The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-06-14


great money centers of the country.
There is no health or soundness in a financial
system under which boarded dollar is pro-
ductive OF increase to its possessor while an in
vested dollar yields constantly diminishing
return, and under which fortunes are made by
the accretions OF idle capital or destroyed by a
persistent fall in the price of commodities and
a persistent dwindling in the margin of profits
in almost every branch of useful industry.
Such system is premium upon sloth and
penalty upon industry, and such a system is
that which the criminal legislation OF 1873 has
imposed upon this country.
The bimetallists standard of silver and gold
has behind it the experience of ages and has
been tested and approved by the enlightened
and dellberated decree OF mankind. The gold
standard is departure from the established
policy OF the civilized world, with nothing to
commend it but twenty-five years OF depres-
sion and disaster to the people and the extra
ordinary accumulation of wealth in the
hands OF the few.
There some facts bearing upon this ques-
ton recognized and adopted by all candid men,
whether advocates OF bimetallism or of the
single gold standard. Among these is the fact
that the very year that marked the change from
the bimetallic to the single gold standard is
the very year that marked the changing con-
dltion from rising price, large profits, general
contentment and great prosperity to q con-
dition of falling prices, diminishing profits,
insecurity OF investments, unemployed labor
and heavy depression in all branches of trade
and industry. 1t is not a matter of dispute
even among the honest advocates of the gold
standard, that general prosperity came to an
end with the destruction of the bimetallic sys-
TEN, and that hard times, falling prices, idle
workingmen and widespread depression came
in with the gold standard and prevail to-day
wherever the gold standard has been adopted
Every international monetary conference
that has been called, every demand of this
country on Europe for an international agree
ment to re-establish the bimetallic standard is
a confession that the demonetization of silver
was blunder, it not crime; that its conse-
quences have been disastrous and that the
conditions it has wrought are full of menace
and peril. The logic OF facts establishes beyond
intelligent question that the destruction of
silver, primary money, by conspiracy of
selfish interests is the cause of the widespread
depression and suffering that came with the
gold standard There can be no restoration of
prosperity, no permanent relief from prevail
ing conditions, until the great causeshas been
removed by complete restoration of silver to
its proper place money metal equal with
gold.
We believe in money of stable value We
believe, least of all, in approaching stand
ard. 1t is only through the practical opera
ton of bimetallism that stable standard of
value can be secured. A standard constituted
of money constantly increasing in value is not
sound, single, nor stable standard, but a.
constantly changing standard. The effect OF
gold recommendation is to establish one stand
ard for the creditor and another for the
debtor; and there can be no more dishonest
monetary system than that which gives short
measure to the borrower and long measure TO
the lender Under the policy PREVAIL ng 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. de-
crease in the demand and fall in value by an
increased demand.
Under the operations of this benefcent law
a stable relation was maintained between them
in spite OF the most extreme changes in rela-
tive productions. From the earliest period of
our history up to 1878 the right of the debtor
to choose whether he should pay his debts in
silver or gold coin was always recognized
The subsequent policy has been to transfer this
right TO the creditor, thus tending TO con-
stantly increase the value of the dearer metal
and destroy the parity between them.
Believing 1t is absolutely necessary 20 re-
verse this Ubiquitous and ruinous policy we
therefore, resolve that we favor the immedi-
ate restoration OF silver to its former place as
a 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-oper-
alton of other nations we believe the United
States should not wait on the pleasure of for
eign Governments the consent of foreign
creditors, but should themselves proceed to
reverse the grinding process" that is DESTROY
ing the prosperity of the people and should
lead by their example the nations Of the earth.