Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-08-13
BIRMINGHAM STATE HERALD THURSDAY, AUGUST 10

WILING TO FISK q XefQlCl before IH6 NOleIS
upon the issue.
There can be no sympathy or no CO.
operation between the advocates OF a
universal gold standard and the adVo-
Gates Of bimetallism. Between bimetal-
lism-which, whether independent or in
ternational-and the gold standard there
is an impossible gulf Is this quadren-
NAL agitation in favor of international
bimetallism conducted in good faith, or
do our opponents really desire to main
tain the gold standard permanently?
Are they willing to confess the superiorl-
ty of double standard when joined in
by the leading nations of the world, or
do they still insist that gold is the only
metal suitable for standard money
among civilized nations? If they are in
fact DESTROYS of securing bimetallism we
may expect them TO point out the evils
of a gold standard and defend bimetal-
lism as a system. If, on the other hand,
they are bending their energies toward
the permanent establishment of gold
standard under cover of declaration In
favor Of international bimetallism, I am
justified in suggesting that honest mon
ey cannot be expected at the hands or
those who deal dishonesty with the
American people.
What is the test of honesty in money?
1t must plainly be found in the purchas-
ing power of the dollar. An absolutely
honest dollar would not vary in its gen
solutely stable when measured by aver
age prices A dollar which increases in
purchasing power is just as dishonest as
q dollar which decreases in purchasing
power
1t cannot be successfully claimed that
monometallism or bimetallism or any
other system gives an absolutely just
standard of value. Under both monomet-
allism and bimetallism the government
fixes the weight and fineness of the dol
lar, invests it with legal tender qualities
and then open the minis to its unre-
stricted coinage, leaving the purchasing
power of the dollar to be determined by
the number of dollars. Bimetallism is
better than monometalllsm, not because
it gives us perfect dollar-that Is, a dol
lar absolutely unyarying in it's general
purcha sing power-but because 1t makes
a nearer approach to stability, to hon
esty, to justice than gold standard pos
sibly can. Prior to 1873, when there were
enough open mints to permit all the gold
and silver available for coinage to find
entrance into the worlds volume 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 uni
Versal gold standard enhances the pur-
chasing power of gold, depresses prices
and transfers to the pockets of the cred
itor class an unearned incasement, the
influence of this great nation must not be
thrown upon the side of gold unless we
are prepared to accept the natural ana
legitimate consequences or Such an act
Any legislation which lessons the worlds
stock of standard money increases the
exchangeable value of the dollar; there
fore, the crusade against silver must IN
evitably raise the purchasing power OF
money and lower the money value OF all
other forms of property
Our opponents sometimes admit that 1t
+,1y 20
insist that we should submit to present
conditions rather than return to the bi-
metallic system. They err In suppos1ng
that 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 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 general
fall in prices is but another definition OF
hard times.
Our opponents, while claiming entire
disinterestedness for themselves, nave
appealed to the SelfiShness or nearly
every class of society Recognizing the
disposition of the individual voters to
consider the effect of any proposed legls-
lation upon himself, we present to the
American people the financial policy out
lined in the Chicago platform, believing
that 1t will result in the greatest good to
the greater number
The farmers are opposed to the gold
standard because they nave 1elt It's Ell
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 de-
creased. although it required more of
farm products now than formerly to Sc
cure the money with which to pay taxes.
Debts have not fallen. The farmer who
owed $1,000 is still compelled to pay $1,000
although it may be twice as difficult as
formerly to obtain the dollars with which
to pay the debt. Railroad rates have
not been reduced to keep pace with fall
ing prices, and besides these items there
are many more. The farmer has thus
found it more and more difficult to live.
Has he not a just complaint 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 petition asking for
the immediate restoration of the free
and unlimited coinage of gold and silver
at 16 to / was signed by the representa-
tiVeS or all, or nearly ALL Ine ieauing Ia
Dor organizations and presented to con-
gress. Wage earners know that while a
gold standard raises the purchasing pow
er of dollar, it also, makes 1t more diff
ficult to obtain possession of the dollar;
they know that employment is less per-
manent loss of work more probable and
unemployment less certain. A gold
standard encourages the boarding of
money because. money is rising; it also
discourages enterprise and paralyzes in
dustry. On the other hand, the restora-
ton of bimetallism will discourage
boarding, because when prices are
steady or rising money cannot afford to
lie idle in the bank vaults. The farmers
and wage earners together constitute a
considerable majority of the people of
the country. Why should their interests
beignored in considering financial legis-
lation? A monetary system which is pc
cuniarily advantageous to a few syn
dicates has far less to commend it than
a system which will give hope and en-
enlargement to those who create the
nations wealth.
Our opponents have made special APP
peal to those who hold fire and life in
surance policies, but these policy holders
know that since the total premiums re-
ceived exceed the total losses paid, ris-
ipc eta 6ar1 rnnSt no nf mora hapaft RI