The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1895-06-01
THE POOR MANS MONEY

Prof. Laughlin in Times-Herald.
The idea has been fully explained In
these columns that changing the stand
ard In which prices and obligations are
expressed is a critical matter. 1t is clear
that the great industrial work of pro-
duclng and exchanging goods goes on
Independently Of any particular level OF
| prices. Changing the counters does not
change the goods to be counted. Goods
will be produced and exchanged quite as
well ON a low as on a high level Of prices;
quite as well on a high as on a low level
Of prlces-once this level has been
reached. The dlnger and loss resides
only In the change from one level to
the other. Once prices and obligations
have adjusted themselves to one Level
then all goes on we'll The disturbance
which Is productive of chaos Is the one
arising from sudden movements from one
standard to another. This 1t is which
produces speculation and disorder In
prices and which disarranges the rela.
tlons between debtors and creditors. II
existing obligations are expressed in the
gold standard and then a sudden change
be made by the free coinage of silver
at l6 TO /, that would cut all prices and
debt-paylng by one-half. The difficulty
and wrong Is not In having high or in
having low prices, but in going from on
to the Other.
No one can for a moment believe that
any number of Americans seriously in
tend to repudiate their Indebtedness with
conscious purpose. They would not Will
ingly do wrong. All that Is necessary
to do Is to point out to the falr-mindei
whore the wrong is and 1t is certain to be
avoided In the end. The very foundation
Of our lnstltutlons-that which makes us
all proud OF our country-is the right of
an to equal justice before the law. II It
comes about that there Is one law for
the rich and another law for the poor,
then our institutions are surely degener,
ntlng, Every attempt should be mada
that can by amy possibility be urged to
secure only one and that an invarlable
rule of justice to ALL irrespective of rank
and riches. II any measure be proposed
to defraud debtors and thlt be success.
fully enacted, then that will only paw
the way to measures to aid the opposite
side. The inevitable consequence will b
enactments to defraud creditors. 1t is no
more right to defraud debtors than TO
defraud creditors. Both are abhorrent
to every honest man and 10 all rules OF
Justice. The only right policy, and the
toned by the sober conscience of the lana
Is that no deviation from justice be made
either for debtor or creditor, That is the
simplest commonplace Of our constltu-
tlohal existence.
And the same thing holds true of legis-
lation about money If we cannot be sure
that the poor and the debtor can be pro-
tected, then there Is no security what,
ever that the creditor can be protected,
10 in hsa nj Of IN
study what will insure justice, If we
make II possible for laws to be enacted
to relieve debtors of their burdens, then
we open the chances for laws TO give
creditors more than their share. Both are
equally wrong and both must be prevent
ed. If we cannot have a stable standard
OF prices for the laborlng man, then there
can be none for the bondhoder. That is
uhe reason why the workingman does not
| like to see the free coinage of silver
| He, above oil others, needs a stabl
standard of prices. Why2 Because IL
any measure at all, OF any kind, be nt'
! tempted. to change the standard with tn
! avowed purpose of modifying the rela'
| lions OF debtors and creditors, then
which side Is likely to get The advah
| tage? win ft be the poor who havI
no influence and little money to spenu
who can buy the legislatures, who can
maiB,ain lobby, they are the ones TO
profit moNt In any contest at getting
favorable legislation. Surely then, II is
the last thing In the world that the poor
Wish, to have a situation created in which
legislation OF a special kind Is urged BE-
cause It benefits one side,
This Is the danger OF legislation for free
coinage of silver, To try to get lava
10 scale Indebtedness one-half will be
sure TO react on the promoters, That has
always been the case. But the free
silver advocates say that the act OF 1873
took away the poor mans money"
There Is absolutely no truth in this. 1t
Is falsehood wholly unsubstantlated by
fragment of truth. The truth Il
this: In 1873, and for thirty or forty
years before, the silver dollar was NOT
In circulation. 1t was worth more than
100 cents In gold. II was the "rich mans
money" II anything In 1873 We adopted
the cheaper dollar. gold, as our sole unit.
Gold has been the only money OF account
and in which prices had been expressed
ana obligations entered into, from soon
after 1884 down to Dec, 81. 1861 (when our
paper money period began), and from
Jan /, 1879 (when the paper money
period ended, TO the present hour. An
coin contracts since 1894 have been made
on a gold basis. That Is an lndisputable
fact. The act OF 1873 did not change IN
any way whatever the value OF the
Standard. II all contracts mortgages
and bonds have been based on gold (ex-
cept In the paper period since 1884.
where In the name OF heaven Is the JUS
tlce Of proposing change to lower
standardg We have adjusted ourselves TO
the gold standard. Prices have been ex-
pressed IN gold since iSIa Why cheat.
why disturb, why ignore the rights OF all
citizens to justice and to have a standard
kept stable for both the poor and the
richg II the standard for the rich Is
not kept stable II certainly would not b
stable for the poor. And when the
fluctuations come. the struggle viii IN,
evilably go against the poor The rich
will know now 20 take care OF them>