The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-07-04
The Purchasing Power Is the
Only True Test.
MUST BE FLUCTUATiON
A System that Makes Nearest
Approach to Stability.
GOLD is THE MOST DISHONEST
A Dollar Which Rises in Value Benefits
the Creditor and Injuries the
Debtor and Lowers Stand
ard of Civilization.
ard of Civilization

frequently to recur to first princi-
pies. One Of the ablest, and by all
odds the most eloquent champion OF
silver whose name has been mentioned
for the Presidency is Hon. William j.
Bryan. In a recent speech, he lays
down the fundamental truths so plain
that he who runs may read. In our
opinion he would be the most popu-
lar candidate the Democracy could
name at Chicago.
The truths above referred to as con-
densed from his speech ARE as follws:
I'VE are in favor of bi-metallism be-
cause we believe it will give us a dol
lar more nearly honest. My under
standing of an honest dollar is a dollar
whose purchasing power would be the
same yesterday, to-day and forever.
The test of honesty of a dollar is its
purchasing power, and a dollar that
rises in purchasing power is as dishon-
est as a dollar which fails in purchas-
ing power. | affirm that there never
was an absolutely honest dollar, be-
cause no dollar has ever yet been dis
covered which was absolutely stable
from year to year in its general pur-
chasing power. And we do not seek
at least we do not eXpect-to reach
an absolutely honest dollar. All that
we expect to do is to take that system
which makes the nearest approach to
absolute stability. | denounce the
gold dollar as dishonest dollar; there
are two kinds of people who favor 1T
those who know it is dishonest, and
want it because it is dishonest, and
those who favor it, ignorant Of its
real meaning. Now, the first thing
that we have to consider is the effect
of a change of standard upon society.
I affirm that a dollar which rises in its
general purchasing power benefits the
creditor and Injuries the debtor. |
insist that dollar which rises in pur-
chasing power destroys enterprise
brings stagnation in business, and
will. if continued, lower the standard
of civilization. / insist that a dollar
which falls in value hurts the creditor
and helps the debtor, and stimulates
speculation | do not want either one
of them. If / could have the dollar
which I desire. would have one which
would neither rise nor fall. But we are
confronted by proposition; we are
met by a condition. We must either
endure the gold standard, with an APP
Dreciating dollar, or we must return
to bi-mtallism and bear whatever tenn
porarv injury that brings, in order to
reach a more stable basis. This qles-
ton. my friends viii be discussed a
long while without an absolute agree
ment being reached, because upon this
question people differ in their inter-
ests. When people differ in their in
terests they will differ in opinion. at
firm that under the operation of the
gold standard for the last twenty
three years gold has risen in its pur-
chasing power. and that rise IN the val
ne OF gold has been manifested by
general fall in prices.
4sNow. WHAT is bi-metallism There
has been a difference Of opinion IN these
later days upon that subject. | want
10 define bi-metallism. 1t does not
mean that the government Will buy
whatever metal it needs. That is the
definition which some have insisted
upon giving it. / desire to give yoh
a definition. 1t is the definition given
bv the ROYAL Commission. composed OF
both bimetaliists and monometallists,
in as report in 1883. which assumed IN
the discussion Of bimetallism that bi-
metallisIn means ian open mint. ready
to coin any quantity OF gold or silver
which may be brought to II, and the
right on the part cf debtor to dis
charge his liabilities, at his option, IN
either of the TWO metals. at ratio
fixed by law That is the definition
given by the Royal Commission. | at
firm that bimetallism includes the two
essential IDEAS expressed in the defini-
ton of the Royal Commission; Open
minis, ready TO coin both metals to an
unlimited extent, and the right on the
part of any debtorto use either metal in
any amount at a fixed ratio, in the pay
Inent of his debt. Now The advantage
sase either of two metals, one OF the
metals cannot rise as high in value as
It could but for the competition of the
Tther And what we complain OF is
that since 1878, not only here, but III
other countries. gold has been given
the monopoly Of the mint, and ii any
man owes a debt ne must go out and
buv cold and have ii coined into money
to paw his debit, or ne must buy that
money already coined. OF someone who
has II. This increased demand for gold
has raised the purchasing power Of
thar gold, 80 that when he buys It with
properby he must buy it with more
proDar6y than he used to use. Now we
desire bimetallism inorder 10 bring sil-
yer back into use as d competitor with
gold. SO thaf if a man has a debt, i'm
stead of being forced to go to those
who hold gold, either coined or in the
form OF bullion, he can get the man
who owns SILVER bullion and buy the
silver bullion and have it converted
into coin. and pay his debt. And that
in this way, bringing into U.S. all the
gold and all the silver available for coin
age. the basis will be more stable and
money viii change less in it's purchas-
ing power Now, that is bimetallism.
''Let me quote what Mr.. Sheman
said in 1869 Mr.. Sherman says, the
contraction OF the currency is far
lore distressing operation than Sena-
tors suppose. 1t is not possible to take
dis.