The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-09-05
The Ethics of the Money Question.
(From the Congregationalist. }

(FrOm tne Congre&atlonallsG.
We pint on another page broadside
of objections to The Congregationalist's
position on the central issue of the polit-
ical campaign, and take the occasion to
make that position clear. We believe
that honest differences OF opinion are
best met by careful definition and exact
statement of fact, and do not believe
that men who are opposed to us are con-
sciously unpatriotic. although we are
convinced that most of them argue from
mistaken premises to dangerous con clu-
sions. We repudiate sectional prejudice
and are unmoved by the easy temptation
of tho partisan stump speaker who ap-
peals to an unpatriotic and un-Amerioan
hatred Of class for class. There is no
prejudice in the East against the farmer
or the laborer or the Western man, all
of whom are our brothers, but the honor
of the country and its prosperity for
many years to come are both at stake in
the present demand for the free and un-
limited coinage of silver by the Govern
ment.
The question of the law Of 1878, by
which the standard of value was deter
mined in favor of what was then the
cheaper metal, seems to us purely aoade-
mic question. The wrongs involved,
il any, are beyond undoing. If it was
mistake, which we do not believe. it was
mistake which the Chicago Democracy
proposes to repeat, on far larger scale.
The differences in value then between
the metals was very slight; now it is
very marked. Then every creditor was
robbed" of oena or two on the dollar,
now every creditor would be robbed of
nearly half his claim. The law does not
care for trifles, ana the adjustment to the
lower level then was SO easy that, by the
express claim of the supporters of free
silver now, 1t was long unnotioed by the
people. Now it would mean to the work
ing men of the country, who are the chief
creditors always, a loss which would
instantly and severely felt. How many
Of the debts of 1873 are in existence now ?
OF government obligations only the Pa
cifio railroad bonds; of debts to working
men we suppose not one; of mortgage
loans which usually run from one to
five years. not ono but by the forbear-
ance of the creditor, which certainly
amounts to q renewal of the loan. The
law since then has been that the measure
of the dollar is a measure of gold, an d
| ignorance is no excuse. Is there NOTHING
immoral or dishonest in the proposition
to make sudden change after twenty.
| three years for the express purpose of al
| low ing debts which were contracted in
one currency to be paid in another AMI,
cheaper one? That would be none the
| less dishonest in our opinion, because it
was done on large scale and by the ma
tional legislature. Nn
| 1t is said, however, that gold has an
preoiated since it became the sole stand
ard of value, and has forced down the
price of commodities as 1t rose This is
certainly a fact to be considered. If If is q
fact. But IL 1T true? Whsat was worth
dollar bushel, and now brings some :
| thing over forty cents. But how about
corn, which has varied very little ali
these years? How about labor, which.
in spite of immigration, has in most
trades risen i'll value. Railroad cbarass
for transportation OF freight and mas.
America, but. the wages Of the men en- :.
ploysd by the railroads have for uhs n, ost
| part remained stationary or Increased
If it IL the appreciation of gold which
has depressed wheat in the United States
the employment Of silver in India and
the Arsentine Republic should, by pnri.
ty Of reasoning, have elevated the price
per bushel there. The fact is that the
taken q coincidence for cnnsennancs
Their com petition on the new and fsrti1s
lands OF the West drove the English far.
mer out OF wheat raising. and now
competition BY tine cheaper lands O,
cheaper labor Of South A merica and In.
dia is distressing them in turn. viii
free silver in America drive a single In