The Pioche weekly record. [volume] (Pioche, Nev.) 1877-1900, 1896-01-23
HOW 1T WORKS.
Eject of the Single Gnld Standard Upon
Business Interests

E4uScN OF Nnc cAnAAo o'N1 SNa~@A0A
Business Interests
The present condition of affairs con-
stitutes an object lesson that ought not
TO be lost on thoughtful people. We
are realizing some of the results of our
supreme folly in permitting British
and foreign interests to dictate the
character of our monetary system.
The situation is more ominous than
the symptoms that appear on the sur
face would indicate. Those surface
symptoms are the continued outflow of
gold and an uneasy feeling in business
circles that the British gold standard
is leading to results that were not an
ticipated by those who ignorantly
placed their influence behind it Be
hind this uneasiness in business circles
is to be found an absolute depression
of trade almost equal in extent to that
which followed the fall in silver and
the subsequent unconditional repeal OF
the purchasing clause of the Sherman
act of 1893
Dun's report says that there is no re-
action from the business depression,
and frankly adds that "efforts to ex-
plain it or attribute It to this or that
temporary influence are wasted. J"
That is true 1t can be explained only
by the operations of the single gold
standard, which constantly enhances
the value of gold as compared with
other forms of property and with all
the products of human labor. There
can be no prosperity under the single
gold standard in nation that is a
heavy debtor of foreign nations.
Under a monetary system that is
suited to our people we would be able
to pay our foreign debts with the sur
plus of our staple commodities, such as
wheat, cotton, provisions, etc, but
under the single gold standard the
prices of our exportaol commodities
are so low that the sur4 realized for
them falls far short of paying our
debts abroad, and, consequently, our
small and constantly dwindling stock
/ OF gold must be drawn out
! The speculative spurt in business,
/ over which the gold monometallists
con tulated themselves two or three
| months ago, has entirely expended its
siren til. Industries that responded
to it in the vain hope that it meant d
revival of prosperity have been com
! PEELED TO shut down or to sell theiI
products at prices that represent only
the most meager profits. Over and
over again the Constitution and other
bin1ctallists have assured business mer
that there can be no permanent pros
perity in this country under the single
| gold standard We have not permit
ted this statement to go out either rs {
prediction or as an assumption, bu
have shown, with an accuracy that i
mathematical, that the increased de
mand for gold would make it more
valuable, and that this constantly in
creasing value would hurt all forms o
business, save that of money lending
and reduce the prices of all product
of human labor below the profit level
That is precisely what has happened
and is happening, and it is this process
that dracs both business and specula
tion down when they make an effor
to rise to the high level of prosperit,
that formerly marked the course O
trade and traffic. 1t seems queer in
deed that there are to be found peopl
who cannot see what is happening bt
, fore their eyes. But the most pre-
nounced optimist cannot afford to dis
credit his sanity by pretending to be
lieve that the people can be reall
prosperous under the single gold stant
; ard, unless by means of miracle, th
, worlds stock of gold available fc
, monetary purposes should be treble
= or quadrupled
) The most ordinary intelligence ca
a perceive the direction in which tn
country is drifting under the BIRTHS
!, gold standard. The tendencies are a
in the direction of bankruptcy.-A
n lanta Constitution.