The record-union., 1896-08-13


dent or international-and the gold
standard there is an impossible gulf
Is this quadrennial agitation in favor of
international bimetallism conducted in
good faith or do our opponents really
desire to maintain the gold standard
permanently? Are they willing to con-
fess the superiority of double standard
when Joined in by the leading nations
of the world, or do they still insist that
gold is the only metal suitable for
standard money among civilized ma
tlons? If they are in fact deSirous 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
bending their energies toward the per-
manent establishment of gold stand
ard under cover of a declaration in ia
vor of international bimetallism, / 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? 1t must certainly be found in
IN the purchasing power of the dol
lar. An absolutely honest dollar would
not vary in its general purchasing
power; it would be absolutely stable
when measured by average prices. A
dollar which increases in purchasing.
power is just as dishonest as a dollar
which decreases in purchasing power.
Professor Laughlin, now of the Uni
Versity of Chicago, and one of the high
est gold standard authorities, in his
work on bimetallism not only admits
that gold does not remain absolutely
stable in value, but expressly asserts
that there is no such thing as q stand
ard of value for future payments.
either gold or silver, which remains alb
solutely invariable.' He even suggests
that a multiple standard wherein the
Unit is based upon the selling prices
OF a number of articles of general con-
SUMPTION would be a more Just stand
ard than either gold or silver, or both.
because a longtime contract would
thereby be paid at its maturity by the
same purchasing power as was given
III the beginning
1T cannot be successfully claimed
that monometallism, or bimetallism. or
eny other system, gives an absolutely
just standard of value. Under both
recommendation and bimetanism the
Government fixes the weight and fine
ness of the dollar invests it with legal
tender qualities, and then opens the
Mints to it's unrestricted coinage. leav-
ing the purchasing power of a dollar
TO be determined by the number of
collars. Bimetallism is better than
monometallism, not because it gives us
perfect dollar-that is, a dollar alb
solutely unvarying in it's general pur-
chasing power-but because it makes a
nearer approach to stability, to hon
esty, to justice, than a gold standard
possibly can.
Prior to 1873, when there were
enough open mints 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 to-
ward a universal gold standard en-
hances the p1rchasing power of gold,
depresseS prices and transfers to the
pockets of the creditor class an un-
earned increment, the influence of this
nation must be thrown upon the side of
gold, unless we are prepared to accept
the natural and legitimate conse-
quences of such an act Any legislation
Which lessons the worlds stock of STAN
dard money increases the exchangeable
value of the dollar; therefore the cru
sade against silver must inevitably raise
the purchasing power of money and
lower the money value of all other
forms of property.
Our opponents sometimes admit that
1t was a mistake to demonetize silver,
but insist that we should submit condi-
tions, rather than return to the bimetal-
lie system. They err in supposing that
we have reached the end The injury
is continuing one, and no person can
say how long the world is to suffer from
the attempt to make gold the only STAN
dard 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 each new convert 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
definition of hard times.
Our opponents, while claiming en-
tire disinterestedness for themselves,
have appealed to the selfshness of
nearly every class of society, recogniz-
ing the disposition of the individual
voter, to consider the effect of any pro-
posed legislation upon himself. We pre-
sent to the American people the ffnan-
cial policy outlined in the Chicago plat
form, believing that it will result in the
ey,.e fnesf 10 ho tncst otnr
The farmers are opposed to the gold
standard because they have felt it's eff
fects Since they sell at wholesale and
buy at retail they have lost more than
they have gained by falling prices, and,
besides this they have found that Ger
tain fixed charges have not fallen at
all. Taxes have not been perceptibly
decreased although it requires more of
farm products now than formerly to Sc
cure the money with which to pay taxes.
Debts have not fallen. The farmer
who owed 81 900 is still compelled to pay
ST 900, although it may be twice as diff
ficult as formerly to obtain the dollars
with which to pay the debt. Railroad
rates have not been reduced to keep
pace with the 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 a just COM
plant against the gold standard?
1.-The wage earners have been injured
by gold standard, and have expressed
themselves upon the subject with great
emphasis. In February, 1895, petit
ton asking for the immediate restora-
ton of the free and unlimited coinage of
gold and silver at 16 to l was signed by
the representatives of all, or nearly all,
the leading labor organizations and pre-