Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1896-01-09
HOW IL WORKS
Eject of the single Gold Standard Upo
Business Interesta.

Eject of the single Gold Standard Upoz
Business Interests.
The present condition of affairs con.
stltutes an object lesson that ought not
to be lost on thoughtful people We
are realizing some of the results of our
supreme folly in permitting British
and foreign interests to dictate the
character of our monetary system.
The situation is more ominous than
che symptoms that appear on the sur
face would indicate. Those surface
symptoms are the continued outflow OF
gold and an uneasy feeling in business
circles that the British gold standard
| is leading to results that were not an.
ticipated by those who ignorantly
placed their influence behind it. Be.
hind this uneasiness in business circles
is to be found an absolute depression
of trade almost equal in extent to that
which followed the fall in silver and
the subsequent unconditional repeal OF
the purchasing clause of the Sherman
act of 1893.
Dun's report says that there is no re
action from the business depression
and frankly adds that efforts to ex.
plain it or attribute it to this or that
temporary influence are wasted $
That is true. 1t can be explained only
by the operations of the single gold
standard. which constantly enhances
the value of gold as compared with
other forms of property and with all
the products of human labor. There
can be no prosperity under the single.
gold standard in a nation that is a
heavy debtor of foreign nations.
Under a monetary system that is
suited to our people we would be able
to pay our foreign debts with the sur.
plus Of our staple commodities, such as
wheat, cotton, provisions, etc, but
under the single gold standard the
prices of our exportabl commodities
are so low that the sum realized for
them falls far short of paying our
debts abroad, and, consequently, our
small and constantly dwindling stock
of gold must be drawn out
The speculative squirt in business,
over which the gold monometallists
congratulated themselves two or three
months ago. has entirely expended its
strength. Industries that responded
to it in the vain hope that it meant
revival of prosperity have been COM
PEELED to shut down or to sell their
products at prices that represent only
the most meager profits. Over and
over again the Constitution and other
bimetallists have assured business men
that there can be no permanent pros
perity in this country under the single
gold standard. We have not permit
ted this statement to go out either as
prediction or as an ASSUMPTION, but
have shown, with an accuracy that is
mathematical. that the increased de-
mand for gold would make it more
valuab le and that this constantly in
creasing value would hurt all forms of
business. save that of money lending,
and reduce the prices of all products
of human labor below the profit level
That is precisely what has happened
and is happening, and it is this process
that draGs both business and specula-
tion down when they make an effort
to rise to the high level of prosperity
that formerly marked the course of
trade and traffic. It seems queer in
deed that there are to be found people
who cannot see what is happening be-
fore their eyes. But the most pro-
nounced optimist cannot afford to dis
credit his sanity by pretending to be-
lieve that the people can be really
prosperous under the single gold stand
ard, unless by means of a miracle, the
worlds stock of gold available for
monetary purposes should be trebled
or quadrupled.
The most ordinary intelligence eau
perceive the direction in which the
country is drifting under the British
gold standard. The tendencies are all
in the direction of bankruptcy.-At-
Constitution