Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1896-08-06

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believes that possible. Few really be-
| licyc that the silver dollar, coined free,
would equal the gold dollar. It Is i'm
material to the silver men whether it
does or not. In fact, most or them do
not expect it. They long for cheap
dollar that they can force their credit
ors to receive in return for dear dollars
loaned them Is that honest l If con-
ditions are such that our debtor class
can never hope to cmancipatc them
selves-which we grayely doubt-it
would be far better for the country,
their creditors and themselves if, in
stead ofdepreciating our currency they
should go into insolvency and pay the
SO cents on the dollar that they would
in effect pay we adopted free coinage
at the ratio of rs to 1.
Then suppose the debtorclass should
pay their debts in deprecated silver
this time, how long would it be before
other dcbtors-there are always debt
would plead for a still cheaper
currency in which to pay their debts.
It's bad precedent to establish, this
cheapening OF money for the benefit Of
a class.
But. they say, we only want the
standard existing when we contracted
our debts. How much of the indebt-
edncss of the country has been stand
inc since T3p Not large proportion
of it, we aver. Where one debt of this
kind exists there are a dozen contract
ed last year. What of them? Would
it be right to force 53-cent dollars onto
such creditorsp Even supposing that
gold has appreciated instead of silver
deprcciating, prices have fallen gradu-
ally and the debtor of long standing
had long period in which he might
have cleared himself, when prices
were high. He who runs in debt takes
chances, among which is the possible
depreciation Of his property. When
this comes. must the government come
to his relief and give him a cheap mon
ey with which to cheat his creditors
But has gold Appreciated Is there
any reason to suppose that it is not
now, MS it always has been, the best,
most stable and most honest of all the
standardsp They tell us that everything
has declined in value since 1873 except
gold and that it Is therefore dishon-
est measure of value; that wheat, cot
ton and corn, silver, copper and lead,
silks. woolens and fabrics have gone
down in gold value, while gold alone
has remained stationary, or, as they
usually put it, these articles have re-
manned stationary. while gold has gone
up. This is in part true, but it does
not follow that the gold standard is to
blame. Prices in 1873 were inflated.
The war had but recently closed. Spe-
Gle payment had not been resumed.
TO compare prices Of today with those
of rs is unfair. Why do they never
compare them with the prices that pre-
vailed before the war, those good old
Democratic times when Il days labor
brought on an average 80 cents, which
would not 60 half as far in the pur-
chase Of neccssarics rs half dollar
goes todaya
Since 1873 there has been wonder
full industrial development all over the
world No great war has disturbed
the march of progress. Science and
have brought into existence
machines and processes that have rev.
business. Production has
been stimulated to an unequalled de-
gree. The cost of producing and trans
porting goods has been greatly lower
ed. Portions of the globe previously
have been brought under
he pillow and made to contribute i'm
nensely to the agricultural markets.
IN this country in 1875 there were rs
million acres Of wheat cultivated. In
S91 this had been increased 80 per +
,ent. India, Australia, Argentina and
'ther countries have progressed even
aster. While consumption has also
,reatly increased, it has not kept pace
With the production and the result is a
eclinc in prices, a natural, inevitable !
lecline. This is the reason and the
My reason why a dollar buys more
GODS than formerly.
But there is one thing that has not
allen during these years--one thing :
hat is a better measure Of value than I
ny commodity, and that is the price !
labor. While prices have gone down !
lbor has gone up,showing plainly that :
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