Middlebury register. (Middlebury, Vt.) 1886-1937, 1896-08-21

establishment of n gold standard under
cover of q declaration in favor of intcrna-
tional bimctallsm, l am justified in sug-
costing that honest money cannot be OK
pccted at the hands of those who deal dis
honestly with the American PEOPLE
What is the test of honesty in money! 1t
must certainly ire found in the purchasing
power of the dollar An absolutely huncst
dollar would not vary in its genera, pur-
chasing power. 1t would he absolutely
stable when measured by average prices
A dollar which increases in purchasing
power is just as dishonest as dollar which
decreases in purchasing POWER. Professor
3 Laugllin, now Of the University of Chi
cago ard one Of the highest gold standard
authorities, in his work on bimetallism
not only admits that gold does not remain
absolutely stable in value but expressly
asserts that "thcro is no such thing as
standard of value for future payments,
either in gold or silver, which remains all
solutsly inNdriablc" He even suggests
that Il multiple standard wherein the unit
is based uron the selling prices of Il num-
Ter of articles Of general consumption"
would lie Il more just standard than either
gold or silver, or both, because "a long
time contract would thereby be Paid at its
maturity y the same purchasing power as
Purchasing Power of tho Dollar.
1t cannot lie successfully claimed that
recommendation or bimetallism or any 9TH
er system gives an absolutely just stand
ard of valCc Under both monomctallism
and bimetallism the government fixes the
weight and flncness of the dollar, invests
it with legal tender qualities and then
opens the minis 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, dollar absolutely unvarying in
its general purchasing power-but because
it makes n nearer approach to stability, to
honesty, to justice, than gold standard
possibly can Prior to 1878, when there
were enough open minis to permit all the
gold and silver available for coinage to find
entrance into the worlds volume of stand
ard money, the United States might have
maintained a gold standard with less in
jury to the people of this country, but
now, when each step toward n universal
gold standard enhances the purchasing
power of gold depresscs prices and trans
fers to the pocllCE 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 exchanPeable value Of the dol
lar. Therefore the crusade against silver
must inevitably raise the purchasing pow
err of money and lower the money value of
all other forms of property.
Our opponents sometimes admit that 1t
r11ist al -n tn ell Int
insist that we should submit to present
conditions rather than return to the BIZ
metallic system. 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 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. The
same influences which are now operating
to destroy silver in the United ktates WILL
if 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 a
general fall in prices is but another deflni-
ton of hard times.
Our opponents, while claiming entire
Observation-Disclosures for themselves, have ap-
class of society Recognizing the DISPOSE
ton of the individual 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 its 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 have found that certain fixed charges
have not fallen at all. Taxes have not
been perceptibly decreased although it re-
quires 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 goo is still compelled
to pay 81 900, 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 lie not 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
yer at is to ! was signed by the represent
atives of all, or nearly all, the leading Ia
Dor organizations and presented to con.
gress Wage earnors know that while q
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
re-employment less certain. A gold stand
ard encourages the boarding. of money be-
cause money is rising. 1t also discourages
enterprise and paralyzes industry. On the
other hand, the restoration of bimetallism
will discourage boarding because when
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