The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-13

and found wanting. Take from it the pow
erful support of the money-owning and the
money-changing classes and it cannot stand
for one day in any nation in the world. 1t
was fastened upon the United States without
discussion before the people, and its friends
have never yet been willing to risk a verdict
by the voters upon that issue.
There can be no sympathy or cooperation
between the advocates of an universal gold
standard and the advocates Of bimetallism.
Between NEUTRALITY-SUSPICIOUS. Independent or
internationaIand the gold standard there is
an impossible gulf Is this quadrennial ag-
ftation 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 confess
the speriority of a 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? II they are in fact DESTROYS
of securing bimetallism, we may expect them
to point out the evils of a gold standard
and defend bimetallism as a system. IT, on
the other hand, they are bending their ener-
gies toward the permanent establishment of
gold standard, under cover of declara-
ton in favor Of international bimetallism [
am justified in suggesting that honest money
cannot be expected at the hands of those
who deal dishonesty with the American peo-
pie
What is the test of honesty in money? 1t
must certainly be found in the purchasing
power; it would be absolutely stable when
=
increases in purchasing power is Just as dis
honest as dollar which decreases In pur-
chasing power. Prof. Laughlin. now of the
University 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 standard of value for future pay
ments either in gold or silver which re-
mains absolutely invaribale." He even sug-
gests that multiple standard, wherein the
unit is based upon the selling prices of a
number of articles of general consumption
would be more just standard than either
gold or silver or both, because 'ta long time
contract would thereby be paid at its matur-
fty by the same purchasing power as was
given in the beginning"
1t cannot be successfully claimed that mono
metallism, or bimetallism, or any other sys-
tenn, gives an absolutely Just standard of
value Under both recommendation and hi
metallism the government fixes the weight
and fneness of the dollar, invests it with
legal tender qualities, and thenwopens the
minis to its unrestricted coinaged leaving the
purchasing power of the dolIafefo be deter
mined by the number of dollars. Bimetaiiism
is better than recommendation, not because
it gives us perfect dollar-that is, dollar
absolutely unvarying In its general purchas-
Ing powerful because it makes nearer
approach to stability to honesty. to Justice
than gold standard possibly can.
LESSON OF HISTORY.
Prior to 1873, when there were enough open
minis to permit all the gold and silver avail
able 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 stem to-
ward an universal gold standard enhances the
purchasing power of gold, depresses prices
and transfers to the pocket of the creditor
class an unearned increment, the influence of
this great nation must not be thrown upon
the side of gold, unless we are prepared to
accept the natural and legitimate consequence
of such an act. Any legislation which les
sens the worlds stock OF standard money In
creases the value of the dollar; therefore the
crusade against silver must inevitably raise
the purchasing power of money and lower
the money value Of all other forms of prop
erty.
Our opponents sometimes admit that it was
a mistake to demonetize silver but insist
that we should submit to present conditions
rather than return to the bimetalllic system.
They err in supposing that we have reached
the end of the evil results Of gold stand
ard; we have not reached the end. The in
jury is continuing one, and no person can
say how long the world is to suffer 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. 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 scram-
BILE for gold continues prices must fall and
general fall In prices is but another defini-
don Of hard times. Our opponents, while