The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1895-06-19

Constli alton. The universal experience
of mankind has demonstrated that the
joint use of both silver and gold coin
as money, constitute the most stable
standard of value and that the full
amount Of both metals is necessary as
a medium Of exchange.
The demonstration Of either of
these Historic metals means an appre-
citation 10 the value of money. fall 10
the prices Of commodities. dimiou-
tiou of Profits of Legitimate business, a
cootinuing increase in the burden Of
debts, withdrawal of money from the
channels of trade and industry where
it no longer yields safe and sure re-
turn aud its idle accumulation 10 the
banks and the great money centres Of
the country.
There is no health or soundness in
financial system under which a
boarded dollar is productive of Increase
TO its possessor, while an invested dol
lar yields constantly diminishing re-
turn, aud under which fortunes
made by the accretious of idle capital
or destroyed by a persistent fall in the
price Of commodities and persistent
dwiudling in the margin of profits 10
almost every branch of useful industry.
Such a system is a premium on s;oih
and a penalty upon industry, and such
aystem is that which the crimina!
legislation of 1873 has imposed upou
this country.
"The bimetallic standard of silver and
gold has behind it the experience of
ages and has been tested and approved
by the enlightened and deliberate judg-
NETT Of mankind The gold standard
is departure from the established pol.
icy of the civilized world with nothing
to commend it but twenty-five years OF
depression and disaster to the people
and extraordinary accumulation Of
wealth in the hands of few There
are some facts bearing upon the ques-
ton, recognized and admitted by all
candid meu whether advocates of BIZ
metallsm OF of the single gold stand
ard. Among these is the fact that
the very year that marked the change
frcS the bimetallic to single gold stand
ard is the very year that marked the
change from condition Of rising
prices. large profits, general content
ment and great prosperity to a coodi-
ton Of falling prices, diminishing pro-
fits, in security of iovcstm ent, unem
pIoyed labor and heavy depression in
all branches of trade and industry 1t
is not matter of dispute even among
the honest advocates Of the gold stand
ard, that general prosperity came to an
enc with the destruction of the bimet-
allie system aud that hard times. falling
prices, idle workiugmen and widespread
depression came in with the gold stand
ard and prevails to-day wherever the
gold standard has been adopted
Every international monetary con :
ference that has been called. every de-
maud in this country and 10 Earope for
international agreement to re-estabish
the bimetalic standard. is a confession
that the demouetization of silver
was a bluDder, if not crime. that its
consequences have been disastrous, that
the conditions it has wrought are full
of menace and of peril. The logic Of
facts establishes beyond intelligent ar
gument that the destruction of silver
as primary money by conspiracy
of selfish interests is the cause of the
widespread depression and suffering
that began with the gold standard
There can be 20 restoration of pros
perity. no permanent relief from the
prevailing conditions, until the cause
has been remedied by complete resto-
ration of silver to its proper place as
money equal with gold We believe in
a money of stable values, we believe
least of all in an appreeiating standard
1t is only through the practical opera
ton of bimetallism that stable stand
ard of value can be secured A stand.
ard constituted of money constantly
increasing in value is DOT sound !,
single nor stable standard, but a
constantly changing standard. The
effect of gold monometalIism is to have
one standard for the creditor and an
other Cor the debtor and there can be
no more dishonest monetary system
than that which gives short measure
to the borrower aud loog measure to
the lender.
Under the policy prevailing prior to
1878, there can be no violeut change in
the relative value of the two metals,
for rise 10 value of one metal is coun-
teracted by decreased demand, and a
fall in value by higher demand.
Under the operation of this ben ne6cent
law. a stable relation was maintained