The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1896-08-21

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rected toward the establishment of
international bimetallism, they con-
demned monOmetalllsm
The gold standard has been weigh
ed in the balance and found want
ing. Take from it the powerful sup
port of the money owning and the
money changing classes, and it can
not stand for one day in any nation
in the world. 1t was fastened upon
the United States without discus
sion before the people, and its
friends have never yet been willing
to risk verdict before the voters
upon that issue.
What is the test of honesty in
money? 1t must certainly be found
in the purchasing power of the dol
lar. An absolutely honest dollar
would not vary in it's general pur-
chasing power; it would be absolute
ly stable when measured by average
prices. A dollar which increases in
purchasing power is just as dishon-
est as a dollar which decreases in
purchasingpower.
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Bimetallism is better than mono
metallism, not because it gives us a
perfect dollar-that is, dollar abso-
lutely unvaring in its general pur-
chasing power-but because it makes
a nearer approach to stability, to
honest justice, than gold standard
possibly can.
Any legislation which lessons the
worlds stock of standard money in
creases the exchangeable value of
the dollar; therefore, the crusade
against silver must inevitably raise
the purchasing power of money and
lower the money value of all other
forms of property.
The farmers are opposed to the
gold standard because they have
felt it's effects. Since they sell at
wholesale and buy at retail they
have lost more than they have gain
ed by failing prices, and besides this
they have found that certain fixed
charges have not fallen atall. Taxes
have not been perceptibly decreas-
ed, although it requires more of farm
products now than formerly to Sc
cure the money with which to pay
taxes. Debts have not fallen.
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Wage-earners know that while a
gold standard raises the purchasing
power of the dollar it also makes it
more difficult to obtain possession of
the dollar. They know that employ
ment is less permanent, loss of work
more probable and unemployment
less certain. A gold standard en-
courages the boarding of money be-
cause money is rising. 1t also dis
courages enterprise and paralyzes
industry. On the other hand, the
restoration of bimetallism will dis
courage boarding because, when
prices are steady or rising, money
cannot afford to lie idle in the bank
vaults.
AS long as human nature remains
as it is there will always be danger
that, unless restrained by the public
opinion or legal enactment, those
who see a pecuniary profit for them
selves in certain condition may
yield to the temptation to bring
about that condition. Jefferson has
stated that one of the main duties of
the Government is to prevent men
from injuring one another, and new
er was that duty more important
than it is to-day. 1t is not strange
that those who have made a profit
by furnishing gold to the Govern
ment in the hour of its extremity
favor financial policy which will
keep the Government dependent up
on them. / believe, however, that |
speak the sentiment of the vast ma
jority of the people of the United
States when | say that wise finan-
cial policy administered in behalf of
all the people would make our
Government Independent of any
combination of financiers, foreign
or domestic.
If it is asserted, as it constantly is
asserted, that the gold standard will
enable us to borrow more money
from abroad, Ireply that the restora-
ton of bl-metallism will restore the
parity between money and property,
and thus promote an era of pros
perity which will enable the Ameri-
can people to become loaners OF
money instead of perpetual borrow
ers. Even if we desire to borrow,
how long can we continue borrow
ing under a system which, by lower
ing the value of property, weakens
the foundation upon which credit
rests?
AS against the maintenance of q
gold standard, either permanently
or until other nations can be united
for its overthrow, the Chicago plat
form presents a clear and emphatic
demand for the immediate restOra
ton of the free and unlimited coin
age of silver and gold at the present
legal ratio of l6 to l without waiting
for the aid or consent of any other
nation. We are not asking that a
new experiment be tried we are in
sisting upon return to financial
policy approved by the experience
of history and supported by all the
prominent statesmen of our nation
from the days of the first President
down to 1878.
If there are two kinds of money
the option must rest either with the
debtor or with the creditor. Assum-
ing that their rights are equal, we
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