The Athena press. [volume] (Athena, Umatilla County, Or.) 18??-1942, 1896-10-02
FOR INDEPENDENT BINIETALLISM.

money ALL bat simply token of demand, prom
or brass or any other material The historic literature
of the world repete with evidence tending to illustrate the
fact that the single gold standard fatal to the prosperity of the
great masses people in any country where enforced
The the special few who by OF their wealth. their posi-
benefited all will agree but this at the expense and
fee of the best interests Of the many.
The doctrine of the greatest good the greatest number
finds odgment in policy which uphods the single gold
standard and rejects the policy of true bimealsm.
Even concedng Tor moment that the single gold standard
good thing and ought to be maintained, which most
phaticy deny the policy OF in paving gold to
all comer whether required for exports or otherwise and
when the either silver gold the
Secretary the Treasury by the very law creating obligation
is not only not to the preservation single gold
standard but is not in accordance with the policy OF single
gold standard country in the world but lead in the end
to resut-natonal bankruptcy -. Whenever the
for export Immediately raises its rate OF discount aud
tnues raise it and maintain it until it becomes to the inter-
est of the exporter in his effort and leave the gold in
the bank Frequently has the Bank OF England raised the rate
Of discount s. aud cent aud has occasionally gone
1889 the Bank of England advanced its rate to cent
and held at that rate for foytwo consecutive days
1882 and 1890 the per reached twelve diff
ent occasions and at time this rate maintained con-
tnuously for 127 consecutive days. eeo
So too the Bank OF invariably exercises the option
when demand is made for gold for export and it is fur
nished or not as the directors determine.
So, too with the Bank OF Germany
true the United States not protect its
by this process the Of discount
does not discount commercial but does possess
direct and efficient conferred upon it by the sovereign
of the State and that is when demand is made for
gold oexpo by thA presentation of either egatender
Treasury notes. to refuse gold aone and tender
other legsender coin it may have of the obligations
payable gold CON- but expressly in conthat s either
gold sverand requirement for the maintenance of the
gold standard renders it imperative the Of the gov
redeem in gold coin obligation made expressly
edeemabe in either gold silver coin By refusing
his legitimate prerogative Secretary Of the Treasury
Herods Herod and enorces gold policy far advance
any practced by any gold gov.
ernment on earth.
United States. if correctly reported, said
Had Treasury would exercised
That would have put immediate quietus this scheme of rob
say Mr. President Had the Secretary of the Treasury
followed the policy the law and the words Of the law had he
protected the gold of the country the Treasury by the
ment silver when he did not have gold to spare queus
would have been put the raids the Treasury the
gold ring Very few egaender notes Treasury would
have been that kind of policy had been adopted
instead of the policy of attempting to redeem all the $346 O0
600 of gsender notes the Of Sherman Treas
ury gold coin instead of in coin and should
have had borrow in less than two has been done
$62 0 and there would have been necessity fer
other issue Of 500 of bonds which it is expected will
soon be issued.
Should this country presst in rejecting bmeallism in
repudiang the double standard and insist perpetuatng
the single gold standard the time will when the
manufacturers New England we'll as those the Pacific
Coast only of cotton and WOOL but Of almost every char
acer of manufactured products of like character from the
great that the advantages the Oriental syerusng coun
tries su by OF the difference of standard of
exchange that no tariff however high the rates. can erect
wall sufficiently high protect the manufacturers people
OF this country agans: the invasion OF their products
DEPRESSION.
The price every product for past few years
and at present is such that it will noas agenera rule the
cost of production nothing OF compensation for the
farmers labor-to nothing of prof-and result, al
taxes Why is this? 1t insisted by many it the result Of
overproducon improvement in machinery and like
In my Judgement after careful study believe to be attrbu
able than to all other combined to the attempted
destruction Of bimetaism in the world and the effort to erect
and enforce the single gold standard thus measuring all values
will quote the opinion OF eminent gold standard advocate
Trade.
Mr. Gien this great English statistican although an ad
vocae of the single gold standard in his Essay Finance in
speaking on this subject says:
5 But an ths @ 'y 5 fsat the In the p9a 81 S
pss fo be e aEnE u Che s
on Ra the of r 5 %
Sg a @ t. sni s S
S nc @ ae e ndcy a be m e
The thing that has changed appears TO be the supply
cordngy change hecoue Of which has
Mr. GiHen further says:
The question that arises these figures whether the de-
preston time like the present not be largely due to
which has lately begun operate Two
only have been suggested. One is great multi
pcaon commodities and diminuton Of the cost of poduc
ton due the progress of invention improved facilities of
communication lower eghs. international teegraphy and
the like circumstances The other that precious metal used
for standard money viz gold has become relatively
than it was it's production being diminished the hand
and demand other hand increased The former
these causes was discussed quite lately by Mr. Fowler the
Contemporary Review and greater weight assigned to 1t than
the latter disposed to give the greater weight
to the later'
That is say Mr. Gen aecribes the great depressan in
prices the fact that standard money namely gold has be-
relatively than wae by reason, fret of m dim
nshed poduco the hand and secondly the demands
the other hand having increased and this is the
of the great depression in values Of all commodities.
MEANT BY TERMS souED MONEY"
Much Is aid these later times about sound money" The
nj in
newspaper and in public speech. And what does it mean?
that the gold dollar and its multiple only be
rghuly denominated sound money then most phacay
deny the proposition i means to imply that either silver
dollar legal tender dollar whose purchasing and debtpay
ing equal to the gold dollar is sound money then
deny that If it furthermore that agold dollar which
appreciated from 30 so per cent and that extent has
reduced the price of farm products and other commodity
s better dollar, sonnder dollar good dollar
sound dollar the nondeprecaed silver dollar which
passes at in part of the Union egaende dol
lar which kept at and redeemabe presentation in
coin, tben deny that.
IT, BY the terms eound money" is only meant
that kind OF money that passes coinage form money a
the single gold standard countries oi the world then deny