The San Francisco call., 1896-08-13

Iism, but have outline the specific legislation
necessary to restore silver to its ancient posi-
ton by the side of gold. The Republican plat
form expressly declares that bimetallism is
desirable when it pledges the Republican
party to aid in securing it as soon as the assist
anee of certain foreign nations can be OBJ
tanned. those who represented the minority
sentiment in the Chicago convention opposed
| the free coinage of silver by the United states
| by independent action, on the ground that in
| their judgment it ''would retard or entirely
prevent the establish ment ofinternational BIZ
metallism, to which the efforts of the Govern
! ment should be steadily directed" When they
asserted that the efforts of the Government
should be steadily directed toward the estab-
| lishment of international bimetallism they
| condemned monometallism.
The gold standard has been weighed in the
balance and found wanting. Take from 1T the
powerful support of the money-owning and
| the money exchanging classes and IL cannot
1t was fastened upon the United States with
out discussion before the people, and its
friends have never yet been willing to risk
verdict before the voters on that issue
There can be no sympathy or cooperation
between the advocates OF q universal gold
standard and the advocates of bimetallIsm
Between metallism-whether independent
or international-and the gold standard there
is impossible gulf Is this quadrennlal
agitation in favor of international bimetsl-
lism conducted in good faith, or do our OPP
standard permanently? Are they willing 10
confess the superiority of double standard,
when joined in by the leading nations OF the
world, or do they still insist that gold is the
only metal suitable for standard money among
civilized nations? If they are in fact desirous
of securing bimetallism, we may expect them
to point out the evils OF q gold standard ana
defend bimetallsm as system. If, on the
other hand, they are bending their energies
toward the permanent establishment OF gold
standard, under cover OF declaration IN
favor of international bimetallism, am lust1-
fed in suggesting that honest money cannot
be expected at the hands OF those VINO deal
dishonesty with the American people.
What is the test of honesty in money? 1t
must certainly be found in the purchasing
power of the dollar. An absolutely honest dollar
would not vary in its general purchasing power; !;
1t would be absolutely stable when measured by
average prices. A dollar which increases in
purchasing power is just as dishonest as dol
lar which decreases in purchasing power.
Professor Laughlin, now OF the university OF
Chicago and one OF the highest gold standard
authorities in his work on bimetallism not
only admits that gold does not remain abso-
lutely stable in valne, but expressly as
serts "that there is no such thing as
standard of value FOR future pay
ments either in gold or silver which
remains absolutely invariable." He even sug-
gests that 6 multiple standard, wherein the
"unit is based upon the selling prices of q
number OF articles OF general consumption"
would be a more just standard than either
gold or silver or both, because "a longtime
by the same purchasing power as was given IN
the beginning"
1t cannot be successfully claimed that mono
metallism or bimetalism or any other sys TEN
gives an absolutely just standard of value.
Under both monometallism and bimetallism
the Government fixes the weight and tineness
of the dollar, invests IT with legal-tender quail
tiles and then opens the mints to its unre-
stficted coinage, leaving the purchasing power
OF the dollar to be determined by the number
OF dollars. Bimetalism is better than mono
metallism, not because it gives us perfect
dollar-that is dollar absolutely unvarying
in its general purchasing power-but because
1t makes nearer approach TO stability, to
honesty, 10 justice, than gold standard possi-
bly, can.
Prior to 1878, when there were enough open
minis 10 permit all the gold aud silver avail
able for coinSge to hnd entrance in to the
worlds volume of standard money. the United
States might have maintained a gold stand
ard with less injury 10 the people OF this
country, but now. when each step toward q
universal gold standard enhances the pur-
chasing power OF gold, depresses prices and
transfers 10 the pockets OF the creditor class an
unearned increment. the influence of this Ma
ton must be thrown upon the siGe of gold, un-
less we are prepared to accept the natural and
legitimate consequences OF such an act. Any
legislation which .essens the worlds stock of
standard money increases the exchangoable
value of the dollar; therefore, the crusade
against silver must inevitably raise the pur-
chasing power of money and lower the money
value OF all other forms OF property.
Our opponents some times admit that it was
mis- take to demonetize silver, but insist that we
should submit to existing conditions rather
in supposing we have reached the end OF the
evil results of a gold standard. We have not
reached the end; the injury is a continuing
one, and no person can say how long the world
is to suffer from the attempt 10 make gold the
only standard money.
The same influences which are now operat-
ing 10 des roy silver in the United States will,
if successful here, be turned against other
silver using countries, and each new convert
to the god standard will add to the general
distress. So long as the scramble for gold con-
tinues prices must tail, and general fall in
prices is but another definition OF hard times,
Our opponents, while claiming entire disin-
terestedness for themselves, have appealed TO
the selfshness OF nearly every class of society,
recognizing the disposition OF the individual
voter TO consider the effect of any proposed
legislation upon himself. We present to the
American people the financial policy outlined
in the Chicago platform, believing that it will
result in the greatest good 10 the greatest
number.
The farmers are opposed to the gold standard
because hey have felt It's effects. Since they
sell at wholesale and buy at retail they have
lost more than they have gained by falling
prices and besides this, they have found that
certain fixed charges have not fallen at all.
Taxes have not been perceptibly decreased, al
though it requires more OF farm products now
than formerly TO secure money with which to
pay taxes. Debts have not fallen. The farmer
who owed $1,000 is still compelled to pay
$1,000 although it may be twice as difficult as
formerly to obtain the dollars with which TO
pay the debt. Railroad rates have not been
and besides these items there are many more.
The farmer has thus found it more and more
difficult 10 live. Has he not q just complaint
against the gold standard.
The wage-earners have been injured by
gold standard and have expressed selves
upon the subject with great emphasis. In
February, 1895, a petition asking for the i'm
mediate restoration of the free and unlimited
coinage of gold and silver at 10 to was signed
by the re presentatives of all or nearly all the
leading labor organizations and presented to
Congress. Wage-earners know that while a
gold standard raises the purchasing power of
the dollar it makes il more difficult TO obtain
possession of the dollar They know that en-
ployment is less permanent, loss OF work more
probable and unemployment less rtain. A
gold standard encourages the boarding of
money, because money is rising. 1t also dis
courages enterprise and paralyzes industry.
On the other hand, the restoration of bimetal-
lism will discourage boarding, because when
prices are steady or rising money cannot afford
10 lie idle in the bank vaults.
The farmers and wage-earners constitute
considerable majority of the people of the
country. Why should their interests be ig-
nored in considering financial legislation? A
monetary system which is pecuniar1ly advan-
tageous to a few syndicstes has far less to
commend it than a system which would give
hope and encouragement to those who create
the Nations wealth
Our opponents have made a special appeal
to those who hold fire and life insurance poll
cies, but those policy-holders know that siuce
the total premiums received exceed the total
losses paia. rising standard must be OF more