The Yale expositor. (Yale, St. Clair County, Mich.) 1894-current, 1896-08-21

tanned. InOSe VINO Represented lho
minority sentiment in the Chicago con-
vention opposed the free coinage OF
silver by the United States by independ-
ent action on the ground that in their
judgment, it would retard or entirely
prevent the establishment of interna-
tional bimetallsm, to which the efforts
of the government should be steadily
directed. The gold standard has been
weighed in the balance and found want
ing. Take from it the powerful sup
port of the money-owning and the
money-changing classes and 1t cannot
stand for one day in any nation in the
world. 1t was fastened upon the united
States without discussion before the
people, and its friends have never yet
been willing to risk a verdict before the
voters upon that issue.
Our opponents sometimes admit that
it was a mistake to demonetizebsllver,
but insist that we should submit to
present conditions rather than return
to the bimetallic system. They err In
supposing that we have reached the
end Of the evil results Of gold stan
dard; we have not reached the end.
| The injury is continuing 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
| ~ CT nd ri
add to the general distress. So long
as the scramble for gold continues
prices must fall, and general fall in
prices 10 but another definition Of hard
times.
1.-THE farmers are opposed to the gold
standard because they have felt it's eff
fects. 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 GER
tain fixed charges have not fallen at
all. Taxes have not been perceptibly
decreased, although it requires more
of farm products now than formerly to
secure the money with which to pay
taxes.
DSpuo nave uOL TIC ldi lici
who owed $1,000 is still compelled to
pay $1,000, 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, and
besides these items there are many
more. The farmer has thus found
complaint against the gold standard.
The wage-earners have been in
, jured by gold standard, and have ex-
pressed themselves upon the subject
; with great emphasis. In February
1895, petition asking for the imme-
date restoration of the free and un-
limited coinage of gold and silver at II
to 1 was signed by the representatives
of all, or nearly all, the leading labor
organizations and presented to con.
gress. Wage-earners know that while
gold standard raises the purchasing
power of the dollar it also makes il
more difficult to obtain possession o.
the dollar they know that employment
is less permanent, loss of work more
probable and unemployment less GER
tain. The farmers and wage-earner'
!. together constitute considerable ma
jority of the people of the country
Why should their interests be ignored
in considering financial legislation?
1T is only necessary to note tn
increasing number of failures in orde
to know that a gold standard Is ruin
Gus to merchants and manufacturers
| ~ nj htlv pnn
4 not sell, and, if the retailers canno
sell, wholesale merchSat and manu-
facturers must go into bankruptcy.
"Mr. Blaine, speaking in the hous
:, of representatives on Feb. 7, 1878, said
L believe the struggle now going Of
in this country and other counutrie
for a single gold standard would,
. successful, produce widespread disas
: ter in and throughout the commercial
= world. The destruction of silver a
e money and the establishing Of gold a
! the sole unit of value must have
d ruinous effect on all forms of property
;, except those invested which yield
II fixed return in money. These woul
e be enormously enhanced in value, an
: would gain disproportionate and un
It fair advantage over every other spe
', cies of property
t. eve are told that any attempt upo
e the part of the government to redeel
it's obligations in silver would put
= premium upon gold, but why should ii
e The Bank of France exercises the rigf
n TO redeem all bank paper in eithe
n gold or silver, and yet France mair
st tains the parity between gold and 81
If YER at the ratio of 1914 to 1, and n
,e tains in circulation more silver pr
= capita than we do in the United State
u 1--WE contend that free and unlimi
Is ed coinage of silver by the Unite
J. States alone will raise the bullio
IL value Of silver to it's coinage valu
s. and thus make silver bullion wort
l. S1.29 per ounce in gold throughout I'll
lie world. This proposition is in keepir
u with natural laws, not in defiance
them. The best-known law Of con
k merce is the law of supply and deman
1T We apply this law to money when "
lie say that a reduction in the volume