Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1878-01-02


the additional sound securities that can
offer, 1t may be inductively assumed that
these moneyed rich own but comparative.
ly little Of what may be called labor con-
sirucIion effects or property in its broad
sense. The phrase used therefore is to
distinguish them as SUI genus, a special
genus, and does not at all include those
of ether classes who are rich in real
estate, manufactures, navigation or other
transportation facilities, commerce,
banking or like operations, or any enter
prise or business useful or conducive to
the we'll being of society; for wealth SO
employed and the various occupations
and adjuncts needed in, for end to the
conservation, advancement and protec.
ton Of it, are not and cannot be, in the
nain, benefited by any action imposing
burdens on all others that is promoted in
the interests and for the sole benefit Of
SO exclusive q class.
1t is not to be wondered at, then, that
the unnatural, because totally deficient,
property. measuring quality Of gold as a
money standard, enacted as it was into a
national law at the instance and by the
influence of the moneyed rich or gold
party alone, should, as soon as it vas
generally known, meet the stern opposi-
ton OF all who cannot shut their eyes to
the oppression it has already caused, and
to the worse dangers it threatens. AS
the knowledge spreads, and the causes of
our present evils are more clearly seen,
this gold measure being a chief one, even
the unthinking ones Of the great public,
all that are outside Of the gold ring or
party, rich or poor, see that each and all
are directly interested that the golden
letters so skillfully forged to bind them
should be broken.
There have been many ingenious ar.
guments devised by the gold clique to
make the worse appear the better cause.
! None probably more plausible and De.
ceptive than the idea conveyed by ssser-
tons iterated and reiterated so often Of
late, to reconcile the people into swal.
lowing as a fnancial.health restorative
the supplying and prosperity-destroying
single or gold standard foisted upon
them so Hnderhandedly in 1873: the
idea, namely, that gold has some magic
quality as a standard measure for all
other property that fits it and il only for
the worlds coin. This has been played
on in SO many ways, and been bolstered
up with such great names-a learned
college professor here, a profound fnan'
cial authority there, an expert in
political economy in one place, and
legislators without number around and
about most anywhere, who, for the nonce
have been converted into financial So
ions, and suddenly made wonderfully
money.wise-that a misty glamour has
been thrown over the subject, and a pop
ular delusion created to the extent o.
nigh believing shas silver has no such
quality. Though the fallacy OF this i:
apparent enough, on studying it, it il
nevertheless urged by pointing out that
silver, as bullion, has of late years been
very Facilitating and huctuatiHg in price.
whereas gold has not. This is even go
but it is because the coinage of silver
into dollars was discontinued some years
since, and, later, ceased to be legal coin
and became a mere article Of merchan
disc, BY the entirely one sided, selfish anC
surreptitious legislation procured by tbs
great holders of government seen
rites in Europe, the express in
%tention being, as previously alta
ted, to give q largely increased
purchasing power TO gold and therefore
to the bonds, which they had by the leg
i%slation spoken Of, made convertible into
gold. But suppose the condition Of tht
metals as to legal tender coin b.
changed-let silver be the only legaI
t~ender-would not gold teen be tht
mere merchandise hat silver now is, anC
auctuate as silver now does. Put iS4u
on an equality as full Legal tender; is Il
at all likely that one as bullion would
1uctuste more than the other2 Both arr
needed aud used in the arts and for va
, rious manufacturing purposes; a certain
proportion Of each IS thus yearly con
sumed. Say that, ss coin, it takes 6fteer
or sixteen times the weight Of silver tC
: equal n Of gold, is it not likely tina
> for other uses the consumption of silveI
s will be as much in excess2 If go, anc
, the production of the two from mines o.
other sources be in proportion, woulc
I not the two preserve On equilibrium
as bullion2 The fact Is that both o
: these metals are, at this perio,
Of the worlds progress and Of the won
, deriul increase Of its total wealth ant
. the as equally wonderful extension Of IL
e conmerce, indispensable as a basis 70
the international exchanges consequent
One cen no better be spared from thi
highest use they, Of all things else, ar
fitted for than the other. Withdraw eithe
aud there is at once given a iactitious j
not q fictitious value to the other; the on
q withdrawn being at once pleeed at a dis
advantage as oil things else not Of ixel
= nominal value are, TO the metal retained
y Of being valued or priced by an srbitrat,
scale that has been itself SO inordinatel
q increased in purchasing value as to nea
double its purchasing power. The tWl
= metals being then thus necessary, eael
being the needed complement OF th
1 other, neither can be spared from thi
high use without deranging the bushes
economies dependent on an adeduai
adaptation and supply Of the medium Q
n 4 a