Evening star., 1896-08-13
willing to risk verdict before the voters


tion between the advocates of a universal
gold standard and the advocates Of bi-
metallism Between bimetallism-whether
Independent or interEatioDa[and the golo
this quadrennial agitation in favor Of In
ternational bimetallism conducted in good
faith, or do our opponents really desire TO
maintain the gold standard permanently!
Are they willing to confess the superiority
Of double standard when joined in by the
leading nations of the world, or do they
still ir sist that gold is the only metal suit
able for standard money among civilized
nations? If they are, in fact, destrouS OF
securing bime etallism, we may expect them
to point out the evils Of gold standard
and defend bmetallism a system. If,
on the other hand,- they are bending their
energies toward the permanent establish.
ment of a gold standard, under cover of a
declaration in favor Of international bi-
metallism, 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 Honest Money.
What is the test of honesty In money?
1t must certainly be found in the purchas-
ing power of the dollar. An absolutely
honest dollar could not vary in it's general
purchasing power; it would be absolutely
stable when measured by average prices.
A dollar which increases in purchasing
power is just as dishonest as a dollar
which decreases in purchasing power.
Professor Laughlin, now of the University
of Chicago, and one Of the highest gold
standard authorities, in his work on BIZ
metallism not only admits that gold does
not remain absolutely stable in value, but
expressly asserts that there Is no such
thing a standard of value for future
payments, either in gold silver, which
remains absolutely invariable.' He even
suggests that a multiple standard, wherein
the unit Is based upon the selling prices Of
number Of articles of general consump-
ttcn,' would be better standard than eth
er gold or silver. or both, because a long
time contract would thereby be paid at it's
maturity by the same purchasing power
as was given in the beginning
1T cannot be successfully claimed that
recommendation or bimetallism, or any 9TH
er system, gives an absolutely just stand
ard of value. Under both monometallism
and btmetallism the government fixes the
weight and fineness of the dollar, invests 1t
with legal-tender qualities, and then ex-
tends the mints to its unlimited coinage,
the purchasing power Of the dollar to be
determined by the number of dollars. BIZ
metallism is better than mCnometallism
not because 1t gives US a perfect dollar,
that Is. q dollar absolutely unvarying In Its
general purchasing power. but because 1t
makes a nearer approach to stability to
honesty, to justice than a gold standard
possibly can. Prior to 1878, when there
were enough open mints to permit all the
geld and silver available for coinage to find
entrance into the worlds volume of stand
ard money the United States might have
maintained a gold standard with less in
jury to the people of this country; but now,
when each step toward universal gold
standard enhances the purchasing power of
gold, Gepresses prices and transfers to the
pockets of the creditor class an unearncd
increment the influence of this grea. ma
ton must be thrown upon the side Of gold
unless we are prepared to accept the ma
tUral and legitimate consequences of such
Anv lGRiS1a u-h ich lacc
worlds stock of standard money increases
the exchangeable value of the dollars
Therefore. the crusade against silver must
inevitably raise the purchasing power of
money and lower the money value of all
other forms of property.
Demonstration of Silver.
"O4r opponents sometimes admit that it
was a mistake to demonetize silver but in
slst that we should submit to present con-
ditions rather than return to the bfmetal!ic
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 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 here
be turned against other silver-using coun-
tries, and each now convert to the gold
So long as the scramble for gold continues
prices must fall, and a general fall in prices
is but another definition of hard times
Our opponents. while claiming entire
d1s1nterestedness for themselves, have ap-
pealed to the selfshness Of nearly every
class OF society. Recognizing the disposi-
tion of the individual voter to consider the
erect OF any proposed legislation upon
the financial policy outlined in the Chicago
platform, believing that 1t will result in the
greatest good to the greatest number.
The farmers are opposed to the gold
standard because they have felt Its ef-
fects. Since they sell at wholesale and
buy at retail they have lost more than
they have gained by falling prices, and be-
side this. they have found that certain
fixed charges have not fallen at all. Taxes
have not been perceptibly increased, al
though 1t 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 Loco. although 1t may be
twice as difficult as formerly to obtain the
dollar with which to pay the debt Rail-
road rates have not been reduced to keep
pace with falling prices, and besides these
items. there are many more. The farmer
has found just 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 petit
Of the free and unlimited coinage Of gold
and silver at 16 to 1 was signed by the
representatives Of all, or nearly all, the
leading labor organizations and presented
to Congress. Wage earners know that
while a gold standard raises the purchas-
ing power Of the dollar II also makes 1T
more difficult to obtain possession of the
dollar; they know that employment is less
permanent, loss of work more probable
and unemployment less certain. A gold
standard encourages the boarding Of
money because money Is rising; 1t also dis
courages enterprise and paralyZes industry.
On the other hand the restoration of BIZ
metallism will discourage boarding be-
cause, when prices are steady or rising,
money cannot afford to lie idle in the bank
vaults. The farmers and wage earners to-
gether constitute considerable majority
of the people Of the country. Why should
their interests be ignored in considering
financial legislation? A monetary system
which is peculiarly advantageous to a few
syndicates has less to commend 1t than a
system which would give hope and encour-
agement to those who create the nation s
wealth.
Our opponents have made a special ap-
peal to those who hold fire and life in
surance policies, but these policy holders
say that since the total premiums received
exceed the total losses paid rising stand
ard must be of more benefit to the compa-
nies than to the policy holders.
Deposits In Savings Banks.
Much solicltude has been expressed by