The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1896-08-19

by indepeupent action on the ground. thai
in their Judgment, it "would retard or Ell
tirely prevent the establishment of interna
tional bimetallism to which the efforts of the
government should be steadily directed
When they asserted that the efforts of the
government should be steadily directed to-
ward the establishment Of international bi,
metallism they condemned monometallism
The gold standard has been weighed in the
balance and found wanting. Take from it the
powerful support of the money-ownlng and
the money-changing classes and cannot
stand for one day in any nation IN the world
IL was fastened upon the United Stated with
out discussion before the people, and its
friends have never yet been willing to risk n
verdict before the voters upon that issue
There can be no sympathy or cooperation
between the advocates of q universal gold
standard and the advocates of bimetalllsm
Between metallism-whether independent
or international-and the gold standard
there is an impossible gulf. Is this quadren
nial agitation in favor Of international bi'
metallism conducted in good faith, or do ouI
opponents really desire 10 maintain the gold
standard permanently? Are they willing tc
confess the superiority of II double standard
when joined in by the lealing 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
desirous of securing bimetallism we may ex'
pect them to point out the evils of gold
standard and defend bimetallism. &c d sys
Item. IF, ON tine utier hand, they are bend
ing their energies toward the permanent es'
tablishment OF gold standard under cover
of 4 declaration in favor of international bi
metallism | 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 i'll the purchasing
power of the dollar. An absolutely honest
dollar could not vary in its general purchas
ing power it would be absolutely stable
when measured by average prices. A dollar
which increases in purchasing power il Jusl
rs dishonest rs a dollar whicn decreases in
purchasing power.
1t cannot be successfully claimed thai
monometalism or bimetalism, or any other
system, gives an absolutely just standard Of
value. Under both mOnometallism and bi'
metalism the government fixed the weight
and ineness of the dollar, invests it with le
gal tender qualities and then extends the
mints to its unlimited coinage, the purchas
ing power Of the dollar to be determined by
the number of dollars. Bimetallism is better
than monometallism, not because it gives Us
n perfect dOllar-that il, q dollar absolutely
unyarying in its general purchasing power
| huI m. .kl.S n No. rpr
stability. TO honesty, to justice, than gold
standard possibly can.
Our opponents some times admit that il
was n mistake to demonelize silver, but in
sist that we should submit TO present condi
ton rather than return to the bimetalic sys
tenn. They err in supposing that we have
reached the end of the evil results Of Il gold
standard; we have not reached the end. The
injury is n continuing one, and no person
can say how long the world is to suffer from
the attempt to make gold the only standard
money.
SO long ns the scramble for gold continues
prices must fall, aud general fall in prices
is but another definition Of the hard times
The farmers are opposed to 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 beside, this, they have
found that certain fixed charges have not
fallen at all. Taxes have not been percepti-
bly, increased although it required more oi
farm products now than formerly to secure
the money with which to pay taxes, Debts
have not fallen. The farmer who owed 81 ,OOC
is still compelled to pay $1,000, although il
may be twice as difficult as formerly TO OBJ
tain the dollar with which to pay the debt.
The wage earners have been njnred by d
gold standard and have expressed them
selves upon the subject with great emphasis
The farmers and wage earners together
constitute considerable majority of the peo
pie of the country. Why should their inter
ess be ignored in considering financial leg
islation? A monetary system which il pecu
niarily advantageous to few syndlcates has
less TO commend it than system which
would give hope and encouragement to those
who create the nations worth.
Our opponents have made n special appea
to those who hold fire and life insurance
policies, but these policy holders say thai
since the total premiums received exceed the
total losses paid rising standard must be o
more benefit TO the companies than to the
policy holders.
Much solicitude has been expressed by our
opponents for the depositOrs aud savings
bank. They constantly parade before these
depositors the advantages of q gold standard
but these appeals will be in vain, because
saving bank depositors know that under O
gold standard there is increasing danger
that they will lose their deposits because ol
the inability of the banks to collect their as'
sets; and they still further know that if the
gold standard is to continue indefinitely
they may be compelled to withdraw theiI
deposits in order to pay living expenses:
IL is only necessary to note the increasing
number of failures in order to know that 9
gold standard is ruinous TO merchants and
manufacturers. These business men dom
make their profits from the people from
whom they borrow money, but from the peo
pie to whom they sell their goods. If the
people cannot buy retailers cannot sell, and
if retailers cannot sell Wholesale merchants
and manufacturers must 60 into bank
ruptcy.
Those who hold as permanent investment
the stock of railroads and Of other enterpris
es-l don't include those who speculate in
stocks or use stockholdings as q means o.
obtaining inside advantage in contracts--are
Injured by gold standard. The rising dol
lar destroys the earning power of these en-
terprises without reducing their liabilities
and, as dividends cannot be paid until fixed
charges have been satisfied, the stockholders
must bear the burden of hard times.
1t is sometimes asserted by Our oppo
nents that bank belongs to the debtor
class, but this is not true of any solvent
bank. Every statement published by Q