The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-03-24
WHAT Is STANDARD MONEY.


had been invited to deliver the address
in answer to a speech made in behalf
of the single standard few nights pre-
vious by Congressman Patterson lie
introduced his argument with the
declaration that truth is never injured
by discussion and that standard money
is that money which is selected to be
the measure of the value Of other things
and is made a full legal tender. 1t
is not a promise to pay some other kind
of money, but is itself the money Of Ill
innate redemption. This declaration
he substantiated by history and au-
| thorities. That standard money must
be an unlimited legal tender and that
it must be money itself and not a
promise to pay some other kind Of
money. he most clearly demonstrated.
The purchasing power of the dol
! lar was handled in an admirable way
by Mr.. Bryan. The goldbug under
stands only too well that the effect Of a
rising standard on society and all its
! interests and effects but they will not
discuss it. They certainly understand
that scarce money means dear money,
| they certainly understand that dear
money means low prices; they certainly
understand that a rising dollar helps
| the creditor, and Injuries the debtor,
and they certainly understand that a
rising dollar retards business, discOur-
ages enterprise and rObS your working
man Of employment Knowing this,
why do they refuse 10 discuss the sub
iect? Is it because they realize that
the gold standard means an appreclat-
ing dollar, with all that that implies:
If there were enough minis open to sill
yer to absorb all Of the silver OF the
world. and to coin it into standard
money. it would matter little whether
the United States used silver or gold, or
both. as a standard. That was the
condition prior to 1873, but it is not the
condition now. At present several ma
lions have discarded silver and their
action has so reduced the demand for
silver that there is at present a surplus
which drags down the price OF silver
bullion. If the United States, the
greatest nation in the world. throws the
weight Of its great influence in favor
Of the single gold standard, it must
have the effect of still further discredit-
ing silver and still further increasing
the demand for gold.
Therefore, we are not at liberty 10
use gold as the sole standard, unless
we are prepared to endure the conse-
uuences that must follow from uniyerS-
al gold monometalliSm."
The speaker then quoted living and
dead statesmen touching this economic
and monetary problem. Mr.. Sherman,
in 1869, in speaking of the contraction
of the currency, said: TO every per-
son. except a capitalist out of debt, or
a salaried officer, or an annuitent, 1t Is
a period of loss, danger, lassitude of
trade, fall of wages, suspension of en-
terprise, bankruptcy and disaster
''NIr. Blaine said, in 1878: 'The de-
struction of silver as money and the es-
adjustment of gold as the sole unit OF
value must have ruinouS effect on all
forms of property, except those invest
ments which yield fixed return in
money. These would be enormously
enhanced in value, and would gain
disproportionate and unfair advantage
over every other specie of property
Mr. Carlisle, speaking in 1873, divided
society into two classes, the idle hold
of idle capital and the struggling
masses who create the wealth and pay
the taxes of the country
John c. Carlisle at that time referred
to John Sherman. who was then Secre-
tary Of the treasury, whom he said
would coin as little money as possible
because he was in sympathy with the
idle holders of idle capital. That the
appreciation of money is benefit TO
the capitaliStic class can not be dis
puted. That the gold standard will
make the dollar dearer cannot be de-
MED; therefore the gold standard is
benefit to the capitaliStic class. 1t is
just as certain that an approaching dol
lar Injuries the producers of wealth and,
therefore. the gold standard does them
harm. When we find that the capital
iStic classes are constantly trying to
force the gold standard upon the world
we must conclude that they are looking
out for their own interests and are will
ing to disregard not only the interest
but the rights of those who earn their
bread by toll An honest dollar is 4
dollar whose purchasing power does
not change.
A dollar which rises in value is as dis
honest as a dollar which falls. and the
only reason why the gold dollar is so
well beloved by the capitalistic class is
because it rises in value, and brings a
profit To those who own dollars rather
than property. Those whose Sympath-
les are with the capitanstic class very
naturally favor the gold standard,
while those whose sympathies are with
the masses Of the people must, when
they understand the subject favor the
restoration of silver to its former posi-
ton as standard money.
So il is natural that the gold stand
ard advocate is always pointing out
what an injustice depreciating cur
rency Will bring TO the creditor class.
showing that his SympathieS are with,
and his care for, them. The bimetal-
list is always pointing out the injustice
done 10 the debtor, and the wrong done
TO society by a dollar which grows in
value. showing that his svmpathieS are