The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1896-08-20

dsserts tnaC there IS no such thing as
standard OF value for future payments,
either In gold or silver, which remains ab-
solutely invariable.' He even suggests
that multiple standard wherein the unit
Is based upon the selling prices of mum.
Der OF articles Of general consumption
would be 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 ms
was given in the beginning"
Purchasing Power Of tho Dollar.
It cannot be successfully claimed that
monometallism or binetallism or any 9th.
er system gives an absolutely Just strnd.
ard Of value. Under both monometalIism III
and bimetallism the government fixes the
weight and fneness of the dollar, Inv csts
1t 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 number of dollars
Bimetallism is better than monometallism
not because it gives us a perfect dollar
that Is. a dollar absolutely unvarying in
Its general purchasing power-but because
1t makes nearer approach to stability, to
honesty, to justice, than gold standard
possibly can. Prior to 1873, when there
gold and silver available for coinage to find
entrance into the worlds volume of stand
ard money, the United States might have
maintained gold standard with less in
jury to the people of this country but
now, when each step toward universal
gold standard enhances the purchasing
power OF gold, deprcsses prices and trans
fers to the pockets of the creditor 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 legitimate consequences of
such an act. Any legislation which lessons
the worlds stock OF standard money in
creases the exchangcable value Of the dol
lar. Therefore the crusade against silver
must inevitably raise the purchasing pow
er OF money and lower the money value of
all other forms Of property.
Our opponents sometimes admit that it
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 n gold standard. We have not
reached the crd. The injury is a continu
ing one, and no person can say how long
the world is to suffer from the attempt to
AlIsahS SSoiN tilC ohiS HlouCJ AS
same influences which are now operating
to destroy silver in the United States WILL
if successful here, I've 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 q
general fall in prices is but another dcfini-
ton of hard times
Our opponents, while claiming entire
disinterestedness for themselves, have ap-
pcaled to the sclfishncss of nearly every
class of society. Recognizing the disposi-
tiOn of the inliivid:- :: voter to consider the
effect of any proposed legislation upon
himself, we present 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 re
tail they have lost more than they have
gained by falling prices. and besides this
they haYe found that certain fixed charges
have not fallen at all. Taxes have not
been perccptibly decreased, although it re-
quircs more Of farm products now than
formerly to secure the money with which
to pay taxes. Debts have not fallen. The
farmer who owed 81 900 is still compelled
to pay 81 600, although it may be twice
as difficult as formerly to obtain the dol
lars with which to pay the debt. Railroad
rates have not been reduced to keep pace
with falling prices, and besides these
items there are many more. The farmer
has thus found it more and more difficult
to live. Has he not q just complaint
against the gold standard?
Effect on Wage Farmers.
The wage earners have been injured by
a gold standard and have expressed them
selves upon the subject with great en-
phasis. In February, 1895, petition ask
ing for the immediate restoration Of the
free and unlimited coinage of gold and sill
vcr at Is to 1 was signed by the represent
atives OF all, or nearly all, the leading la-
Dor organizations and presented to con-
gross. Wage carriers know that while a
gold standard raises ii purchasing power
of the dollar it also l,akes it more diff
cult to obtain posses sion Of the dollar.
They know that employment is less per
manent, less Of work more probable and
unemployment less ccltain. a gold stand
ard encourages the boarding of money be-
cause money is rising. 1t also discourages
enterprise and paralyzcs industry. On the
other hand, the restoration of Eimctallism
will discourage hcurling because when
prices are steady or rising money cannot
afford to lie idle in the bank vaults. The
| farmers and wage CarEcrs together constl
| tute considerable majority cf the people
| of the country. Why should their Interests
| be ignored in considering financial lcgiS
| lation9 A monetary system which is rectln
! iarily advantageous to a few syndiCatcs
| has far less to commend it than il system
| which would give hope and encouragement
| to those who create the nations wealth
Our opponents have made Il special APP
| peal to those who hold fire ard life il sur
ance policies. but these policy holders know
cced the total losses paid, rising standard
must be of more benefit to the companies
than to the policy holders.
| Much solicitudc has been expressed by
our opponents for the depositors i'll savings
banks. They constantly parade before
| these depositors the advantages Of gold
standard, but these appeals will lie in vain
because savings bank depositors know that
under gold standard there is increasing
danger that they will lose their deposits be
cause Of the inability of the banks to col
lect their assets, and they still further
know that, if the gold standard is to con-
tinue indefinitely, they may be compelled
to withdraw their deposits In order to pay
living expenses.
1t is only necessary to note the increas
ing number Of failures in order to know
that gold standard is ruincus to mer-
chants and manufacturers. These business
men do not make their profits from the
people from whom they borrow money. but
from the people 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 bankruptcy.
Those who hold as a permanent invest
nent the stock of railroads and of Other
enterprises Il do not include those who
speculate in stocks or use stock holdings a
! q means of obtaining an inside advantage
in construction contracts) are injured by
gold standard. The rising dollar destroys
| the earning power of these enterprises with