Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1895-10-11
From a Goldbug Standpoint.

There is probably no more able finan-
clal journal in the civilized world than
the London .StatiN. In last week 3
STANDARD appeared quotation from
that journal which showed how won
deriully its predictions regarding the
closing OF the minis to silver in India,
written five days after the edict had
gone forth, had been fulfilled. Upon
reflection We will change that word
predictions" for the result anticipat-
ed was based upon a thorough under
standing OF the laws O! finance and an
application of the plain rules of logic.
II was conclusion drawn from the
same premises which impelled Car
Isle in 1873 to declare that the de-
monetization of one half-the people
half-of our currency, would "entail
more misery upon the human race
than all the wars, pestilences and
iamines that ever occurred in the his
tory of the world"
Understand that the Stdtist is an
English paper. 1t speaks for the in
terests of England in the present gi.
gantic struggle that is going on for
life by the poorer people. AS is usual
with the goldbug press on this side OF
the water, it assumes that the remone-
tization OF silver will be the demoneti-
cation of gold, and argues from that
premise. 1t says:
eff gold is demonetized, it is perfectly
clear that there will be great transfer
OF property from the capitalist and lend
ing classes to the producing classes.
This would be Of immense advantage to
the West and South of the United States,
but would prove serious loss to the
Eastern States and 10 Europe"
1t then goes on to say:
"4Of course great country like the
United States adopting silver standard
would have great influence on the whole
of the world and silver would undoubt-
eddy rise. The great reduction of debt
all over the United States by the fall of
gold would give the farming classes gen.
orally a sense of freedom and prosperity
which they have not had for many wears,
and would probably give a great stimu-
lus to production. If silver did not rise
much for awhile, American cotton, pork,
ETC., would compete with the products of
other countries at very great advan.
tage, and there would probably be a
very rapid and great growth of exports,
and the beginning of an era of great
prosperity"
There is the situation in a nutshell.
The debts incurred, before the con.
spiracy went into effect to appreciate
the purchasing power of gold would
recede to the point they were at before
the " corner" was on, and many neck
would be freed from the golden collar
imposed by trick in finance.
The Statist is doubtless aware that
no demand has gone forth for demon
citation of gold, but simply a remon.
citation of silver, but it describes the
effect which will result from placing
the metals on parity, giving an equal
chance to either to perform its mission
of usefulness. The result would be
to restore the farming and industrial
world to the sense of freedom enjoyed
while gold and silver went handful.
hnnd in their mission of usefulness.
The prediction of results in India,
80 amply verified, give peculiar force
to the forecast of success to the silver
fight now on and justifies all that is
claimed by advocates of the white
metal.