The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-13

upon the United States without discus
sion before the people, and its friends
have never yet been willing TO risk a
verdict before the voters upon that is
sue.
There can be no sympathy or cooper
alton between the advocates of a uni
versal gold standard and the advocates
of bimetallism. Between bimetallism
whether independent or international
and the gold standard there is an i'm
passable gulf. Is this quadrenniaa egi-
tatiOn in favor Of international binet-
allism conducted in good faith. or do
our opponents really desire 10 maintain
the gold standard permanently? Are
they willing to confess the superiority
of a double standard when joined by the
leading nations OF the world, or do they
still insist that gold is the only metal
suitable for standard money among CIV
ilzed nations? If they are in fact de-
sirous of securing bimetallism, we may
expect them to point out the evils of a
gold standard and defend bimetallism
as a system.
If, on the other hand, they are bend
ing their energies toward the permanent
establishment of a gold standard under
a declaration of international blmetal-
lisrn, l am justified in suggesting that
honest money cannot be expected at the
hands of those who deal dishonesty
with the American people.
What is the test of honesty in money?
II must certainly be found in the pur-
chasing power of the dollar An alb
solutely honest dollar would not vary in
its general purchasing power; it would
be absolutely stable when measured by
average prices. A dollar which in
creases in purchasing power is just as
dishonest dollar as dollor which de-
creases in its purchasing power. Pro-
fessor Laughlin, now of the university
of Chicago, and one of the highest gold
standard authorities. in his work on
binetalhsm not only admits that gold
does not remain absolutely stable in
value but expressly asserts that there
is no such thing as a standard value
for future payments, either in gold or
silver which remains absolutely invari
able"
He even suggests that a multiple
standard, wherein the unit is based upon
the selling prices of a number of arti-
cles Of general conSum ption, would be
more just standard than either gold
or silver, or both, because a long time
contract would thereby be paid at it's
maturity by the same purchasing power
as was given in the beginning.
1t cannot be successfully claimed that
monometallism or bimetallism or any
other system gives an absolutely just
standard of value. Under both mono
metallism and bimetallism, the govern
ment fixes the weight and the fineness
of the dollar, invests ii with legal tender
qualities and then opens the minis 10
its unrestricted coinage. leaving the pur-
chasing power of the dollar TO be deter
mined by the number of dollars. b.
metallism is better than monometallisnl,
not because it gives us a perfect dollar
that is, a dollar absolutely unvarying
in its general purchasing powerful be-
cause it makes a nearer approach to
stability, to honesty, TO justice, than a
gold standard possibly can. Prior to
1873, when there were enough open
minis to permit all the gold and silver
available for coinage to find entrance
into the worlds volume OF standard
money, the United States might have
maintained a gold standard with less
injury to the people of This country,
but now. when each step taword a uni
versal gold standard enhances the pur-
chasing power Of gold, depresees prices
and transfers to the pockets of the cred
itor class an unearned increment. the
influence of this great nation must be
thrown upon the side OF unless we are
prepared 10 accept the natural and aegit-
innate consequences of such an act.
Any legislation which lessons the
worlds stock of standard money in
creases the exchangeable value of the
dollar; therefore the crusade against sill
Yer must inevitably raise the purchas-
ing power Of money and lower the
money value Of all other form OF prop
erty. Our opponents sometimes admit
that II was a mistake to demonetize
silver. but insist that We should submit
10 present conditions rather than re-
turn to the bimetallic system. They
err in supposing that We have reached
the end of the evM results OF gold
standard; we have not reached the end.
The injury is a continuing 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 10
destroy silver in the United States, will,
If sufficient here, be turned against
other silver using countries and each
new convert TO the gold standard VIII
add 10 the general distress So long as
the scramble for gold continues, prices
must fall and a general fan in prices IS
another definition Of hard times.
Our opponents, while claiming entire
disinterestedness for themselves, have
appealed TO the selfishness of nearly
every class Of society. Recognizing the
disposition Of the individual voter 10
the effect OF any proposed leg
tel ~s..vz
American people the financial policy
outlined in the Chicago platform be-
lseving that II Will result in the great
est good 10 the greatest number. The
farmers are opposed 10 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 be- 4
sides this, they have found that certain /
fixed charges have not faEen at all 1
Taxes have not been perceptib;y de /
ereased. although II requires more farm 1
products now than formerly TO secure 4
the money with which 10 nav taxes. !
Debts have not fallen. The farmer I
who owed $1,000 is still compelled TO psy +
81 coo. although il may De twice as dif- {
hcuit as formerly 10 obtain the dollar /
With which TO pay the debt Railroad 1
rates have not been reduced 10 keep /
pace with falling prices and besides 4
these reasons there are many more.
The farmer has thus found complaint
against the gold standard.
The wage esrners have been injured /
by gold standard and have exnresS.-; +
upon the subject with great i
In February, 1855. a nett i
ton asking for the Immediate reStara-
ton OF the free and unlimited coinage