Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1895-09-20
Washlngton STANDARD
OLYMPIA. WASH.
EFElDAi EVENING, SEPTEMBER 20. 1895.
Gold-bug Sophistrv.

The Chehalis Nugget. attempts in a
column article to refute the STAND
ARDS position as to what constitutes
" Redemption Money" but as it can
didly admits that under a strict legal
construction, gold is the only primary
money IN existence, we have only to
follow the premise admitted and exist.
ing conditions TO establish a logical
conclusion.
While admitting the main point Of
contention, however, the Nugget re.
atfirms its assertion that the volume
OF credit money added to the gold cur
rency at the present time, will give a
larger per capita than existed in 1873,
and that "every dollar of it is redemp-
ton money for all the purposes OF the
farmer. the wage-earner, or the bust
ness man." Ii We admit that the vol.
ume OF currency as an aggregate has
increased, conditions seem TO show
that it has not reached the channels
where it would do the most good"
The multi-millionaires, who have
amassed colossal fortunes through the
manipulation of all sorts OF corners. in
currency and commodities, possess
the per capita apportionment which
looks so fair in gold-bug arguments OF
hundreds Of thousands of poor farmers,
wage-earners and business men. 1t is
not populistic rot" that the debtors
OF the country largely outnumber the
creditors. 1t is painful truth. Nor
is the aggregate Indebtedness, public
and private, overstated at forty billions
OF dollars. In fact it is much under
the mark. Nor were these debts as.
sumed with that "full knowledge"
upon which goid-bugs place so much
stress, nor was it within the power of
the money.lender to so manipulate
the currency enactments as to cause
the value of property acquired by the
loan and the obligation incurred, to
part company, and the latter soar to
an elevation that means eternal d.
vorcement.
AS far as the small. everyday cash
transactions are concerned, the cur
rency may meet the requirements of
trade, as is claimed by the Nugget, but
we fail to discover the indications of
unbounded prosperity that it insists
do now prevail. As it cites the " lead
ing newspapers" as an index OF popu-
lar sentiment and reflex of existing
conditions, we have only to quote from
such widely circulated and influential
journals az the New York World, the
New York Press, and the Oregonian,
to prove that reports of unemployment
OF labor at advanced prices is but an
attempt to bolster up the Wilson
Havemeyer tariff by partisan false
hoods, and by the same kind of testi-
mony we can easily reiute the Nuggets
assertion that wages and prices are
better now than in 1873. We have at
hand figures compiled for the United
States Investor, of Boston, which show
the following relative prices in leading
commodities in 1873 and now. Sugar
has reduced from 16 to St cents, -four
from 4 to 2 cents, coffee from % to %,
rice from lHa TO 5. calico from Is to 6
per yard, salt from 2 to I cents per
pound, wheat from GO to 35 cents per
bushel, cotton from 16 tot cents per
pound, jeans from % to 81 cents per
yard. and many other products in pro-
portion.
But it is useless TO cavil over what
the leading, or the led, newspapers
may say. They are the work OF frail
humanity and are of the earth earthly.
At the present time the gold-bugs OF
Wall street are pur.uing q policy Of
addition, division and silence" and
enough of their methods have become
public to show that bold and system
attic attempt has, and is, being made to
purchase the influence and dictate the
policy of newspapers all over the land
That it pays to do this, goes without
saying. The gold power never places
money where it is liable to corrode
from idleness, and in this crusade
against silver, they are making it a
battle OF lifetime.