The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1896-08-20


There can be no sympathy or cooperation
between the advocates OF universal gold
standard and the advocates Of bimetal.
lism. Between NEUTRALITY-SUSPICIOUS. in
dependent or intcrnational--and the gold
standard there Is an impossible gulf. Is
this quadrennial agitation In favor of In.
ternational bimetallism conducted in good
faith, or do our opponents really desire &c
maintain the gold standard permanently
Are they willing to confess the superior
ity Of double standard when joined in
by the leading nations of the world, or do
they still insist that gold Is the only metal
suitable for standard money among civil
lied nations2 IL they are In fact desirous
of securing bimetallism, we may expect
them to point out the evils of u gold
standard and defend bimetallism as a sys-
tenn. II, on the other hand. they are bend
ing their energies toward the permanent
establishment of gold standard, under
cover of declaration in favor of interna
tional bimetallism, am justified In sue-
gesting that honest money cannot be ex-
pected at the hands of those who deal dis
honestly with the American people.
What Is the test of money! IL must
certainly be found in the purchasing
power OF the dollar. An.nbsolutely honest
dollar would not vary in its general pur-
chasing power; IL would be absolutely
stable when measured by average prices
A dollar which increases In purchasing
power Is just as dishonest as n dollar
which decreases in purchasing power.
Prof. Laughlin, now of the University of
Chicago and one of the highest gold
standard authorities, in his work on bi.
metallism not only admits that gold does
not remain absolutely stable In value, but
expressly asserts that there Is no such
thing as a standard of value for future
payments, ether in gold or silver, which
H., t,,tt .tal,I
suggests that a multiple standard, where
In the unit Is "based upon the selling
prices of number of articles of general
consumption" would be n 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 purchasing power, as was given In
the beginning" so
%
It cannot be successfully claimed that
monometallism or bimetallism or any
other system gives an absolutely just
standard of value. Under both monOmet.
allism and bimetallism the government
fixed the weight and fineness of the dol
lar, invests IL with legal tender qualities,
and then opens the mints to its unrestrict-
ed coinage, leaving the purchasing power
of the dollar to be determined by the num-
Der of dollars. Bimetallism is better than
monometalllcm, not because IL gives us
perfect dolla that Is, a dollar absolutely
unvarying i'm its general purchasing power
but because IL makes nearer approach
to stability, to honesty, TO justice, than
gold standard possibly can. Prior to 1873,
when there '-ere 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 gold
standard with less injury to the people of
this country; but now, when each step to-
ward universal gold standard enhances
the purchasing power of gold, depressed
prices and transfers to tho pockets of the
credit class an unearned increment, the
influence of this great nation must be
thrown upon the side of gold unless we
are prepared to accept the natural and le.
gitimate consequences of such an act. Any
legislation which lessons the worlds stock
of standard money increases the exchange.
able value of the dollar; therefore, the cru
sade against silver must inevitably raise
the purchasing power of money and lower
the money value of all other forms of prop
erty.
Our opponents sometimes admit that 1t
was mistake to demonetiZe silver, but
insist that we should submit to present
conditions rather than return to the bi-
metallic system. They err in supposing
that we have reached the end of the evil
results of a gold standard; we have moi
reached the end. The injury is continu-
ing one, and no person can say how long
the world is to suffer from the attempt to
make gold the only standard money. TLS
same influences which are now operating
to destroy silN er in the United States will,
IL successful here, be turned against other
silver using countries, and each new con-
vert to the gold standard will add to the
general distress. So long as the scramble
for gold continues, prices must fall, and n
general fall IL prices Is but another deflni-
tion of hard ti'nes
Our opponents, while claiming entire
disinterestedness for themselves, have ap-
pealed to the seltishncss of nearly every
class of socL v. Recognizing the disposi-
ton of the Individual voter to consider the
effect Of any proposed legislation upon
himself we prcsent to the American peo-
pie the financial policy outlined in the
Chicago platform, believing that it will
result in the greatest good to The greatest
number.
The farmers are 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 beside this,
they have found that certain fixed charges
have not fallen at all. Taxes have not
been perceptible decreased, although IL re-
quires more of farm products now than
to pay taxes. Debts have not fallen. The
farmer whe owed Sl,0l0 is still compelled
to pay $1,000, although it may be twice as
difficult as formerly to obtain the dollar
with which 20 pay the debt. Railroad
rates have / been reduced to keep pace
with falling ~rlces, and besides these items
there are n " more. The farmer has
thus found complaint against the gold
The wageenrners have been injured by
a gold standard, and have expressed
themselves rpon the subject with great
L. February, 1895, n petition
asking for the immediate restoration CT
the free and unlimited coinage of gold and
silver, at 16 to /, was signed by the repre-
of ali, or nearly all, the leading
labor organizations and presented to con-
gress. Wagecarners know that while a
gold standard raises the purchasing power
of the dollar, it also makes it more diff
cult to obtain possession of the dollar;
they know that employment is less per
manent, loss of work more probable and
unemployment is less certain. A gold
standard encourages the boarding of
money, because money is rising; it also
discourages enterprise and paralyzes in
dustry. On the other hand, the restora-
tion of bimetallism will discourage hoard
ing, because when prices are steady or
rising, money cannot afford to lie idle in
the bank vaults. The farmers aud Wp8e-
earners together constitute considerable
majority of the people Of the country.
Why should their interests be ignored In
considering financial legislationy A mon
etary system which .pecuniarily advan.
tageous to "a few syndicates has far less 70
commend it than system which would
give hope and encouragement to those
who create the nations wealth.
Our opponents have made special ap-
neal a those WIN hold fra and Iifp ingIIP.
ance policies, but these policy holders
know that, since the total premiums re.
ceived exceed the total loItes paid, IA rising
standard must be of mo& benefit to the
companies than to the policy holders.
Much sclcitude has been expressed by