The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1896-08-22
what Is An Honest Dollar ?
BY A. ]. WARNER.

When referring to obligations to pay
money. an honest dollar is the dollar OF
the contract. In general, that is an hon
est dollar which maintains ''parlty with
the things it measures in daily transactions,
or that preserves stable relations to com
modities. That, too, is manlfestly the
hest dollar and the best kind Of money.
ssThe term sshonest money, however,
is usually hypocritically used to mean gold,
or the dearest money. By "honest
money is usually meant that which will buy
the most, and, of course, in that view OF
il the dearer it becomes the honesteri 1t gets
The "honest' way to increase the value
of money would be to increase the weight OF
the coins, then all could understand how
it was done, and what it really meant
There are two ways to double the value OF
metallic money; one is to double the weight
of coins; the other to destroy, or demone-
tie, half the metal out of which money
can be made The latter is the way taken
to make money s'honest' in 873; by des-
troying half the world money they doubled
the value of the other half.
The effect of this may be illustrated by
a single fact.
1t is now everywhere admitted that the
price-level of things generally has fallen
fully so per cent. since the demonstration
of silver in 1873, which is the same thing
as an increase of 100 per cent in the value
of money; for when dollar will buy in
general twice what it would formerly buy,
it has doubled in value or increased in
purchasing power 100 per cent. The total
debts of the people of the United States OF
every kind aggregate not much under
S25, 900, 900, 900. 1t takes the same
number of dollars to pay the annual in
terest on this debt that it took ten or fifteen
years ago; but with a scale of prices indi-
Gated by wheat at dollar bushel, wool
at 20 cents and cotton at 10 cents pound,
and other things in proportion, which would
be the bimetallic scale, it would take some
2, 800, 900 men working every day to pay
this interest; but by scale of prices in
Dictated BY wheat at so cents bushel,
wool at Is cents and cotton at cents q
pound on the single gold standard scale,
it will take at least 5, 900, 900 men, work
ing every day in the year to pay the in
teret, on this debt; and if a bushel Of
wheat or ten pounds of cotton on the aver
age equals days labor it will take much
more labor if expended in raising wheat
and cotton to meet the interest on
this immense debt. And, generally, q
money that is itself constantly increasing
in value must necessarily produce wide
spread and unending injustice. No one
would undertake to justify the scaling
down" of the dollar; but common honesty
ought to prompt the equal condemnation
of a standard Of value that by constantly
increasing, works always to the advantage
of the creditor and non producing class anc
against the debtor and the producer
Such money is not honest, and no amoun
of pious cant about it can make 1t so.
Besides the infinite injustice caused in
directly by money standard that is con
stantly increasing in value, as the golC
standard is. the indirect effect upon trade
and industry is benumbing and deadening
As money rises in value prices fall, trade
becomes hazardous, production is checked
and labor is forced into idleness. Hence
the truth of the observation made by Hume
long ago, that an increasing volume o
money is always attended by activity o
business and the increase of wealth, Will,
a contracting volume of money is ATTENDED
always by stagnant trade and restricted
production. 1t is, therefore, perfect,
safe to conclude when one is heard pratins
about honest money" that he is eithe
not sincere or does not understand what hi
is talking about.