The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1896-10-21
WHY GOLD
FAVORS THE RICH.
Its Value Is Constantly
Approaching.
To the Detriment of the
Producer.
Small Farmers of England
Wiped Out.
That Must Be the Final Re-
suit Here.
What the True Interests of the
Republic Demand.

Degrees Of wealth cannot be regulated
by law. Wealth must DO left, as nature
intended it, as the reward Of industry
and frugality. But there certainly
should be 10 laws especially favorinR
the wealthy classes. Such law, how
ever, most certainly exists in the act of
1878 establishing the single gold stand
ard. 1t favors the rich to the detri-
ment of the producing classes because it
fastens upon us growing or appreciat-
ing measure of values, Every successive
nation which adopts the gold standard
increases the worlds demand for that
metal and by so much enhances its rela-
tive value Every year, as the commerce
Of the world increases, the value of gold
augments. The dollar is ever becoming
larger and larger. The rich find it
greatly to their advantage, but it bears
heavily on the industrial classes
Enterprise requires that men should
borrow. No one can engage actively in
any business by which employment is
given to others and the community ben
Gifted without being borrower. Every
successful man has at one time been
largely i'll debt. The gold standard dis
eliminates against this useful class
the active, enterprising, producing class
the backbone of the nation. 1t does
this because, in addition to the interest
paid, under an approaching standard
the debt is ever growing larger. An ad-
vantage is thus by law placed in the
hands OF the money lenders and the
great financiers, to the detriment of all
other classes.
Under this advantage the rich grow
richer with wonderful rapidity and the
active, producing classes, of course,
have to stand the burden. 1t was under
the operation of the gold standard in
England that the class Of small farmers
was entirely wiped out and the lands
came into the possession of class of
wealthy capitalist holders, the former
owners becoming mere tenants ON the
lands they once were the proprietors of.
In the same way people in this country
will increasingly become tenants and so
depart the farther from the ideal condi-
ton Of a republic.
With a stable money standard, or, if
it must vary at all, u depreciating rath-
er than appreciating one, this advantage
to wealth ceases to exist, and the ninety
and nine average citizens prosper far
more in the aggregate than the one does
under the present system.
The true interests of the republic de-
mand not that wealth be equalized. but
that all be given more equal chance
This the repeal of the act of 1878 and |
the reenactment Of the coinage laws as
they existed prior to that year will very |
greatly accomplish.
To illustrate the operation of the ap- |
preciating standard and the advantage |
II works to the money lender, suppose |
ten years ago two men to own 5000 |
apiece. The one lends his money the |
other invests in property. The latter
buys a house and lot for $1,000, pays
down the 5000 he owns and borrows the |
remainder from his friend upon mort
gage ON his property. The money stand
ard doubles and the $500 debt becomes
as large as 81 900 was at the time the
loan was made. When it falls due, it
takes the entire property to pay the debt.
The money lender then has everything,
the borrower nothing. This is an ex-
perienoe which every day some one suf-
fers. Every mortgage today requires the
entire property to satisfy it, because the
debt has doubled not in the number of
the dollars, but in the relative value of
each dollar.
If the money standard would remain
stationary where it is, it would not be
so bad, but we have no guarantee what
ever that it will not again double. and
nothing will tend 80 much to give it an
other upward boost As the success of
the gold ticket at the polls next month.
We cannot see how it is possible for
gold not TO further appreciate il its ad-
vocates triumph. II it does. it is iDevi-
table that the hard times will be pro-
longed and intensified, failures in bust
ness will multiply, labor will increas-
ingly be left unemployed, great poverty
will ensue, and when men grow desper-
ate from hunger riot and disorder will
threaten the peace of the country.
Meanwhile the syndicate which is
putting up millions to carry its purposes
in the present campaign will be reooup-
ing itself from the peoples treasury
with profits adequate to the risks ii has
taken.
Can any good citizen so disregard the
true interests of the republic as to cast
his vote for the perpetuation of the gold
Tribune.