hopkinsville Kentuckian. [volume] (Hopkinsville, Ky.) 1889-1918, 1896-08-18

Some Of our opponents attribute rs y
IN the vaine OF silver when mt
s gsSia 20 cs the fact tI IhS w. dES1Rg
has Increased pore idlsff5bPPbbiy df =----
supply Of goid THE , a ,Sa iia 10 We IL
five years thI annual prQdH55inR. thq5' -
has increased more rapidly
nual product4n of silver Rh
,b Our co GRPonEts go SaSi1 SSr6 ls59NA
legislation irtended to preventive ekf>IsA !
silver is being coined to take its Md. \
only is gold ping abroad now y SSl
ent financialk policy Is adhered toI paesSS
continue to brrow from across tssN5a 4
and even the we simply re stpsonSeaSe yttf
because theIamount borrowed, W. 7
with the Interest upon. It, must M
in appreciate dollars A
Not Advdcating Effty-Cent Dt
Following b an earnest ,a,rgu,Y9t
Rryan' said i Perhaps the mCohem
miiisrepreserfatio that we hfor nm
the charge that we "a are aaV '1c,agoI -
present. time and un aS,sr pEgxioo forsts q is
It's value value bu that WHY'D when the Unit
and leave no surplus silver I nf''i' ior
der sysE bullion gsf VIII n6 be h wHIth
is now worth q. much as gold coin, and We
believe that a. silver dollar will be worth as
uucn as |IBOlu dollar. trs.
= Thcsf Who deny the ability Of the United
States to maintain the parity between gold
and silver at the present legal ratio with
out foreil;n aid. point to Mexico, and assert
that the3 opening OF our mints win reduce
premium 1 Il Is no feection upon our Sis.
ter rsgeSs e em9Sa 9ss PeGRSe th Msx ine
az s.od, Il population ant q COMM S...i
strength. : 1t is absurd TO assert that, the
United States is not able to do anything
xuhi oh hoa n rlfch
The one thing necessary in order 10
maintain the parity is to furnish demand
great enough to utilize all the silver which
will come to the minis. That Mexico failed
TO do this is not proof that the United
States would also fail. In response to the
argument that improved machinery has
Bryan said ii sufficed to say that the Same
is true of the production of gold, and not
withstanding that gold has risen in value.
Arguments Against silver Answered.
He replied In detail to numerous argu-
ments against silver Ii 1t issasserted, he
said, that the free coinage of silver is in
tended only for the benefit of the mine
owners, 1t must be remembered that free
coinage cannot restore to the mine owners
any more than demoneti2atton took away;
and it must also be remembered that the
loss which the demonstration Of silver has
brought to the mine owners is Insignia
cant compared to the loss which this poll
scy has brought 70 the rest of the people.
people generaiiy many times as much adj
vantage as the mine owners can obtain
from it. Whileit is not the purpose of free
Yet those Who believe that til the restoratiol,
of silver is needed by the whole people
should not be deferred because an Incl
dental benefit will come to, the, mine owner:
The erection of forts, the deepening of
harbors the improvement of rivers, the
erection Of public buildings--an these con-
eomfnunities an Hd Yet these incidentai benz
efits do not deter us from making appropri-
etions for these purposes whenever such
appropriations are necessary for the public
Debtor Should Have the Option.
II there are two kinds of money che OPP
ton must rest either with the debtor or
With The creditor Asspm ionN tf nat tier
ests OF society in general in order 10 de-
terminesto whieh side the option should be
and silver are linked together by law at
fixed ratio, and any person or persons own
ing any quantity. OF either metal can have
If the creditor has the right TO choose
the metal in which payment shall be mace,
It Is reasonable sol. to suppose that he WI
metal If there is any percepttble difference
between the bullion values of the metals.
This new demand created for the deafer
metal will make that metal dearer still,
while the decreased demand for the cheaper
metal will make that metal cheaper still.
If, on the other hand, the debtor exercises
The option, it is reasonable to suppose that
he will pay in the cheaper metal IL one may
be perceptibly cheaper than the other, but
the demand thus created for the cheaper
metal will raise its price, While the lessened
demand for the de6rer metal will lower it's
price N
In 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 approximate
ly at the ratio fixed by law; provided the
demand created is sufficient to absorb all
Of both metals presented at the mint. So
af af fg Tnrn fTaNa Naa1 IN 1DNT fragr
the option exercised by the debtor.
The right of the debtor to choose the
coin in which payment shall be made ex-
tends to obligations due from the govern.
ment as well as to contracts between in
dividuals. government obligation is
one Of the people, and it is is impossible inn pBi 10
justify policy which makes the interests
Of the one person who holds the obliga-
who must be taxed TO pay it. When, prior
to 1873 silver was at a premium, it vas
never, commended that national honor re-
cations in silver, and the Matthews, reso-
luton, adopted by congress In 1878, ex,
gesy to rsdcem taf Ggh G hs sah
Upon this subject the Chicago platform
practice Of surren6ering to the holders OF
o one op, r Of the United States the
s 6Sb law to the Re aSs
silver coin or gold coin"
Cause of the Drain on the Reserve.
II Is constantly assumed by some that
the United States notes. commonly called
sued under the act Of $780, 500 are respo oH
Ior me recent drain upon the gold re-
serve. put this assumption is entirely with
o e, Ioundation. In support of this asser-
s slon Nj! Bryan quoted from testimony OF
secretary Carlisle before the COMMITTEES
on appropriations, January. q. 1883. in
winch the secretary said IL the policy OF
reserving to the government AT the be-
cunning OF resumption the option of re-
oeemlng In gold or silver all its naper pre.
sentea had been adopted he, thought n
would nave worked beneficially. BtIt the
secretaries OF the treasury, from the he
sinning OF resumption, had pursued a poIi-
cy OF redeemtng in gold or silver at The
optlon OF the holder of the paper and n
any secretary. had afterward ettemnted
70 change the policy and force sSlver ,non
q man who wanted gold and eoiS ,,, opoo
man who wanted silver his i,SS ,r a upon III
'n Tb, IL would have been very disastrous
Ill LIS, MI. Bryan argued, showed that the
lalit GOES not lie with the ereenha cirs
anu treasury notes, but rather with TIE
executive officers who have seem a. re to
surrender right which should have hae ~
exercised for the protection Of ~ in usSn
ests or the people. If the eovarp M
snopld retire Its paper and throw ,Son, III ~
banks the necessity of furnishinv roi,, VI. rao
oemption the banks would exeSc;oa i'm ~
right to furnish either gold or ssI,seS tH H
Otner words, they would exercise az "a