Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1896-07-24
IiENOCEAI!r NATIONAL TICKET.
Which Is the Honest Money?

Which Is the Honest Money!
Some OF the Republican campaign
ers assert that the monev-lender will
he robbed of a portion OF the debts du.
him if silver is rcmonciize,i, unless his
contract contains a specific clause re-
pnlring payment in gold, and that the
Democratic platform contains & plan l.
which if embodied in legal enactment
might affect these contracts and au.
thor!Ze the payment OF debt in coin
worth but onehalf the amount Dor
rowed. That this idea is chmerical, a
little thought will establish. Most OF
the debts incurred and mortgages
given were during the prosperous
times when property values were high
and supported by an earning capacity
which justified them. 4 thousand
standard dollars were then represented
by given amount OF property, and
were freely loaned with that amount
OF security in sight-the prospective
value OF the one measured by its earn.
ing capacity, being equal to the other
in the standard unit OF coin measure.
ment, the silver dollar. The deprecia-
ton OF either metal, during the long
period they journeyed hand in hand
was so small that it did not effect the
circulation OF either as reliable mea-
surer OF property values. The reason
is obvious. Silver being in general
circulation, and widely diffused in
every avenue OF trade, it could not be
conveniently cornered," like gold
which is, at times, boarded in the cot
fers of the few.
When, however, the unit of value
was shifted to the yellow metal, these
conditions soon became changed. The
appro citation of the value of gold, as
primary money, was manifested in the
shrinkage OF all property values when
measured by it, and silver deprived oil
its function as redemption money suf-
fered like depreciation. Then the
debtor found that the property bought
by his thousand dollars of the recog.
nized standard unit, had fallen in ex.
act proportion to the enhanced value
OF gold as property value measure
and the very claim that each silver
dollar was sustained by gold dollar
back OF it, made it impossible to real.
ize but half the currency necessary to
pay the debt.
Now suppose that former conditions
were restored. Does it not follow
that the enhanced value of property
would enable its owner to realize pre-
cisely the amount of money to dis
charge his debt? Would there be any,
thing dishonest in payment of the ex-
act "pound Of flesh" that was prom
ised by the contract, or would the
lender insist upon payment in gold if
it and silver were interchangeable?
Where would anybody be the loser
who expected nothing more than what
was fair and honest in the transac-
ton? Where is there a ground for
the assumption of the gold-bugs that
a coinage which represents in value
twice as much property as when the
contract was signed is the only
"sound" or "honest" currency? Is it
not manifestly unsound and dishonest,
to exact blood-money from conditions
that have been made possible by a
juggle in the acts of our highest law
making power?
The sound dollar is the silver dol
lar. The honest dollar is the IDOL.
lar of our Daddies," which some
times finds its way into the pocket of
the poor man, and when sufficiently
plentiful enables him to accumulate
enough from hard toll to pay his
debts and taxes and buy food and
clothing for himself and family. No
other dollar is honest, and the people
have learned by bitter experience the
truth of it and how they have been
robbed of the fruits of honest labor
through tricks that would be spurned
by the professional card-sharp or
thimble-rigger.