The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1896-08-19

ward the ESTABLISHMENT OF lnlefNdllOlll DI-
metal!ism they condemned monometallism
The sold standard has been weighed in the
balance and found wanting Take from it the
powerful support OF the money-0wning and
the money changing classes anI 1t cannot
stand for one day in any nation in the world
1t was fastened upon the United Stated with
out discussion before The people, and lis
| friends have never yet been willing TO risk 4
verdict before the voters upon that issue.
There can be no sympathy or cooperation
between the advocates OF 4 universal gold
standard and the advocates Of himetalllSm.
Between bimetalism-w whether independent
or internatioual-auJ the gold standard
there is an impossible gulf IS this quadren
NAL agitation in favor OF International bl-
metalism conducted in good faith, OF: do our
opponents really desire 10 maintain the gold
standard permanently: Are they willing TO
confess the superiority OF Il 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 civilized nations" If they are in fact
desrous Of securing bimetallism We may ex-
pecL them to point out the evils OF L gold
standard and defend bimetallism ls L sys-
tem II. on the other hand, they are bend
ing their energies toward the permanent es-
tablishment OF Il gold standard under cover
ofa declaration in favor OF international BIZ
metallism Am justified in suggesting that
honest money cannot be expected Il: the
hands of those who deal dishonesty with the
American people.
| What is the test of honesty in money? 1t
must certainly be found in the purchasing g
power of the dollar. An absolutely honest
dollar could not vary in its general purchas-
Jug power; it would be absolutely stable
when measured by average prices. A dollar
which increases III Purchasing power Is just
| :ls dishonest rs L dollar whica decreases in
purchasing power.
! II cannot be successfully claimed that
| mononetallism or bimetalism, or any other
system, gives an absolutely just standard OF
| value Under both monometallism and BIZ
| metalism the government fixed the weight
and fneness of the dollar, invests it with e-
gal tender qualities and then extends the
minis to its unlimited coinage, the purchas-
| ing power of the dollar TO be determined by
| the number Of dollars. Fimetallism is better
| than monometallism, not because it gives us
perfect dollar-that is, dollar absolutely
uuvarying in its general purchasing power,
but because it makes q nearer approach to
| stability. to honesty, to justice, than gold
standard possibly can.
Our opponents some times admit that 1t
was mistake TO demonetiZe silver, but in
sist that We should submit to present condi-
ton rather than return to the bimetallic sys-
TEN. 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 continuing one, and no person
can say how long the world is TO suffer from
the attempt to make gold the only standard
money.
So long rs the scramble for gold continues
prices must fall, and general fall IN prices
is but another definition of the hard times.
The farmers are opposed to the gold stand
ard because they have felt its effects. Since
they sell at wholesale and buy at retail they
have lost more than they have gained by
falling prices, and besides this, they have
found that certain fixed charges have not
fallen at all. Taxes have not been percepti-
bly, increased although it required more of
farm products now. than formerly to secure
the money with which to pay taxes. Debts
have not fallen The farmer who owed 81 600
is still compelled TO pay $1,000, although it
may be twice as difficult rs formerly TO OBJ
tain the dollar with which to pay the debt.
The wage earners have been injured by 4
gold standard ard have expressed them
selves upon the subject with great emphasis
The farmers and wage earners together
constitute considerable majority Of the peo-
pie Of the country. Why should their inter
ests be ignored in considering financial leg
islation? monetary system which is pecu-
niariy advantageous to few syndicates has
less to commend it than = system which
| would give hope and encouragement to those
| who create the nations worth
Our opponents have made special appeal
to those who hold fire and life insurance
policies, but these policy-holders say that
since the total premiums received exceed the
total losses paid rising standard must be Of
more benefit to the companies than TO the
policy holders
Much solicitude mas been expressed by our
opponents for the depositors and savings
bank. They constantly parade before these
depositors the advantages ofa gold standard,
but these appeals will be in vain, because
saving bank depositors know that under
gold standard there is increasing danger
that they will lose their deposits because Of
the inability of the banks TO collect their as
sets; and they still further know that if the
gold standard is to continue indefinitely
they may be compelled to withdraw their
deposits in order to pay living expenses.
1t is only necessary to note the increasing
number OF failures in order to know that a
gold standard is ruinous to merchants and
manufacturers. These business men don't
make their profits from the people from
whom they borrow money, but from the peo-
pie to whom they sell their goods. If the
people cannot buy retailers cannot sell, and
if retailers cannot sell wholesale merchants
and manufacturers must GO into bank
ruptcy.
Those who hold as permanent investment
the stock Of railroads and Of other enterpris-
es--l don't include those who speculate in
stocks or use stockholdings az a means OF
obtaining inside advantage in contracts-are
injured By gold standard The rising dol
lar destroys the earning power of these en-
terprises without reducing their liabilities,
and, as dividends cannot be paid until fixed
charges have been satisfied, the stockholders
must bear the burden OF hard times.
1t is sometimes asserted by our oppo-
nents that = bank belongs to the debtor
class, but this IS not true Of any solvent
bank. Every statement published by q
solvent bank shows that the assets exceed
the liabilities. That is to say, while the
bank owes large amount of money TO its
depositors it not only has enough on hand
in money and notes 10 pay its depositors,
but in addition thereto has enough to cover
its capital and surpluss. When the dollar is
rising in value slowly, q bank may, by max
ing short time loans and taking good securi-
ty, avoid loss, but when prices are falling
rapidly the bank is apt to lose more money,
because of bad debts, than it can gain by
the increase in the purchasing power fits
capital and surplus
1t must be admitted, however, that some
banks combine the business of q bond brok-
er with ordinary banking business, and