The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-06-20
uAMILToNIAN DEMOCRACY
THE PARITY OF THE
TWO METALS.

land favors using gold only for
the redemption of United States
credit currency including silver Ger
tifcates; but why he should call this
"~oreserving the parity" between silver
and gold is not SO easy to see. Most
well informed persons here believe that
there is a great and growing DISPARITY
which the President increases by the
exclusive use of gold as redemption
money, though he has the lawful
option to use silver also. II the policy
of measuring silver, and the currency
supposed to be based On it, in gold ex
clusively is continued, silver viii be-
came more aud more a commodity and
less and less a money. Still the Preei-
dent calls this preserving their
parity!'
The Sherman act was denounced in
the South by Cleveland electors be-
cause it increased the disparity Of the
two metals by making silver a COM
modify. In this State some Of these
electors persuaded the people that Mr..
Cleveland favored free coinage at q
proper ratio, and commended that such
ratio should be effected by reducing the
quantity of gold requisite to constitute
a dollar i. g. that the intrinsic value of
the metal in the two dollars should be
the same and that such parity should
be effected by the reduction of the
quantity OF gold. It is believed here
that it is to the immediate interest Of
the creditor class, especially those in
control Of the gold, to measure all
debts public and private by the gold
standard because thi> class, by com
bination with similar classes in Europe
can the more easily manipulate this
metal (the amount in circulation being
known and the production limited) and
dictate the terms upon which they will
allow its use as money. Gold may be
easily boarded and it's price measured
BY its purchasing power OF the diff
Guilty Of obtaining it, will be increased
in proportion to the amount boarded.
This constipation of the currency may
be effected at q most critical period,
as when the crops are to be sold and
moved.
The exclusive use Of gold in the re-
demption of the United States obljga-
tiOns has doubtless contributed quite
as much to the appreciation Of its price
or purchasing power as the Sherman
act has to the depreciation Of the price
of silver. In fact it is claimed by the
friends of silver that in spite Of all
hostile legislation silver has deprecated
little if any in respect to the various
commodities it should measure as
money, and that the disparity be-
tween it and gold has been mainly
brought about thorough the apprecia
ton Of the latter due to the govern
ment discrimination in its favor, and
to the boarding, speculation and combi-
nations made mor possible and profit
able by such discrimination.
The policy Of the government makes
gold coin q commodity Of increasing
value purchasing power) and thereby
invites and encourages that most bane-
full Of all business, speculation in the
currency. As soon as those in the best
situation to know are assured that the
governments policy of discrimination
in favor of gold is to be continued,
they know that there is a probability of
its purchasing power being increased;
and when consequently by common
consent they begin to hoard it, as they
are able to do, in large amounts, such
probability becomes a certainty. What
these spectators are able to do and
INTERESTED to do they will do. Gold
then is not only a commodity Of the
most unstable price, inviting the ex-
ploits of spectators the most reckless
Of the common good. 1t is not had to
show that those who increase the price,
purchasing power or difficulty Of OBJ
tanning dollars pending obligations
which are to be discharged in dollars,
are worse enemies to the common
good than the debaser or the counter
feiser Of coin. Gold therefore, under
the policy of Dur government, is too
unstable to make an honest common
measure Of values. 1t is more dis
honest than a seventy cent dollar" or
perhaps a fifty cent dollar, because it
cheats the government CHE greatest
good and the debtor class Che greatest
number
In order to maintain a policy the
effect Of which is to protect the gold
monopoly, it is understood that the
government, if thought necessary, will
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