The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-08-13

American people. What is the test of
honesty in money? It must be strict
ly found in the purchasing power of
the dollar. An absolutely honest dol
lar would not vary in its general puF-
chasing power. 1t would be absolutely
stable when measured by the average
prices. A dollar which increases in
purchasing power is just as dishonest
as a dollar which decreases in purchas-
ing power.
Prof. Laughlin, now of the Univer-
Sity of Chicago and one of the highest
gold standard authorities, in his work
on bfmetallism 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 future payments, either in
gold or silver, which remains absolute
ly inVaria BILE. He even suggests that
multiple standard wherein the unit is
based upon the selling prices of a num-
Der of articles of general consumption
would be a more just standard than
either gold or silver, or both, because
long time contract would thereby be
paid at its maturity by the same pur-
chasing power as was given in the be-
ginning
1T cannot be successfully claimed
that recommendation or bimetallism, or
any other system, gives an absolutely
just standard of value. Under both
recommendation and bimetallism the
government fixes weight and fineness
of the dollar invests it with legal ten
der qualities and then opens the minis
to its unrestricted coinage, leaving the
purchasing power to be determined
by the number of dollars. Bimetallism
is better than monometallism. not be-
cause it gives US perfect
ly unvarying in its purchasing
power, but it makes a nearer approach
to stability, to honesty, to Justice,
than gold standard possibly can.
Prior to 1873 when there were
enough open minis to permit all the
gold and. silver available for coinage
to find entrance into the worlds vol
ume of standard money, the United
States minis maintained a gold stand
ard with less injury to the people of
this country, but now when each step
toward a universal gold standard en-
hanceS the purchasing power of gold
depresses prices and transfers to the
pockets of the creditor classes an IN
earned 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
consequences of such an act.
ANY legislation which lessons the
worlds stock of standard money in
creases the eXchangeable 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 a mistake to demon
etize, but insist that we should sub
nit to present conditions rather than
return to the bimetallic system. They
err in SuppOSing we have reached the
end of 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 to make
gold the only standard money. The
same influences which are now opera
ting to destroy silver in the United
States will if successful be turned
against other silver using countries and
each new convert to the gold standard
n 4 4
long as the scramble for gold contin-
ues, prices must fall and q general fall
in prices IS but another definition Of
hard times. Our opponents while claim
ing entire Observation-Disclosures for them
selves have appealed to the seldshness
of nearly every class of society. Rec
ognizing the disposition of the individ-
ual 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 it win result in the
greatest good to the greatest nurnbe
THE farmers are opposed to the gold
standard because they have felt its eff
fectS. Since they sell wholesale and
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
farm products now than formerly TO
secure the money with which to pay
taxes. Debts have not fallen. The
farmer who owed 81. 900 is still COM
PEELED to pay 81. 900 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 COM
plant against the gold standard. The
wage earners have been injured by a
gold standard and have expressed
themselves upon the subject with great
emphasis. In February, 1895, a petit
ton asking for the immediate restora-
ton of free and unlimited coinage of
gold and silver at Is to was signed by