The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-12-05
AN APPEAL.
Tothe People of the United States by
the American Bimetallic League.


combination to overthrow the ancient
standard of gold and silver and estab-
lish the single standard of gold, begun
in 1873, has been finally contaminated
by the closing of the minis of India,
and the unconditional repeal of the
silver purchase law Cf 1890 in the
United States. This last act has been
effected, not only against the interests
of the great mass of the people of this
country, but, it is believed, against the
will of a vast majority Of the whole
people.
The purpose to overthrow the consti-
tutional standard of money in the
United States by eliminating silver,
was concealed in the election of a year
ago by planks in the platform s of the
two leading parties declaring for the
continued use Of silver as standard
money, with the coinage of both metals
without discrimination against either.
1t was, moreover, every where pro-
claimed that the tariff and not silver
was the issue before the people, but as
soon as the election was over every
other question was thrust aside and an
extra session of Congress called to
register the decree of the gold combi-
nation that had raised hundreds of
thousands of dollars to nominate, and
millions to elect a President On whom
they could rely to use all the power of
the administration to secure the over
throw of silver. Through the power
of patronage on the inside and the
power of organized capital, with the
aid of the Metropolitan press, which it
controls on the outside, the work has
been accomplished. A financial panic
was precipitated as an ''object lesson"
to help create a public sentiment in
favor, not of the continued use of silver
as standard money as had been pledged
in their platforms, but for the repeal
of the only law by which silver metal
could be utilized at all as money. Thus
has silver been slain in the house of it's
friends. A claim more illogical could
not be made than that the addition of
from three to four millions of dollars
of standard money to our volume of
currency monthly produced money
stringency and brought on a panic.
The bottom cause Of the panic was the
shrinkage in prices necessary to con
form to the single gold standard; and
the necessary consequence of the estab-
lishment of this standard must be-
after a possible temporary expansion of
mere credit-a still further and more
rapid rise Of gold and a corresponding
fall in prices.
There is no possible way to retain
gold in this country but to bring prices
down to the level of prices in other
countries, SO that gold will tend to-
wards and not from the United States. !
Prices therefore must scale down and
debts scale up, as gold rises in value.
All products of labor must fall and
eventually wages of labor must go
down also. This is inevitable with a
single gold standard.
The idea that by selling bonds and
accumulating a large gold reserve, as
large a volume of currency convertible
into gold as may be desired, can be
maintained, is a delusion. There is no
possible way by which a volume Of cur
rency, redeemable in gold, can be main
tanned larger than our distributive
share Of the worlds money on a gold
basis. No statesman with a reputation
to lose would propose to increase the
volume beyond that proportion by try
to hold a large gold reserve. Gold
that does not come to US in the course
IF trade will not stay when bought
With bonds. It will flow away as soon
Is liberated. Two different levels of
International prices cannot be main
aimed with the same money standard.
Will the people Of this country, then, I
,onsent forever to carry on business
pay debts by a constantly increas-
ne money standard, in order that the i
.ebt owing and money-lending classes
nay obtain possession Of the earnings
f others to which they have no right9
A determined fight has been made in
ongress by the friends of a just money
5andard against the enactment of a 4
leasure fraugh5 with more injustice u
the people of this country than any
5her in its whole history. 1t is be- 4
eyed that no severer blow was ever 2
ruck at the rights and interests of 2
le people, since our government was
than that which subjects
lem to the domination of a money 7
extending to both sides of = |,
ne Atlantic Ocean. i"