Semi=weekly graphic. (Pine Bluff, Ark.) 1895-1902, 1896-08-15


from it the powerful supporter the money
owning and money-changng classes andlt
cannot stand for one day in any nation IN
the world 1t was fastened on the United
States without discussion before the people
aud its friends have never yet been willing
to risk verdict before the voters upon
that issue.
There can be no sympathy or coopera-
ton between the advocates of a universal
gold standard and the advocates OF bimet-
allisIn. Between bimetallism, whether
independent or international, and the gold
standard there is an impossible gulf. Is
this quadrennial agitation in favor of in
| ternational bimetallism conducted in good
faith, or do our opponents desire to main
tain the gold standard permanently Are
they willing to confess the superiority 81
a double standard when Joined In by the
trading nations of the world, or do they
still insist that gold is the only metal suit
able for standard money among civilized
nationss X they are, in fact, DESTROYS OF
| securing bimetalism, we may expect
them TO point out the evils of gold
standard and defend bimetallism as q syB-
| TEN II, on the other hand they are bend
ing their energies toward the permanenb
establishment of u gold standard under
! cover of q declaration In favor OF interna-
tional bimetalhsm, | am justified In sug-
| costing that honest money cannot be ex-
| peeted at the hands OF those who deal DIS
honestly with the American people. What
is the test of honesty in money! IL must
certainly be sound 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. dollar
which increases In purchasing power IS
! just as dishonest as q dollar which de-
ereases in purchasing power.
Professor I.aughlin, now of the Uni
yersity of Chicago, and one of the highess
| gold standard authorities, IN his work ON
! bimetallism not only admits that gold does
not remain absolutely stable in value, but
expressly asserts that there is no such
thing as a standard of value for futuro
payments either in gold or silver. which
remains absolutely inyariable. He even
suggests that multiple standard wherein
| the unit is based upon the selling price OF
a number of articles of general conSump-
! ton would be a more Just standard than
| either gold or silver or both, because q
| longtime contract would thereby be pala
at its maturity by the same purchasing
power as was given in the beginning.
1t cannot be successfully claimed that
recommendation or bimetalllsm or any 9TH
er system gives an absolutely Just standard
OF value Under both recommendation and
bimetallism the government fixes the
weight and hneness of the dollar invests it
with legal tender qualities and then opens
the mints to its unrestricted coinage, leaY-
ing the purchasing power of the dollar To
be determined by the number of dollars
Bimetallism is better than monometall1sm,
not because it gives us a perfect dollar
| that is dollar absolutely unvary1ng IN Its
general purchasing power-but because it
makes a nearer approach TO stability, to
honesty, to justice than a gold standard
possibly can,
Prior to 1873, when there were enough
opRn minis to permit all the gold and sill
! veT available for coinage to find entrance
I M ha txfo1tdfG unlnma nf standard
money, the United States might have
maintained a gold standard with less in
! jury to the people of this country; but
now, when each step toward universal
| gold standard enhances the purchasing
| power gold depreSses prices and transfers
| to the pocket of the creditor class an un-
earned increment the influence of this
| great nation must not be thrown upon the
! side of gold unless we are prepared to ae-
| eept the natural and legitimate conse-
| quence of such an act Any legislation
which lessons the world stock of standard
money increases the excangeable value OF
| the dollar; therefore the crusade against
silver must inevitably raise the purehas-
ing power Of money and lower the money
value of all other forms Of property.
Our opponents some times admit that it
was a mistake to demonetize silver, but
insist that we should submit to present
conditions rather than return to the BIZ
metallic system. They err in supposing
that we have reached the end of the evil
results of a gold standard; we have not
reached the end. The injury IS q continu-
Gus one, and no person can say how long
the world is to suffer from the attempt to
make gold the only standard money. The
same influences which are now operating
to destroy silver In the United States will
If successful here, be turned against other
silver using countries and each new con-
vert to the gold standard will add TO the
general distress. So long as the scramble
for gold continues prices must fall, and
general fall in prices is but another detini-
tion of hard times.
Our opponents while claiming entire di,
interestedness for themselves have appeal
ed to the selfishness os nearly every class
of people Recognizing the disposition of
the individual voter to consider the effect
of any proposed legislation upon himself
we present to the American people the IL
nancial policy outlined in the Chicago
platform believing that it will resultin the
greatest good to the greatest number.
The farmers are opposed to the gold
standard because they have felt its effects.
Since they sell at wholesale and buy at re
tail 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, although per
ceptibly increased, although it requires
more OF farm products now than formerly
TO ScCuf6 Tic mOHby Win MulC0 W pay
taxes Debts have not fallen. The farmer
who owed $1,000 is still compelled to pay
5000, although it may be twice as difficult
as formerly to obtain the dollar with
which TO pay the debt Railroad rates have
not been reduced to keep pace with falling
prices Beside these items there are many
more. The farmer has thus found com
plant against the gold standard. The
wageearners have been injured by a gold
standard and have expressed themselves
on the subject with great emphasis. In
February, 1895, a petition asking for the
immediate restoration of the free and un-
limited coinage of gold and silver at rs TO
was signed by the representatives of all
or nearly all the leading labor ofSaniza
tons and presented to congress. Wage
earners know that while a gold standard
raises the purchasing power Of the dollar
II also makes II more difficult to obtain
possession of the dollar; they know hat
employment Is less permanent, loss OF
work more probable and unemployment
less certain
A gold standard encourages the hoard
ing OF money because money is rising it
also discouFages enterprises and paralyZes
industry, On The other hand the restOra-
tion Of bimetHllism will discourage hoard
ing, because when prices are steady or ris.
ing money cannot afford To lie idle i'm the
bank vaults. The farmers and wRgeearR-
ers together constitute a considerable ma.
iority Of the people Of the country Why
should their interests be ignored in consid-
erlng financial legslatians A monetary
system which Is pecuniarily advantageous
to few syudicates has FAR less ia com.
aneBd Il than a system which would give