The Kimball graphic. (Kimball, Brule County, Dakota [S.D.]) 1883-1905, 1896-08-22
blmetallism as a system.

If, on the other hand, they are bend
ing their energies toward the permanent
establishment of a gold standard under
cover 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 It's general
purchasing power. 1t would BIZ 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 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 stand
ard OF value for future payment, either
gold or silver, which remains absolutely
i~nvariable." He even suggests tina 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
either gold or silver or both, because "a
long time contract would thereby be
paid at its maturity by the same pur-
CHASING power as was given in the be-
ginning" 1t cannot be successfully
claimed hat recommendation or bimet-
allism or any other system gives an alb
solutely just standard of value. Under
both monometallism and bimetalIism
the government fixes the weight and
fneness OF the dollar, invests it with le-
gal tender qualities and then opens the
mints to its unrestricted coinage, leav-
ing the purchasing power of the dollar
to be determined by the number Of dol
lars. Bimetallism is better than mono-
metallism, not because it gives us a per-
feet dollar-that is, a dollar absolutely
unvarying in its general purchasing
w but a it makes a 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
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 that 1t
was a mistake to demonetize silver, but
insist that we should submit to present
conditions rather han return to the BIZ
metallic system. They err in supposing
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
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 will, If successful hero,
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 q
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 II proposed leg
islation upon himself, we present to the
American people the financial policy
outlined in the Chicago platform, believ-
ing 1t will result in the greatest good to
the greatest number. The farmers are
opposed to the gold standard because
they nave felt the effects. Since they
sell at wholesale and buy at retail they
have lost more than they have gained
by falling prices, and besides his they
have found h a certain ixed 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 16 to l was signed by the representa-
tives of all or nearly all the leading la
Dor organizations, and presented to m
gress. Wage earners know that while a
gold standard raises the purchasing
power of the dollar, 1t also makes it
more difficult to get possession of the
dollar. They know that employment is
less permanent, loss of work more prob
bic and unemployment less certain. A
gold standard encourages the boarding
of money because money is rising. 1t
also ~discourages 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 on-
sidering financial legislation? A mon
etary system which is ~pecuniarily adj
vantageous to a few Syndicates has far
less to commend it thar a system which
would give hope and encouragement to
those who create the nations wealth.
Our opponents have made q special APP
peal to those who hold fire and life in
surance 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 Dcpositors Assured
Much solicitude has been expressed by
u opponents for the deposltors 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 q gold standard
there Is increasing danger that they VII
lose their deposits because Of the inabil-
ity of the banks to collect the assets,
and they will further know that If the
gold standard Is to continue indefinitely
they may be compelled to withdraw
their deposits in 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 ruinou
to merchants II 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. If the peo-
pie canno buy, retailers cannot sell.
and if 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 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 g. 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 and
fixed charges have been satisfied the
stockholders must bear the burden Of
hard times. Salaries In business occu-
pations depend upon business condi-
tions, and the gold standard both les
sens the amount and threatens the per-
manency of such salaries.
The professional classes, In the main,
receive their support from the produce
ing classes and can only enjoy prosper
ity when there Is prosperity among
those who create wealth. I have not at
tempted to describe the effect OF the
gold standard upon all classes, but each
person will be able to apply the princl-
pies to his own occupation. 1t must also
be remembered that 1t is the desire Of
the people generally to corvert their
earnings into real or personal property.
This being true, in considering any tenn
porary advantage which may come
from a system under which the dollar
rises in it's purchasing power, It must
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