The western sentinel. [volume] (Winston-Salem, N.C.) 1887-1926, 1895-06-20

Such a system is a premium on sloth
and penalty upon industry, and
such a system is that which the
criminal legislation of 1878 has im-
posed upon this country.
1.-The bimeta allie standard of silver
and gold has behind it the expert
ence of ages and has been tested and
proved by the enlightened and de
liberate Judgment of mankind. The
gold standard is a departure fro n
the established policy of the civilized
world, with nothing to commend it
but &c years OF depression and dis
aster to the people under extraOrdi-
nary accumulation of wealth in the
hands of a few. There are some facts
bearing upon this question, recog-
nized and admitted by all candid
men, whether advocates of bimetal
Iism or of a single gold standard.
Among these is the fact that the
very year that marked the change
from bimetallism to the single gold
standard is the very year that
| marked the change from a condition
of rising prices, large profits, general
contentment and great prosperity,
to a condition of falling prices.
diminishing profits, insecurity of in
vestment, unemployed labor and Il
heavy depression in all branches of
trade and industry. 1t is not a
matter of dispute, even among the
hone st advocates of the gold stand
ard, that general pro sperity came to
an end with the destruction of the
bimetallic system and that hard
times, falling prices, idle workingmen
and widespread depression came in
with the gold standard and prevails
today wherever the gold standard
has been adopted.
every international monetary
conference that has been called,
every demand in this country and in
Europe for an international agree
ment to re establish the bi-metallic
standard, is confession that the
characterization of the system was "a
blunder if not crime; that it's con
sequences have been disastrous and
that the conditions that it has
wrought are full of menace and of
peril. The logic of facts establishes
beyond intelligent question that the
destruction of silver as primary
money by conspiracy of selfish in
terests is the cause OF the widespread
depression and suffering that began
with the gold standard. There can
be no restoration of prosperity, no
permanent relief from prevailing
conditions, until the great cause has
been removed by a complete restora-
ton of silver to its proper place as a
money metal, equal with gold.
owe believe in "a money of stable
value; we believe, least of all, in an
approaching standard; it is only
through the practical operation OF
bi-met allism that stable standard
of value can be secured. A stand
ard constituted of money constant
ly increasing in value is not a sound,
a single, nor a stable standard, but
a constantly changing standard.
The effect of gold recommendation is
to establish one standard for the
creditor and another for the debtor;
and there can be no more dishonest
monetary s. stem than that which
gives short measure to the borrower
and long measure to the lender.
Under the policy prevailing prior
to 1878 there can be no violent
change in the relative value Of the
two metals, for rise in value of one
metal is counteracted by a decreased
demand and fall in value by an
increased demand. Under the oper-
alton of benefcient law stable re-
lation was maintained between them
in spite of the most extreme changes
in relative productions. From the
first period Of our history up to 1873
the right of the debtor to choose
whether he should pay his debts 10
silver or gold coin was always
recognized. The subsequent policy
has been to transfer this right to the
creditor, thus tending to constantly
increase the value of the dearer metal
and destroy the parity between
them. Believing that it is absolute
ly necessary to reverse this iniqui
tous and ruinous policy, we therefore
resolve,
THAT we favor the immediate re
storation of silver to it's former place
as full legal tender, standard
money, equal with gold, and the free
and unlimited coinage Of both silver
and gold at the ratio of 16 to 1 and
upon terms of exact equality.
"That while we should welcome
the co operation of other nations we
believe that the United States should
not wait upon the pleasure OF
foreign governments or the consent
of foreign creditors but should them
selves proceed to reverse the grind
ing process that is destroying the
prosperity of the people and should
lead by their example the nations of
the earth.
81 hat the rights of the American
people, the interests of American
lab or and the prosperity Of Ameri
can industry have higher claim TO
the consideration of the peoples law
makers than the greed of foreign
creditors, or tie avaricious demands
made by idle holders of idle capital
The right to regulate it's own none
tary system in the interests of its
own people is a right which no free
government can barter, sell or sur
render. This reserved right is part
of every bond, of every contract and
of every obligation. No creditor or
claimant can set up a right that can
take precedence over a nations
obligations to promote the welfare
of the masses of its own people. This
is debt higher and more binding
than all other debts and one which
it is not only dishonest but trea. on
able to ignore.
Under the financial policy that
now revails we see the land filled
with idle and discontinued working
men and an ever growing army OF
tramps, men whom lack of work and
nDDOrfunitv have ma6a oufoasta