The people's journal. (Pickens, S.C.) 1891-1903, 1896-08-27

ocratic, Populist and Silver parties
have not only declared for bimcta ism
bnt have outlined tho specific Iegisla
li0n necessary to restore silver 10 it<
aucicnt position by the side OF gold
The Republican platform expressly
declares that bimotullism is desirable
when It pledges the Republican party
TO aid in securing it as soon As the AS
S!aiancc OF certain foreign nations ear
be obtained. Those who represented
the minority sentiment in the Chicago
convention opposed the free coinage
OF silver by the United States by indie
pendent action on the ground that, in
their Judgment, it "wOuld rctaru or
entirely prevent the establishment OF
international bimetallsm, TO which
The efforts OF the government should
he stead!lJ directed"
When they asserted that the efforts
OF the government should be steadily
directed toward the establishment Of
international blmetallism, they con
demncd monomrtallsm. The gold
standard has becn weigh ia the
balance aud found wanting. Take
irom it the powerful support of the
money owning and the money chang
ing classes and it can not stanu for one
day IN any nation in the world. 1t WAS
fastened upon the United States with
out discussion before the people and it's
friends have never yet been willing to
risk verdict before the voters upon
that issue.
There can be no sympathy or coop
Grafton between the advocates OF ii
universal gold standard and the advO
Gates OF bimetallism. Between bimct
aillSm-"hethcr independent or inter
natlonal-anu tho gold standard there
IS an impossible gulf. Is this quadrGn-
NAL agitation in favor Of international
hinetallism conducted in good faith.
or 40 our opponents really desire to
maintain the gold standard permanent
"? Are they willing to confess the
superiority of u 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 nations? If
they are. in fact, dcsirOus Of securing
bimeta!lism, we may expect them to
point out the evils OF u gold standard
and defend bimctallism as Il system
II, on the other hand, they are bend
ing their energies toward the perma-
ncnt establishment of q gold standard
under cover OF a declaration in favor
OF international bimetallism, | am
justified in suggesting that honest
money can not be expected at tho
bands OF those who deal 6ishOnestly
with the American people.
HONESTY IN MONEY.
What is the test Of honesty in money?
IL must certainly be found in the pur-
chasing power of the dollar. An alb.
honest dollar would not vary
in its general purchasing power; it,
would be absolutely stable when meas
ed by average prices. n dollar which
increases in purchasing power is just
as dishonest as u dollar which de-
creascs in purchasing power Prof.
Laughlin, now of the University of
Chicago, and one Of the highest gold
standard authorities, in his work ou
blmctailism, not only admits that gold
docs not remain absolutely stable in
value, put express asserts That there
Is no such thing rs Il standard OF value
Tor luturc payments, either in gold or
silver, which remains absolutely inva-
riablc.' He even suggests that Il mul-
tlplo standard wherein the unit is
based upon the sclling prico Of a
humDar o! articles OF general cOnsump-
ton" would be u more just standard
chan either gold on silver, or both,
because "a longtime contract would
samc purchasing power as was given
in the Dcginning."
It can not DC successfully claimed
that monometalism or bimetallism
or any other system, gives an 40
soiuteiy just standard Of value.
Under both monomctalIism and BIZ
mctallism the government tiXos
the weight and hnencss Of the dollar,
invests it with legal tender qualities,
and then opens the mints TO It's ulre-
strictcd coinage, leaving the purchas-
ing power Of the dolIar,lo be determine
ed by the number nf dollars. Bimetal-
ism Is better thnu recommendation, not
because it gives us Il perfect dollar
that is, dollar absolutely unvarying
IN It's general purchasing Dower---but
because 1T makes nearcr approach
to stability, to honesty, to justice,
than gold standard possibly can.
Prior TO 1913, when there waro enough
open mints to permit all the gold
and silver available for coinage to lind
entrance into the worlds volume OF
standard money. the United States
might have maintained q gold stand
ard with less injury to the people OF
this country; but now, when each
step toward IL universal gold standard
enhances the purchasing power Of golo,
dcpresscs prices, and transfers to the
pockets Of the creditor class an un-
earned Increment, the influence of
this great aation must be thrown upon
the side OF gold unless wo arc prepared
to accept tho natural and legitimate
consequences ofssuch an act. Any leg
islation which lessons the worlu's
stock OF standard money increases the
oxchangeable value OF the dollar
therefore, tho crusade 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 it was mistake to demOnctiGe
silver, bnt insist that we should sub
NIT to present conditions rather than
return to the bimetallic system. Thcy
err in supposing that we have reached
che end OF the evil results of a gold
standard we have not reached the
end. The injury is continuing one,
and no person can say now long the
world is to suller 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, il successful here,
be turned against other silver using
COuntripS and ourh new convert to tn