The examiner., 1882-03-18
Gilded Folly.

The moro the folly of the gold stan dard is investigated the more foolish it appears. It is charged that the panic of 1873 was the result of the extravaganza and prodigality of the people. The poor looked with envy upon the luxuries of the rich, and in their eagerness to imi- tate the latter they exhausted their re- sources and collapsed into bankruptcy.
 Be 1t so or not, it is so claimed by the goldite, and the argument is as appli. cable to nations as to individuals.
 The gold standard is public luxury, as extravagant and as useless for pro- ducing people as diamonds and pearls would be for the adornment of pet cats and poodle dogs.
 It is luxury which but one nation on the globe can afford. England is Q retired aristocrat among Iaboring na- tlons. The resources of her powerful leading classes consist of usury and fixed incomes, whose value the gold standard increases.
 Gold is a good standard to retire upon, but not to develop or progress upon. It is the standard to absorb wealth, but not to produce it. It breeds wealth to it's consumers, but ' N sa.4s...y Aa.sy and death to it's producers.
 Germany, regarding the gold stan dard as the cause of England's great wealth, adopted it decade ago and impoverished herself.
 Speaking of the goldite folly of other nations in their endeavor to initiate England, the London NeWs says:
 s'There is superstitious notion among continental statesman that @ gold currency in some inexplicable way increases the wealth producing capacity of country and raises it's dignity. It is superstition engendered, no doubt, by the action of our own county. England for nearly three-quarters of century has had gold currency, and England is beyond questioa the greatest of commercial nations. It is hastily inferred, therefore, that the gold currency has in some way or other contributed to the commercial pre- eminence of England. We need hardly say to our readers that this ;s a complete delusion. England had become the greatest of commercial countries before she adopted an exclusively gold currency, and she woald retain her commercial pre- eminence though she were to change her currency now. It is no doubt great convenience for a rich country like England to have as standard of money 8 metal which contains high value in small countries; but though convenient such money is in no way essential to the prosperity of a community"
 Speaking of the suicidal policy of Italy in following the example of Ger many in rradopting England's policy the Neocs says: "Italy is too poor 8 country to afford gold currency. Her proper standard of value is silver.' Now what does this prove? A country whose wealth is to grow of labor and production is too poor u afford the gold standard. But a country whose wealth grows of usury and fixed in- comes can afford the gold standard.
 The cheaper the standard the more it 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 enriches 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 no nation or individual that depends upon labor for it's support can afford it.