The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-03-13

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tention of our final ciers that gold
possesses some sacred quality which
makes it just and invariable measure
OF value. We can make no progress in
understanding the money question until
we recognize the fact that there is no
such thing as an honest dollar, that there
is no such thing as dollar which is alb
solutely Interchangeable.
Prof. Laughlin, in his work on bimetai-
ism, says "Monometallists do not--as
is often said-believe that gold remains
absolutely stable in value. They hold
there is no such thing as standard OF
value for future payments in either gold
or silver, which remains absolutely in
variable" Mr.. Laughlin is right, and
his statement is corroborated not only
by the facts, but also by the admissions
OF every writer on political economy.
THE GOLD AND SILVER DOLLAR.
To illustrate: II gold is the only pri-
mary money, and the gold dollar repre-
sents, as it does to-day, % and $40 grains
of standard gold, it is evident that the
purchasing power Of gold dollar will
vary according as the metal from which
it is made becomes scarce or plentiful.
If Unexpectedly new gold mines should
be discovered, as they were in 1910, and
the supply Of gold should largely in
crease, money would become more pen
tiful and the purchasing power OF each
dollar would fall, although each dollar
would still represent 25.S grains Of stan
dard gold. If, on the other hand, the
supply of gold received annually from
the mines should altogether cease and
the gold needed by the arts should be
taken from the worlds supply OF coin, it
is evident that money would become
more scarce and the purchasing power
Of each dollar would increase, although
dollar would still represent only 25.S
grains OF standard gold.
If, instead of using gold alone, gold
and silver are used as primary money,
then the value, that is the purchasing
power, of each dollar, whether gold or
silver, would depend upon the number
Of dollars of both gold and silver and the
annihiation of a part Of the standard
money would increase the exchangeable
value Of the remaining dollars Thirty
years ago, when there were enough ma
tons using gold and silver freely to offer
the privileges Of the mint to every
ounce of gold and silver produced it was
matter of small Importance whether
any particular nation used gold alone or
silver alone or both, but when the ma
tions of Europe began a crusade against
silver and in favor of gold and a time
was reached when some silver could not
find place for coinage, the apparent de-
cline in silver as measured by gold com
menced, and the question which the
United States must settle now is whether
it will join in the crusade against silver.
and drive it out OF use throughout the
world, or throw the weight OF its in
fluence upon the side of bimetalism and
thus bring silver back into use as stan
dard money throughout the world.
/ am almost afraid to picture TO you
the effect OF universal gold standard,
lest you who do not fully appreciate the
danger may think my language extrava-
giant, but / assure you that have never
used language more emphatic than the
language used by such men as Senator
Sherman, the late Secretary Blaine and
Hon John G Carlisle. In 1859, in speak
ing OF the effect OF contraction OF the
currency, Senator Sherman said: ITO
every person except capitalist out OF
debt, or salaried officer, or annuitant,
it is a period Of loss, danger, lassitude of
trade, fall of wages, suspension of enter
prise, bankruptcy and disaster"
MUST PROVE RUINoUs.
Mr.. Blaine said in l87S "The destruct-
ion OF silver as money and the establish
ment of gold as the sole unit OF value
must have ruinous effect on all forms
OF property, except those investments
which yield fixed return in money.
These would be enormously enhanced
in value, and would gain disproportion-
ate and unfair advantage over every
other species OF property. 1t is impossi-
BILE to strike silver out OF existence as
money without results which will prove
distressing 10 millions, and utterly dis
astrous TO tens OF thousands"
In 1878 Mr.. Carlisle said; According
to my view Of the subject, the conspira-
cy which seems to have been formed
here and in Europe TO destroy by legis-
lation and otherwise from three-sevenths
to one-half the metallic money Of the
world is the most gigantic crime OF this
or any other age. The contamination Of
such scheme would ultimately entail
more misery upon the human race than
all the wars, pestilences and famines
that ever occurred in the history OF the
world" have given you the language
OF three distinguished Americans whom
YOUNG GIRLS
- sntarino xsonanhood ought 10