Omaha daily bee., 1896-05-17

Mr.. Rosewater cannot deny It. He cannot get a
writer before 1873 who gives his dedn.tion Of
an honest dollar, aud The definition 10 used
today by those who dare not admit the
fundamental truths Of political economy. The
definition that We hear today, that a dollar
is honest II II loses nothing by melting, Is
a definition that overlooked its purchasing
power entirely. MIR. Rosewater's definition
does not touch the purchasing power OF a
dollar. II a dollar buys a bushel OF wheat
today, and next year buys an hundred bush
els, II when you melt II down, according to
his definition, 1t loses nothing, 1t is IAN
honest dollar" II it buys a bushel OF wheat
today and next year II takes a hundred to
buy a bushel Of wheat, 1t 10 an honest dollar
according 10 his definition; II, when 1t is
melted, 1t loses nothing. That is the deini-
tlon Of IAN honest dollar given by the gold
bug. Why? Because he wants a definition
that will At gold. II FITS gold simply be-
cause the law says that 50 much gold Is a
dollar, and as long as the law says so, you
can convert that gold into a dollar, and that
dollar Is your unit, you must have the bull
lion and the coin Of the same value
AGAINST A GoLD STANDARD.
Now, why avoid the issue? l insist that
he discuss the purchasing power OF the dol
lar, and until he discusses that, he does
not discuss the money question as 1t afects
us.
Now, he says that he has as much inter-
est in this state as | have. or ever viii
have. I do not know how that may be. !
do not know what ! may have hereafter, or
what he may have. But | shall tell you why
am in favor Of bimetallism, and he can
tell you why he is in favor Of the gold
standard, and then you people can see
whether he Is interested in your welfare or
his interest Is In your destruction. Inc solu
standard has made the houses OF TINS city va
cant. II has turned laboring men out upon the
street, 1t has foreclosed mortgages upon the
farms Of Nebraska, 1t has driven our tolilng
classes to desperation and distress, and l
denounce 1t. loud applause)
He wants a dollar that is good all over
the world. He does not seem to fear that
n dollar will be too high; that 1t will buy
too much. Let me call your attention to
some figures obtained from the Agricultural
department.
our crop of wheat In the United States for
each of the years, in 1894 and 1895, was only
about the same as it was in 1879, and yet
the crop cold for less than half as much as
the crop did in 1879. .
But the mortgages of the farmers did not
go down; the taxes did not go down put
the ability to pay mortgages and to pay
taxer. went down, as the dollar went up, ana
as the creditor class Of England and the
United States prohted by the increase IN
their wealth. Go on with the gold standard
and the prices will be lower and lower.
Go on with the gold standard and the
farmers who are holding on will lose their
homes. &c on with the gold standard and
the business man will be bankrupted. why!
Because the people will not have the money
to buy what he has to sell.
TALKS A LITTLE CALAMITY.
We have a gold standard now. The
failures in the United States were greater
last year than the year before. They were
greater for the first three months OF thls
year than for the first three months OF last
wear. Why? Because everything has gone
down. but money. Talk about good money
Money can be too good; money can be Sc
good that you can pray for 1t, ana want II,
and long for it, but you cannot get holu Gl
It. 1t may be too good, my friends. PeopIe
are Interested in honest property, In an
honest bushel of wheat, in an honest bushel
of corn. They are more interested IN not
having corn go down. and wheat go uown'
than they are in having, money go up. my
freind's definition of an honest dollar leaves
out of consideration the purchasing power OF
a dollar. I ask him to answer whether' II
a dollar next year under a gold standard
will buy twice as much as 1t does this year,
he thinks it would be a good thing.
..Why." he says. why was not the WHO
cat money good before the war;" Because
IL was a promise to pay, and the men VINO
made the promise to pay were not aple ~
nav That is the reason 1t was not goou.
10 savs the gold dollar is good because 1t
never changes. 1t will change Whenever tne
law changes. 1t has changed once IN 'hls
country. 1t CHANGED in 1884,
"a voice. 1T was in 1879 ,
No, in 1881 IL was hhe,''y -. ohongeJ
alloy that was changed. but they ShanseI
>rbe size of the gold dollar in 1884. me law,
Mites and the law unmakee. and ash
him to meet this. We say that II you IN,
Icrease the demand for money and do MOI
increase it's volume. you increase It's PRICE
Is not that the law of supply ana demanu;
Ina vet he sees nation after nation leg
,siating into existence a new demand fol
gold. and sees gold rising in value becaueS
of that demand, and it does not scare mn
at all. We also apply the law OF supply
and demand to silver. We say that py tax
ING away the demand. silver has fallen
Restore the demand and silver VIII rise.