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

| DlHlctdiliSli "a a. Syetti.
II, on the other hand, they are bend
ing their energies toward the permanent
establishment OF a gold standard under
cover of a declaration In or inter-
national b~imetallism, i I'm 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 hon.
est dollar would not vary in Its general
purchasing power. 1t 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 on bimetallisn. 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
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 that recommendation or bimet-
allism or any other system gives an alb
solutely just standard OF value. Under
10Th monometallism and bimetallism
the government fixes the weight and
oneness of the dollar. invests IL with le-
gal tender qualities and then opens the
minis to its unrestricted coinage, leav-
ing the purchasing power OF the dollar
to be determined by the number OF dol
lars. Bimetallism Is better han mono
metallism, not because II gives us a per-
feet dollar-that Is, a dollar absolutely
unvarying In it's general purchasing
power, but because it makes a nearer
approach to stability, to honesty, to
justice than q 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 n lower the mon
ey value of all other forms of property.
Our opponents sometimes admit that IT
was a mistake to demonetiZe silver. but
insist that we should submit TO present
conditions rather than 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 here,
be turned against other silver using
countries and each new CONVEX 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 any proposed leg
islation upon himself, we present to the
American people the financial policy
outlined in the Chicago platform, believ-
ing it 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 and buy at retail they
have lost more tina they have 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 l6 TO | 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. 1t also makes 1t
more difficult TO get possession OF the
dollar. They know that employment Is
less permanent, loss Of work more prob
able and unemployment less certain. A
gold standard encourages the hoardlrH
/, aIyzes 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 wag'
earners together constitute a consider
2 able majority of the Wh!
[ should their interests be ignored in con
sidering financial legislation? A mon
, etary system which Is pecuniarily al
. v%antageous to a few syndicates has Ia
! less to commend II than a system which
u would give hope n encouragement I
those who create the nations wealth.
n our opponents have made a special ap
8 peal to those who hold fire and life In
q surance policies, but these policy holder
know that since the total premiums re
. ceiyed exceed the total losses paid a ris
q ing STANDARD must be of more benefit I
the companies han to the policy hold
ers.
savings Bank DepositOrs Assure
l Much solicltude has been expressed b
X our opponents for the depositors in say
t ings banks. They constantly parade bS
fore these ~depositors the advantage OF
p gold standard, but these appeals VIII .
in vain, because savings banks deposit
:. ors know that under a gold standar
= there Is increasing danger that they w,
X lose their deposits because or the inabi
s, ity of the banks TO collect the asset
n and they will further n hat II tn
rs gold standard Is to continue indef1nitel
70 hey may be compelled to wlthdra
their deposits In order 10 "a living e.
penses. 1t is only necessary to note II
). increasing number or failures In ora
e. to know that a gold standard Is ruinoi
OF TO merchants and manufacturers. The
n business men do not make their prom
H. from the people from whom they DO
hit row money, but from n people
whom they sell their goods. II the pc
pie cannot buy, retailers cannot Sc
=, and if retailers cannot sell. whoiesa
IT, merchants and manufacturers must
p into bankruptcy. Those who hold as
IN permanent investment the stock OF ra
nd roads and Of other enterprises 40 n
lis include those who speculate In stocks
use stock holdings as a means or obtai
ing an inside advantage In constructt
contracts-are injured by a gold I
he ard. The rising dollar destroys I
IN, earning power of these enterprises wit
&C. out reducing their liabilities, and as al
ct Idends cannot be paid until salaries a
he fixed charges ave been satisfied I
has stockholders must bear the burden
in hard times. Salaries in business occ
to pations depend upon business com
no tions, and the gold standard both Il
sens the amount and threatens the p
but manency Of such salaries.
lon The professional classes, In the ma
emit receive their support from the prodl
ing classes and can only enjoy prosp
nat ity when there Is prosperity m
ges those who create wealth. i have n
Ing tempted to describe the effect OF
ain gold standard upon all classes. but ca
ose person will be able to apply the prin
ples to his own occupation. 1t u a
the be remembered that II Is the desire
ted the people generally to convert tn
the earnings into real or personal proper
uid This being true, in considering any te
porary advantage which may co
10 from a system under which the dol
ent rises In it's purchasing power. 1t m
not be forgotten that the dollar car
s Of b,v more than formerly unless prope