The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1882-06-01
The Fo,ly OF the Gold Standard.

The more the folly OF the gold stand
ard is investigated the more foolish it
appears. II is charged that the panic
of 1873 was the result of the extrava-
gance and prodigality of the people.
The poor looked with envy upon the
luxuFies of the rich, and in their eager
ness to initiate the latter they exhausted
their resources and collapsed-into bank
ruptcy.
BE it so or not, it is so claimed by the
goldite. and the argument is as applica-
bic to nations as to individuals.
The gold standard is public luxury,
as extravagant and as useless for a pro-
ducing people as diamonds and pearls
would be for the adornment of pet cats
and poodle dogs.
IL is eslHxaFy which but one Nation
on the globe can afford. England is a
retired aristocfat among laboring Ma
tions. The resources of her powerful
leading classes consist of usury and fixed
incomes, whose value the gold standard
increases.
Gold is good standard to retire up
on, but not to develop or progressupon.
1t is the standard to absorb wealth, but
not to produce it. It breeds wealth to
its consumers, but poverty and death to
its producers. ar s
Germany, regarding the gold standard
as the cause of England's great wealth,
adopted it decade ago and impover-
ished herself.
Speaking of the goldite folly of other
nations in their endeavor to initiate En-
gland, the London Ne1Os of February 4
says:
ia q
tnental statesmen that gold currency in
some nexplicable way increases the wealth
producing capacity of a country and raises its
| dignity. 1t is a superstition engendered, no
| doubt by the action of our own country. En-
| gland for nearly thrae-quarters of a century
has had gold currency, and England is be-
| yond question the greatest of commercial n9-
| lions. II is hastily inferred, therefore. that
the gold currency has in some way or. other
| contributed to the commercial pre-eninence
| of England. We need hardly say 10 our read
| ers that this is a complete delusi1n. England
had become the greatest o. conlrnercial coun-
| tries before she. adopted an exclusively gold
| currency, and She wruld retain her CONNER
| cial pre-eminonce though she were to change
| her currency now. 1t is no doubt a great con-
/ venicnce for a rich country like England to
| have as standard of money metal which
contains high value in small countries; but
| though convenient such money is in no way
| essential to the prosperity of community
Speaking of the suicidal policy of It
ally in following the example of Ger
many in adopting England policy, the
Meas says: ''Italy is too poor a country
to afford a gold currency. Her proper
standard of value is silver" Now what
does this prove? A country whose
wealth is to grow of labor and produc-
ton is too poor to afford the gold
standard. But country whose wealth
grows of usury and fixed incomes can
afford the gold standard.
The cheaper the standard the more il
contributes to the growth Of wealth
produced by labor and production.
But the dearer the standard the more
it contributes to the growth of wealth
which comes of usury, fixed rentals,
and pensioned annuities.
| In other words, the gold standard en-
riches usury while it robs labor, and the
cheaper standard rewards industry
while it does no injustice to usury
Gold is luxury that robs labor, and nc
nation or individual that depends upor
labor for its support can afford il. Chi
cdgo Express.