The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1896-08-26
with Alexander about Insurance.
ALEXANDRIA LA, WEDNESDAY, AUGUST 90 1896

bimetallism they condemned monometal-
lism. The gold standard has been weighed
in the balance and found wanting. Take
from it the powerful support of the money
owning and morcy-changing classes and it
cannot stand for one day in any nation In
the world. 1t was fastened on the United
States without discussion before the people
and its friends have never yet been willing
to risk verdict before the voters upon
that issue.
There can be no sympathy or coopera-
ton between the advocates of universal
gold standard and the advocates of bimet-
allism. Between bimetallis7n, whether
independent or international, and the gold
standard there is an impossible gulf. Is
this quadrenninl agitation in favor Of in
ternatiennl bimctallism conducted in good
faith, or DO our opponents desire to main
tain the gold standard permanently? Are
they willing to confess the superiority Of
a double standard when joined in by the
trading nations OF the world, or do they
still Insist that gold Is the only metal suit
able for standard money among civilized
nations' If they are, in fact, DESTROYS of
securing bimetallism, we may expect
them to point out the evils Of gold
standard and defend binotallism as sys-
tenn. II, on the other hand, they are bend
Ing their energies toward the permanent
cover OF declaration In favor of interna-
tonal binatallisnl. am justified in sla-
gesJlng thai nonesI money cannot Ue ex-
pectea at the hands of those who deal dis
honestly with the american people. What
is the test of hoIe5 ty il money? 1t muet
certainly be SOUND in the purchasing power
of the dollar. An absolutely honest dollar
would not vary in its general purchasing
power; it would he absolutely stable whei,
measured by average prices A dollar
which increases in purchasing power is
just as dishonest as dollar which de-
crcases in purchasing power.
Professor Lauehlin, now of the Uni
versity OF Chicago, ana one of the highest
gold standard authorities, In his work OH
bimetallism not only admits that gold does
not remain absolutely stable in value, blu,
expressly ASSETS that there Is no such
thing as standard of value for future
payments, either in gold or silver. which
remains absolutely invariable. He even
suggests that d multiple standard wherein
the unit is based upon the selling price of
number Of articles of general consump.
ton would be Il more just standard than
either gold or silver or both, because a
longtime con tract would thereby be paid
at its maturity by the same purchasing
power as was given in the beginning"
1t cannot be successfully claimed that
recommendation or bimetallism or any 9th
er system gives an absCautelY lust standard
or Ealue. Unuer u0rH n o?orneta.T:s1n ana
bimetallism the government fixes the
weight and f1neness of the dollar, invests 1t
with legal tender qualities and then opens
the minis to its unrestricted coinage. leav-
ing the purchasing power Of the dollar to
be determined by the number of dollars
Bimetallism is better than recommendation,
not because it gives us a perfect dollar
that is dollar absolutely unvarying in its
general purchasing power-but because it
makes nearer approach to stability. to
honesty, to justice than gold standard
possibly can.
Prior to 1873, when there were enough
open minis to permit all the gold and sill
yer available for coinage to find entrance
money, the United States might have
maintained gold standard with less iu-
jury to the people Of this country: but
now, when each step toward q universal
gold standard enhances the purchasing.
power gold dcpresses prices and transfers
to the pocket Of the creditor class m IN
earned increment the influence of this
great nation must not be thrown upon the
side Of gold unless we are prepared to 40
cept the natural and legitimate conse-
quence of such an act Any legislation
which lessons the world s stock Of standard
money increases the excangeable value OF
the dollar; therefore the crusade against
silver must inevitably raise the purchas-
ing power of money and lower the money
value of all other forms Of property.
Our opponents some times admit that 1t
was a mistake to demonetize silver, but
insist that we should submit to prese.
conditions rather than return to the BIZ
metallic system. They err in supposins
that we have reached tho end of tho evil
results of gold standard; we have not
reached the end. The injury is 2 confirm
Gus 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 States will
| If successful here. be turned against Other
| silver using countries and ench 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
general fall in prices is but another defini
ton of hard times.
! interestedness for themselves have appeal
ed to the selfishness os nearly every class
of people Recognizing the disposition o.
the Individual voter to consider the effect
Of any proposed legislation upon himsel
we present to the American people the fl
nancial policy outlined in the Chicago
platform believing that it will result in thu
greatest good to the greatest number.
The farmers are opposed to the golt
standard because they have felt its effects
Since they sell at wholesale and buy at re
gained by falling prices and besides Thu
they have found that certain fixed charge
have not fallen at oil. Taxes have no
been perceptibly decreased, although per
ceptibly increased, although it require
more OF form products now than formerl.
to secure the money with which to pa.
taxes Debts have not fallen. The farme
who owed $1,000 is still compelled to pa,
$1,000, although it may be twice as Difficult
as formerly To nhtain the dollar uitl
which to pay the debt. Railroad rates nav
not been reduced to keep pace with fallin
prices. Reside these items there are man
plant agaip-t the gold standard. III
wageearners nave been injured BY gol
standard and have expressed themselye
on the subject with great emphasis. j
February, 1895, petition asking for tn
immediate restoration of the free and ur
limited coinage of gold and silver at 10 t
was signed by the representatives OF a.
or nearly all the leading labor Organize
lions and presented to congress. Wag'
earners know that while a gold standar
raises the purchasing power of the dolla
it also makes it more difficult to obtai
possession Of the dollar; they know th'
employment is less permanent, loss
work more probable and reemploymer
less certain.
A gold standard encourages the hoart
. ing OF money because money is rising;
, also discourages enterprises and paralyzt
, industry. On the other hand, the restor'
ton OF bimetallism will discourage boar,
ing, because when prices are steady or n
!, ing, money cannot afford to lie idle in tt
bank vaults. The farmers and wageearl