Los Angeles herald., 1891-06-27
A SPECIoUS PLEA-THE ABSURDITY OF
THE GOLD-BUG IDEA.

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many as well, that desire to see the
single gold standard govern the world,
because it increases the purchasing
power of fixed incomes. OF course such
a strong interest has advocates, and
their views are reflected in powerful
and influential section of the press, and
amongst this last appears the San Fran
cisco Bulletin, which, in its issue of the
oath inst, has very fallacious article,
winding up with pretty allusion to the
Sybilline leaves.
As a matter of fact, the recent policy
of the men with fixed incomes, who,
since 1878, have been able to rule the
moneyed world, at least as far as the
United States is concerned, has been
remarkably like that OF the oppressor
OF the middle ages, who developed
curious instrument of torture and death.
1t was in the shape of room which
gradually contracted day by day until it
eventually assumed the shape and size
of coffin, in which the victim found
his death. To speak fguratively, in
such an inhuman contrivance will the
people find themselves if the gold-bugs
shall be permitted to carry out their
plans.
How stale and wearisome has grown
the story that, if the white metal is
allowed to circulate ON equal terms with
gold, the latter metal will either leave
the country entirely or go up to big
premium. The rot and nonsense of this
talk, which has been iterated and reit-
Grated by the press which represents
the views of the gold-bugs, has been re-
peatedly disproved. If the people who
repeat these exploded aphorisms of ex-
tortion will read the report of the COM
mittee of the United States senate which
was presided over by Senator John
P. Jones in 1878, and which
was instructed to inquire into the
causes of the demonetization of silver,
they will find that they are not giving
expression to the opinions of the head
of the house of Rothschild, of the presi-
dent of the Bank of France and of one
of the most intelligent of the governors
OF the Bank of England. On the con-
trary, they will find that the demone-
tization of silver was looked upon by
these noted fnanciers as OF most disas-
trous significance to the prosperity of
the world, and as involving the whole
sale sacrifice OF the debtor to the credit
or class. To an American plutocrat of the
nouUeau richie order it may seem strange
that such men as Baron Rothschild
would object to the immolation of the
poor and embarrassed. But these en-
lightened men, who probably may have
possessed consciences, knew that the
permanent order of the world is based
upon justice, and that universal pros
perity, founded on general and univer-
sal laws OF finance, is preferable to a
hoggish attempt-which was, alas too
successful-te gather in an unearned
gain.
Again and again we hear this cry that
the circulation of gold and silver on
equal terms win drive gold out of the
United States. The men who utter
this really silly cry are perfectly
aware that when we had
less than $2OO,OOO,OOO in gold
in this country greenbacks and
bank notes to the amount
of quite 100000, 900 circulated at par
with gold. Instead of that circumstance
driving gold out of the country, even
with the addition of the Bland coinage
act and the silver certificates, we find,
according to the report of the controller
of the currency, that, notwithstanding the
recent heavy shipments ofgold to Europe
to prevent the gold-bug countries of
Europe from going into bankruptcy, we
have $500, 100000 of the yellow metal in
minted half eagles, eagles and double |
eagles still in this country.
The absurdity OF this cry is further
illustrated by the recent experiences of
England. After the failure of the Bar
ing Brothers it is generally conceded
that the Bank of England itself would
have gone into liquidation if it had not
been for the generosity of the Bank of
France in loaning the former institution
Sl5, 900, 900 in gold. Any one who looks
at the direction OF our shipments of gold
will find that they 60 invariably to
England and Germany, two gold-bug
England, the country par
excellence OF the single standard, and the
country which brought about the de-
of silver in the United
States, did not begin to have gold
enough to go round in her extremity.
Perhaps the most striking confutation
of the arguments of the gold-bugs is
presented in the case of France. Here
8 the case of a country that was obliged
% pay a 81 ,000, 900, 900 indemnity to Ger
many about twenty years ago in gold.
Since then she has lost untold millions
n the Panama canal, in the Compton
rEscomptes, and in other bad deals.
(et France today, with silver circulat-
ng side by side with gold, has $780,
100000 in gold coin to less than half
hat amount which is controlled by
England. France and the United States t
ogether, the former a bi-metallic, and y,