The daily morning journal and courier., 1896-08-13
BRNAA'S SALuTAT0RY.
tcontinued from First page,>
the dollar. An absolutely honest dolla

ing power; 1t would be absolutely sta- ble when measured by average prices.
 "A dollar which increases in pur- chasing power Is Just as dishonest as a dollar which decreases in purchasing power. Professor Laughlin, now of the University of Chicago, one of the high est 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 stand ard of value for future payments, eith- CT in gold or silver, which remains ab- solutely invariable'
 He even suggests that a multiple standard, wherein the unit Is based upon the selling prices of a number of articles of general consumption, would be more just standard than either gold or silver, or both, because a long, time contract would thereby be paid at its maturity by the same purchasing power as was given in the beginning
 Tt cannot be successfully claimed that monometallism or bimetallism, or any other system, gives an absolutely just standard of value. Under both monometallism and bimetallism the
  ness of the dollar, invests it with legal tender qualities and then opens the hints to its unrestricted coinage, leav- ing the purchasing power of the dollar to be determined by the number of dol lars. Bimetallism Is better than mono- metallism, not because it gives us perfect dollar-that it, a dollar abso-. lutely unvarying in it's general pur- chasing power-but because it makes a nearer approach to stability, to honesty, to justice, than a gold standard possi- bly, can
 "Prior to 1873, when there were enough open hints to permit all the gold and silver available for coinage to find entrance into the worlds vol tune of standard money, the United States might have maintained a gold standard with less injury to the people of this country; but now when each step toward a universal gold standard enhances the purchasing power of gold, depresses prices and transfers to the pockets of the creditor class an unearn- ed increment, the influence of this great nation must not be thrown upon the side of gold unless we are prepared to accept the natural and legitimate con- sequences of such an act. Any legisla- tion which lessens the worlds stock of standard mor ey increases tho ex- changeable value of the dollar; there fore, the crusade against silver must inevitably raise the purchasing power of money and lower the money value of all other forms of property.
 "Our opponents sometimes admit that 1t was a mistake to demonetize silver, but insist that we should sub init 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 standard; 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 operat- ing to destroy silver in the United States will, if successful here, be turn ed against other silver-using countries and each new convert to the gold standard will add to the general dis tress.
 "So long as the scramble for gold continues prices must fall, and a gen. era1 fall in prices is but another defini- ton of hard times. Our opponents, while claiming entire disinterestedness for themselves have appealed to the selfishness of nearly every class of so- ciety. Recognizing the disposition of the individual voter to consider the ef- feet of any proposed legislation upon himself we present to the American people the financial policy outlined in sLt rtI.lz .1<4 k ;A xx,sYJ result in the greatest good to the greatest number.
 sThe farmers are opposed to the gold standard because they have felt it's ef- 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 cer- 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. Debts have not fallen
 .'The farmer woh owed $1,0o0 is still compelled to pay $1000, although it may be twice as difficult as formerly to obtain the dollar to pay the debt Railroad rates haven't been reduced to keep pace with falling prices, and be- sides these it seems there are many more. The farmer has thus found it more and more difficult to live. Has he not just complaint against the gold standard?
 '"rhe wage-earners have been injur- ed by the gold standard, and have ex pressed themselves upon the subject with great emphasis. In fact in 1895 a petition asking for the immediate res toration of the free and unlimited coin age Of gold and silver at Is to 1 was signed by the representatives of all, or nearly all the leading labor organiza tions, and presented to congress Wage-earners know that while a gold standard raises the purchasing power of the dollar it also makes it more difficult to obtain possession of the dol lar; they know that employment is less permanent, loss of work more probable and unemployment less certain.
 "A gold standard encourages the hoarding of money because money is rising: it also discourages enterprise and paralyzes industry. On the other hand the restoration of bimetallism will discourage hoarding, because, when prices are steady or rising, money cannot afford to lie in bank vaults Farmers and wage-earners to- gether constitute a considerable major 1ty of tho paopIsa of the country Why