Belding banner. (Belding, Mich.) 1889-1918, 1896-08-20

of certain foreign nations can be Cd
tanned. Those who represented the
minority sentiment In the Chicago con-
vention opposed the free coinage OF
silver by the United States by independ-
ent action on the ground that, In their
judgment, II would retard or entirely
prevent the establishment or interna-
tional bimetallism, to which the efforts
of the government should be steadiiy
directed. The gold standard has been
weighed In the balance and found want
ing. Take from 1t the powerful sup
port Of the money-owning and the
money changing classes and 1t cannot
stand for one day in any nation In the
world. 1t was fastened UPON the United
States without discussion before the
people, and it's friends have never yet
been willing to risk a verdict before the
voters upon that issue.
"Our opponents sometimes admit that
| II was a mistake to demonetize silver,
| but insist that we should submit to
present conditions rather than return
to the bimetallic system. They err in
| supposing that we have reached the
end of the evil results OF gold stan
dard; we have not reached the end.
The injury is 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,
IL successful here, be turned against
| other silver-using countries, and each
new convert of 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 definition of hard
times.
THE farmers are opposed to the gold
standard because they have felt it's eff
fects. Since they sell at wholesale and
buy at retail they have lost more than
they have gained by falling prices. and,
besides this, they have found that GER
tain fixed charges have not fallen at
all. Taxes have not been perceptibly
decreased, although it requires more
of farm products now than formerly to
secure the money with which to pay
taxes.
Debts have not fallen. The farmer
who owed $1,000 is still compelled to
pay $1,000, although it may be twice
as difficult as formerly TO obtain the
dollar 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
complaint against the gold standard.
THE wage-earners have been in
jured by gold standard, and have ex-
pressed themselves upon the subject
! with great emphasis. In February
1895, a petition asking for the imme-
date restoration Of the free and un-
limited coinage Of gold and silver at II
to / was signed by the representatives
: of all, or nearly all, the leading labor
organizations and presented to con
gress. Wage-earners know that while
a gold standard raises the purchasing
power of the dollar II also makes II
more difficult to obtain possession o.
the dollar; they know that employment
is less permanent, loss Of work more
> probable and employment less GER
i tain. The farmers and wage-earner'
!. together constitute considerable ma
i jority of the people of the country
Why should their interests be ignored
: in considering financial legislation?
u !, 1T is only necessary to note tn
;, increasing number of failures in orde
to know that a gold standard Is ruin
, Gus to merchants and manufacturers
' II the people cannot buy, retailers can
not sell, and, II the retailers canno
e aell, wholesale merchOats and manu-
facturers must go into bankruptcy.
i Mr.. Blaine, speaking in the hous
of representatives on Feb. 7, 1878, said
= L believe the struggle now going Of
&c in this country and other counutrie
. for a single gold standard would,
L successful, produce widespread disas
= ter in and throughout the commercial
D world. The destruction of silver a
lie money and the establishing Of gold a
l. the sole unit of value must have
"a ruinous effect on all forms of property
@, except those invested which yield
IL fixed return In money These woul
be enormously enhanced IN Value, an
l. would gain disproportionate and ur
at fair advantage over every other spt
", cies Of property
IT, I'VE are told that any attempt upo
ne the part of the government to redeel
It's obligations in silver would put
r premium upon gold, but why should II
ne The Bank OF France exercises the rigl
m 10 redeem all bank paper In eith'
or gold or silver, and yet France mail
st tains the parity between gold and 81
of yer at the ratio of 1914 to 1, and r.
&c tains in circulation more silver p'
r capita than We do in the United State
OIL I'VE contend that free and unlimi
Us ed coinage OF silver by the Unite
p States alone will raise the bullic
nj value of silver to its coinage valu
's' and thus make silver bullion wort
a 1929 per ounce in gold throughout Il
ne world. This proposition is in keepir
ar with natural laws, not in defiance
them. The best-known law Of cor
nix merce is the law of supply and deman
Mt We apply this law to money when v