Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1896-08-21
OLYMPIA WASHINGTON FRIDAY EVENING, AUG q, 1885,

metallism conducted in good faith, o.
do our opponents really desire tt
maintain the gold standard perma
nently? Are they willing to confess
the superiority OF u double standar,
when joined by the leading nations o
the world, or do they still insist tha
gold is the only metal suitable fol
standard money among civilized ma
tions? If they are in fact desirous o
securing bimetalism, we may expec
.hem to point out the evils of q golt
standard and defend bimetallism as &
system.
Ii, on the other hand, they are bend
ing their energies toward the perma'
nent establishment of gold standard
under cover OF declaration in favor
of international bimetallism, / am
justified in suggesting that honesl
money cannot be expected at the
hands of those who deal dishonesty
with the American people. What is
the test of honesty in money? 1t
must be found in the purchasing
power OF the dollar. An absolutely
honest dollar would not vary in its
general purchasing power; it would be
absolutely stable when measured by
average prices. A dollar which in-
creases in purchasing power is just as
dishonest as dollar which decreases
in purchasing power. Professor
Laughlin, now OF the university OF
Chicago, and one of the honest 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 standard
value for future payments, either in
gold or silver, which remains absolute
ly invariable."
He even suggests that a multiple
standard, wherein the unit is based
upon the selling price OF number Of
articles of general consumption,
" would be more just standard than
either gold or silver, or both, because
a longtime contract would thereby be
paid at its maturity by the same pur-
chasing power as was given in the
beginning"
1t cannot be successfully claimed
that monometallism or bimetallism, or
any other system gives an absolutely
Just standard OF value. Under both
monometallism and bimetallism, the
government fixes the weight and
fineness of the dollar, invests it with
legal-tender qualities, and then opens
the mints to its unrestricted coinage,
leaving the purchasing power of the
dollar to be determined by the num-
ber of dollars. Bimetsllism is better
than monometallism, not because it
gives perfect dollar-that is, dollar
absolutely unvarying in its general
purchasing power - but because it
makes nearer approach to stability,
to honesty, to justice, than gold
standard possibly can. Prior to 1873,
when there were 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 a
universal gold standard, enhancing
the purchasing power of gold, depresses
prices and transfers to the pockets of
the creditor class an unearned in.
crement, 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 con,
sequences OF such an act.
Any legislation which lessons the
worlds stock Of standard money in
creases the exchangable value of the
dollars; therefore, the crusade agains,
silver must inevitably raise the pur.
chasing power OF money and lower the
money value of all other forms oil
property. Our opponents sometimes
admit that it was mistake to demon.
etize silver, but insist that we should
submit to the present conditions rather
than return to the bimetallic 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 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 silver in the
United States will, if successful here
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 general fall in prices
is but another definition of hard
times.
THE CASE OF THE FARMER.
Our opponents, while claiming en-
tirely disinterestedness for themselves,
have appealed to the selfishness of
nearly every class of society, recognizing
the disposition of the individual voter
to consider the effect of any proposed
legislation upon himself. We present
to the American people the financial
policy outlined in the Chicago plat
form, believing that it will result in