Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1896-07-31

Sophistries OF the Goldbug.

Sophistries OF the Goldbug.
J. Mcdowell, a correspondent OF the
P.-I, puts the big journal in the
mid by asking single question re-
garding finance, and it seems to have
lost that caution which impelled it to
ignore similar questions OF J. Haml-
ton Lewis although it has had weeks
to scratch its head over some plausible
sophistry in reply.
Mr.. DoweN quotes as premise the
assumption OF that journal, which will
be recognized as true goldbug argu-
ment," that "If the workingman gets
double the wages or the farmer gets
potatoes with the silver standard as lie
would with the gold, it would be no
benefit, provided he pays double for
everything he buys" He then asks
how it would affect the salaries OF OIL
GERS, fixed at high figures during flush
times, or the debts, public and private,
contracted while all property was
measured by the silver unit, amount.
ing in the United States, OF all des-
criptions, national, State, county, mu-
nicipal, corporate and private, to the
colossal sum OF 10000 millions OF dol
lars, the interest alone on which
aggregates at six per cent, 2,4OO mil
lions of dollars per annum.
The correspondent calls attention to
the fact that under reconciliation OF
silver. property values will appreciate
one-half and enable the debtor to pay
interest and afford some hope of ulti-
mutely reducing the principal, and
that the salaries OF the army of Office
holders in the United States, national,
State, county and municipal, amount
ing TO many millions of dollars annu-
ally, will be payable in a currency that
has appreciated in exact proportion
with property values. and enable the
government without further bond is
sues, the State, counties and munich
palities without going further beyond
the constitutional limit OF indebted
ness, to pay the tax-eaters in full and
still have something left to feed and
clothe taxpayer and his family. He
takes for example the salary of the
President. At 81 per sack it takes
$4,000 sacks of wheat to pay this sal
airy; when silver commands double
value, as all commodities will when
the silver unit is restored, it will take
but $4,000 bushels to pay it, and so on
through the list.
The Pr. practically ignores this
logic, however, and asserts that if the
silver standard brings corresponding
appreciation Of values of all commodi-
ties, that the farmer and laborer will
be no better off, for his increased prof
its or wages would buy precisely the
same amount of the necessaries OF life.
incidentally it admits the saving to
the producer, if debts and salaries were
paid by the new ratio Cor rather the
old ratio re-established) but claims
that it would be cheating the debtor
or salary-owner out of one-half his
Just dues. How will he be cheated,
when he receives, in most instances
precisely the currency that measured
property values when the debt was in
CURED, and exactly the salary that
was adjusted under those property
values which prevailed when the law
fixed his compensation?
But this is a branch of the discus
sion that the Pr. evidently finds little
pleasure in dwelling upon, and it is
dismissed with the broad assumption
that while it may have been proper
to appreciate debts and salaries under
the gold unit, it is dishonest to restore
them to their former limit by return
to the silver unit, which served so we'll
during nearly the whole term Of our
national existence to keep both met
ais at a parity and afford ample cur
rency for promotion Of healthy bust
ness conditions.
The Pr. in the handling of Mr..
McDowelrs proposition reminds us Of
the advice of the experienced barrister
to the newly admitted applicant to the
bar. He said: Fertility of resource
is the first essential for successful
lawyer. If you have case in which
the evidence is on your side but the
law is wanting, talk to the evidence
if you have law on your side and the
facts are not proven, talk to the law
if you have neither law and evidence
to sustain your case. talk all around
the subject, and mystify the judge and
confound the jury by the sinuosities
of the case" So that is just what the
big daily has done in measuring
lances with its correspondent. 1t has
been following up sinuosities in the
hope that it would establish faith
in the claim without any prospect Of
striking a gold.bearing lead.
AN obligation is honestly discharged
by canceling it in dollars that are
worth as much as they were when the
debt was contracted. None but Shy.
locks want dollars that are worth
more.
SINCE 1894 the per capita circula'
ton has been reduced from $2433 tc
$2l.35 and those who have cornered
- H. -E