The herald., 1896-08-13
CRY PRICE, ps2 SINGLE cooy, CENTS
ON TRANSPORTATION LINES, 4 CENTS

leadlhS nations or the world. or do they
still insist that gold Is the only metal
suitable for standard money among civ
ilized nations? If they are in fact desir-
Gus of securing bmetallism, we may eX-
pect them to point out the evils of a
gold standard and defend bimetallism
as a system.
IL on the other hand they are bending
their energies toward the permanent
establishment of a gold standard under
cover of a declaration in favor Of inter-
national bimetallism / am justified in
suggesting that honest money cannot
be expected at the hands of those who
deal dishonesty with the American
people.
THE TEST OF HONESTY.
What is the test of honesty in money?
1t must be found in the purchasing pow
er of the dollar. An absolutely honest
dollar would not vary in it's general
purchasing power; it would be absolute
ly stable when measured by average
prices. A dollar which increases in
purchasing power is just as dishonest
as dollar which decreases in purchas-
ing power. Prof. Laughln, now of the
University of Chicago and one of the
highest 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 value for future payments either in
gold or silver which remains absolutely
invariable"
He even suggests that multiple
standard, whereon the unit is based
upon the selling price Of number of ar
ticles of general consumption, would
be a more just standard than either
gold or silver, or both, because long
time contract would thereby bepaid at
its maturity by the same purchasing
power as was given in the beginning"
IL cannot be successfully claimed that
monometallism or bimetallism or any
other system gives an absolutely Just
standard of value. Under both mono-
metallism and bimetallism the govern
ment fixes the weight and fineness of the
dollar, invests it with legal tender quail
itles and then opens the mints to it's un-
restricted coinage, leaving the purchas-
ing power of the dollar to be determined
by the number of dollars. Bimetallism
cause it gives perfect dollar-that is,
dollar absolutely unvarying in it's
general purchasing power-but because
it makes nearer approach to stability,
to honesty, to justice, than gold stand
ard possibly can. Prior to 1873 when
there was enough open mints to permit
all the gold and silver available for
coinage to find entrance into the worlds
volume of standard money, the United
States might have maintained a gold
! standard with less injury to the people
| of this country, but now when each step
| toward universal gold standard en-
hances the purchasing power of gold,
depresses prices and transfers to the
pockets of the creditor class an un-
earned increment, the influence of this
great nation must not be thrown upon
the side of gold unless we are prepared
to accept the natural and legitimate
consequences of such an act.
| Any legislation which lessons the
worlds stock of standard money in
creases the exchangeable value of the
! dollar; therefore the crusade against
silver must inevitably raise the pur-
| chasing power of money and lower the
| money value of all other forms of prop
erty. Our opponents sometimes admit
| that it was a mistake to demonetize sill
yer, 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 standard;
| we have not reached the end. The in
| jury is a continuing one, and no person
can say how long the world is to suffer
from an attempt to make gold the only
standard money. The same influences
which are now operating to destroy sill
yer in the United States will, If success
| full here, be turned against other silver
! using countries, and each new convert
\ for the gold standard will add to the
| general distress. So long as the scram-
BILE for gold continues, prices must fall,
and general fall in prices is but an
| other definition of hard times.
| Our opponents, while claiming entire
disinterestednes for themselves, have
| appealed to the selfishness of nearly
every class of society, recognizing tho
disposition of the individual voter to
consider the effect of any proposed leg
islation upon himself We presented to
| the American people the financial poll
| icy outlined in the Chicago platform,
| believing that it will result in the great
est good to the greatest number. The
farmers asre opposed to the gold standard
| because they have felt it's effects.
! Since they sell at wholesale and buy at
retail they have lost more than they
have gained by falling prices, and be-
sides this, they have found that certain
fixed charges have not fallen at all.
| Taxes have not been perceptibly de-
| creased. although it requires more 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 to
| obtain the dollars with which to pay the
debt. Railroad rates have not been re-
! duced to keep pace with falling prices,
and besides these items there are many
more. The farmer has thus found COM
| plant against the gold standard.
| The wage earners have been injured
| by a gold standard, 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 poid