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

you cannot accuse of disposition to ex-
travagant language, and do not believe
that they have presented the matter too
strongly. Mr.. Balfour said recently "that
a slow appreciation Of the standard Of
values is perhaps the deadening and be-
numbing influence that can touch the
enterprise OF a nation" Mr. Blaine and
Mr.. Sherman call attention to the fact
that this appreciation OF the standard is
benefit TO the capitalist out Of debt and
an injury to everyone else, and this may
account for the fact that the capitalist
and the fnancier are the most enthusi-
astic advocates Of the gold standard.
1t is often said "What is the use OF
having more money in the country
You cannot get the money unless you
have something TO exchange for It," 1t
is true that you can only obtain money
by giving something in exchange for it,
but the amount Of money which you can
obtain in exchange for a given amount
of your product will depend upon the
money in the market. II for instance
farmer borrowed 81 900 when wheat is
worth 81 bushel, he can pay the debt
with | 900 bushels, but II the purchasing
power OF the dollar is increased until 81
will buy two bushels of wheat, then he
must sell 1000 bushels OF wheat in order
to get the 81 ,00C with which to pay his
debt, but the man who holds the note
will be largely the gamer if he can col
lect 81 900 when each dollar will buy
twice rs much as it would when he loan
ed it. This illustrates the effect OF an
approaching standard upon debtor and
creditor.
EFFECT OF AN APPRECIAT1NG STANDARD
Let me illustrate the effect of an APP
preciatirg standard upon business gen.
orally. AS the dollar rises in its pur-
chasing power prices, of course tall-that
is the only way in which an appreciation
in the value of money can manifest it.
self. If merchant buys a stock OF goods
they gradually decline in value while on
the shelf, and he must deduct that loss
from his ordinary profit A rising stand
ard also retards enterprise, because
man does not want to build a house this
year if he thinks that next year the
same house can be built for less money.
When the purchasing power Of the dol
lar is increasing even idle money brings
to its owners what may be called an un-
earned increment, and those who have
the courage to invest in other forms OF
property must pay the penalty of loss.
Anything which retards or discourages
enterprises lessons the demand for labor,
and crowds the workingmen together in
a fierce contest for their daily bread.
The laboring men understand the effect
Of gold standard, and are almost unani-
nous in their opposition to it. A petit
ion was sent to Congress not long ago
signed by all the important labor organ
izations in the United States, and this
petition pointed out the disastrous effects
Of the demonetization OF silver and de-
manded the free coinage of gold and
silver at the present ratio OF sixteen to
one.
The Federation OF Labor met a few
weeks ago, and adopted resolution de-
handing the free and unlimited coinage
ofgold and silver at sixteen to one with
out waiting for the cooperation Of other
nations. The strength OF bimetallism in
this country has always been found in
the agricultural communities, the farm
ers have furnished five times as many
voters for free silver in the House OF
Representatives as the mining states
have furnished. Not only in this
country, but in England and Germany,
have the farmers favored the restoration
OF silver.
Archbishop Walsh, of Dublin, has
written phamphlet calling attention TO
the effect Of the gold standard upon Irish
tenants, and upon the English farmer.
This pamphlet has had a wide circula-
ton, and presents in my judgment one
OF the strongest arguments ever made
against the gold standard. In fact, II
were going to recommend two books on
the subject OF bimetallism l would re-
commend Coins Financial School pub
lished in Chicago, and Archbishop
Walsh's pamphlet. The German Reich
stag has recently passed resolution de-
claring in favor OF an international mon
etary conference. This resolutions show
that the gold standard has been a failure
in Germany so far as the masses OF the
people are concerned, while the resolu-
ton adopted by the Berlin Chamber OF
Commerce, condemning the action Of the
Reichstag, shows that in Germany they
have the same contest which we witness
here, namely, the contest between the
commercial classes on the one side, led
by the banks, and the masses Of the peo-
Pile on the other side.
HOW TO SECURE BAIRTALLIsM.
II bimetallism is desirable, how can il
be secured? ! believe that it can only
be secured by the action OF this country
independent OF any other nation. While
an international agreement would be
desirable, II is not necessary and not
probable, because Germany waits upon
England and England is dominated by