Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1896-08-20

must certainly be found in the purchasing
power Of the dollar An absolutely honest
dollar would not vary in its general pur-
chasing power. 1t would be absolutely
stable when measured by average prices.
A dollar which increases in purchasing
power is just as dishonest as dollar which
decreases in purchasing power Professor
Laughlin, now Of the University of Chi
cago and one Of the highest 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 a
standard Of value for future payments.
either in gold or silver, which remains alb
solutely invariable 2 He even suggests
that multiple standard wherein the unit
is based upon the selling prices Of mum
Der Of articles Of general consumption"
would be more just standard than either
gold or silver, or both, because ga long
time contract would thereby be paid at its
maturity by the same purchasing power as
was given in the beginning"
Purchasing Power of the Dollar.
1t cannot be successfully claimed that
or bilnetallism or any 9th
er system gives an absolutely just stand
ard Of value. Under both monometallism
and bimetallism the government fixes the
weight and fneness Of the dollar, invests
it with legal tender qualities and then
opens the mints to its unrestricted coinage,
leaving the purchasing power Of the dollar
to be determined by the number Of dollars.
Bimetallism is better than monometallism
not because it gives us a perfect dollar
that is, dollar absolutely unvarying in
its general purchasing power-but because
it makes a nearer approach to stability, to
honesty, to justice than gold standard
possibly 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 stand
ard money, the United States might have
maintained a gold standard with less in
jury 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 trans
fers to the pockets of the creditor class an
unearned increment, the influence of this
great nation must 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 dol
lar. Therefore the crusade against silver
must inevitably raise the purchasing pow
er of money and lower the money value Of
all other forms of property.
Our opponents sometimes admit that it
was mistake to demonetize silver, but
insist that we should submit to present
ha, 49,, ~, ~
metallic 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 a continu-
ing 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 viii,
If successful here, be turned against other
silver using countries, and each new con-
vert to the gold standard will add to the
general distress. So long as the scramble
for gold continues prices must fall and a
general fall in prices is but another defni-
tion of hard times.
Ou o1rnnents while claiming entire
for thems,.. g. have ap-
pealed to the selfishness Of nearly every
class of society. Recognizing the disposi-
ton Of the individual voter to consider the
effect Of any proposed legislation upon
himself, we present to the American peo-
pie the financial policy outlined in the
Chicago platform, believing that it will
result in the greatest good to the greatest
number
The farmers are opposed to the gold
standard because they have felt its effects.
Since they sell at wholesale and buy at re-
tail they have lost more than they have
gained by falling prices, and besides this
they have found that certain fixed charges
have not fallen at all. Taxes have not
been perceptibly decreased, although it re-
quires more Of 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 compelled
to pay 81 900, although it may be twice
as difficult as formerly to obtain the dol
lars 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 it more and more difficult
to live Has he not just complaint
against the gold Standard
Eject on Wage Farmers.
The wage earners have been injured by
q gold standard and have expressed them
selves upon the subject with great EN-
phasis. In February, 1895, petition ask
ing for the immediate restoration of the
free and unlimited coinage of gold and sill
yer at 10 to l was signed by the represent
atives of all, or nearly all, the leading la
Dor organizations and presented to con
gress. Wage earners know that while a
gold standard raises the purchasing power
Of the dollar 1t also makes it more diff
cult to obtain possession of the dollar.
They know that employment is less per
manent, loss of work more probable ard
unemployment less certain. "A gold stand
ard encourages the boarding of money be-
cause money is rising. 1t also discourages
enterprise ard paralyzes industry. On the
other hand, the restoration 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 consti-
tute considerable majority of the people
Of the country. Why should their interests
be ignored In considering financial legis-
lation? "A monetary system which is pecun-
iarily advantageous to few syndicates
has far less to commend 1t than a system
which would give hope and encouragement
10 those who create the nations wealth.
Our opponents have made special APP
peal to those who hold fire and life insur-
ince policies, but these policy holders know
that, since the total premiums received ex-
ceed the total losses paid, rising standard
must be Of more benefit to the companies
than to the policy holders.
Much solicitude has been expressed by
our opponents for the depositors in savings
banks. They constantly parade before
these depositors the advantages Of a gold
standard, but these appeals will be in vain
because savings bank depositors know that
under gold standard there is increasing
danger that they will lose their deposits te-
cause Of the inability Of the banks to col
lect their assets, and they still further
know that, if the gold standard is to CON
tinue indefinitely, they may be compelled
to withdraw their deposits in order to pay
living expenses
1t Is only necessary to note the increas-
ing number of failures in order to know
that gold standard is ruinous to mer=
chants and manufacturers. These business
In6H uO uOt ulAkc tiASH pTOheS hO4A t4io
people from whom they borrow money, but
from the people to whom they sell their
goods. II the people cannot buy, retailers
cannot sell, and, If retailers cannot sell,
wholesale merchants and manufacturers
must 60 into bankruptcy,
Those who hold as permanent invest
ment the stock of railroads and OF other
enterprises II do not include those who
speculate in stocks or use stock holdings as
a means of obtaining an inside advantage