Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1896-08-22
bImetallism as a system.

bimetallism as a system.
II, on the other hand, they are bend
ing their energies toward the permanent
establishment of a gold standard under
Of a declaration in favor Of inter-
national bimetallism, i am justified In
suggesting that honest money cannot be
expected at the hands of those who deal
dishonesty with the American people.
What Is the test Of honesty? 1t must
certainly be found in the purchasing
power of the dollar. An absolutely nom
est dollar would not vary In Its general
purchasing power. II would be abso-
lutely stable when measured by average
prices. A dollar which increases in pur-
chasing power is just as dishonest as a
dollar which decreases In purchasing
power. Prof. Laughlin, now OF the Uni
versity Of Chicago, and one of the high
est gold standard authorities. in his
work OF ~bimetallism, not only admits
that gold does not remain absolutely
stable in value. but expressly asserts
that there is no such thing as a stand
ard OF value for future payment, either
gold or silver, which remains absolutely
invariable.' He even suggests that a
multiple standard, wherein the unit Is
based upon the selling price of a num-
Der Of articles of general consumption"
would be a more just standard than
Va hote VI tlhfNt VI DSAAiH Nv "
long time contract would thereby be
paid at it's maturity by the same pur-
chasing power as was given in the be-
ginning" 1t cannot be successfully
claimed hat monometallism or bimet-
allism or any other system gives an abb
solutely just standard of value. Under
both monometallism and bimetallism
the government fixes the weight and
fineness Of the dollar. invests 1t with le-
gal tender qualities and then opens the
mints TO its unrestricted coinage. leav-
ing the purchasing power OF he dollar
to be determined by the number of dol
lars. Bimetallism Is better thar mono
metaliism. not because II gives us a per-
feet dollar-that is, a dollar absolutely
unvarying In its general purchasing
power, but because 1t makes n nearer
approach to stability. to honesty. TO
justice than a gold standard possibly
can.
The Gold Standard.
Any legislation which lessons the
worlds stock Of standard money in
creases the exchangeable value of the
dollar: therefore the crusade against sill
yer must inevitably raise the purchas-
ing power Of money and lower the mon
ey value OF all other forms of property.
Our opponents sometimes admit hat IL
was a mistake to demonetize silver, but
insist that we should submit 10 present
conditions rather than return to the BIZ
metallic system. They err in s%upposing
that We have reached the end OF the
evil results OF a gold standard. We have
not reached the end. The injury is a
continuing one and no person can say
O 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 will, II successful here.
be turned against other silver using
countries and each new convert 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 def
milton Of hard times.
Our opponents, while claiming entire
disinterestedness for Themselves, have
appealed to the selfishness OF nearly ev-
cry class of society. Recognizing the
disposition of the individual voter to
consider the effect Of n proposed leg
islation upon himself, We present TO the
American people the financial policy
outlined in the Chicago platform, believ-
ing il will result in the greatest good to
the greatest number. The farmers are
opposed TO the gold standard because
they have felt the effects. Since they
sell at wholesale n buy at retail they
have lost more than they nave gained
by falling prices. and besides this they
have found that certain fixed charges
have not fallen at all. The wage earn
ers have been injured by the gold stand
ard and have expressed themselves
upon the subject with great emphasis.
In February, 1895, a petition asking for
the immediate restoration of the free
and unlimited coinage Of gold and silver
at 10 10 ! was signed by the representa-
tives 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, IL also makes IL
more difficult to get possession of the
dollar. They know that employment is
gold standard Sncoalf~ynrk more prob
OF money because money Is rising. it
also di~scourages enterprise and par
alyzes industry.
On the other hand. the restoration OF
bimetallism will discourage boarding
because when prices are steady or ris-
ing money cannot afford TO lie idle in
the bank vaults. The farmers and wage
earners together constitute a consider
able majority of the country. Why
should their interests be ignored In con-
sidering financial legislation? A o
etary system which is ~pecuniarily adj
vantageous TO a few syndicates a far
less TO commend IL than a system which
would give hope and encouragement to
those who create the nations wealth.
Our opponents nav made a special ap-
peal to those who hold fire and life in
policies, but these policy holders
know that since the total premiums re-
ceived exceed the total losses paid a ris-
ing standard must be OF more benefit to
the companies than to the policy hold
ers.
Savings Bank DepOsitors Assured
Much solicitude has been expressed by
our opponents for the depositors In saw
| ings banks. They constantly parade be-
fore these depositors the advantage Of a
gold standard, but these appeals will be
in vain, because savings banks deposit
ors know that under a gold standard
there Is increasing danger that they VIII
lose their deposits because of the inabl
ity OF the banks to collect the assets,
and they will further n that IL the
gold standard Is to continue indefinitely
they may be compelled to withdraw
their deposits I'm order to pay living ex-
penses. 1t is only necessary to note the
increasing number OF failures in order
TO know that a gold standard is ruinous
to merchants and manufacturers. These
business men do not make their profits
from the people from whom they bor-
row money, but from the people TO
whom they sell their goods. II the peo-
pie cannot buy, retailers cannot sell,
and il retailers cannot sell. wholesale
merchants and manufacturers must go
into bankruptcy. Those who hold as a
permanent investment the stock of rail-
roads and of other enterprises-I do not
include those who speculate In stocks or
use stock holdings as a means of obtain
ing an inside advantage in construction.
contracts-are injured by a gold stand
ard. The rising dollar destroys the
earning power of these enterprises with
out reducing their liabilities. and as div
idends cannot be paid until salaries n
fixed charges have been satisfied the
stockholders must bear The burden OF
hard times. Salaries in business occu-
patlons depend upon business condi-
tons, and the gold standard both les
sens the amount and threatens the per-
manency Of such salaries.
The professional classes, I'm the main.
receive their support from the produc-
ing classes and can only enjoy prosper
ity when there Is prosperity among
those who create wealth. ! nav not at
tempted to describe the effect of the
gold standard upon al classes. but each
person will be able to apply the princl-
Piles TO his own occupation. 1t must also
be remembered hat II Is the desire OF
the people generally to convert their
earnings into real or personal property.
| This being true. in considering any tenn
| porary advantage which may como
| from a system under which the dollar