The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-08-13


the entire history of the United States
has ever declared against 1t. and no
party in this campaign has had the
temerity to oppose 1t. Three parties
the Democratic. Populist and Silver
parties-have not only declared for BIZ
metallism, but have outlined the speci-
tic legislation necessary to restore silver
to its ancient position by the side of
gold. The Republican platform en-
pressly declares that bimetallism Is de-
sirable when i. pledges the Republican
party to aid in securing it as soon as the
assistance of certain foreign nations
can be obtained.
Those who represented the minority
sentiment in the Chicago convention
opposedthe free coinage of silver by the
United States by independent action on
the ground that in their judgment, II
would retard or entirely prevent the
establishment of international bimetall-
ism to which the efforts of the govern
ment should be steadily directed" When
they asserted that the efforts of the gov
ernment should be steadily directed to-
ward the establishment of International
bimetallism, they condemned Mono
metallism. The gold standard has been
weighed in the balance and found
wanting. Take from il the powerful
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 Unit
ed States without discussion before the
people. and its friends have never yet
been willing to risk verdict before
the voters upon that issue. There can
be no sympathy or corporation between
the advocates of a universal gold stand
ard and the advocates of bimetallism.
Between bmetallism--whether indie
pendent or rinternational-and the gold
standard there is an impassable gulf.
Is this Quadrennial agitation in favor
of International bimetallism conducted
in Sooe faith, or do our opponents really
desire to maintain the gold standard
permanently? Are they willing TO
| confess the superiority 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 suit
| able for standard money among civil
| iZed nations? II they are in fact de-
serious of securing bimetallsm. we may
| expect them to point out the evils of Il
| gold standard and defend bimetallism
as a system. If, on the other hand
they are bending their energies to-
| ward the permanent establishment of
q gold standard under cover of Il declar
alton in favor of international bimetall-
1
honest money cannot be expected at
the hands of those who deal dishonest
| ly with the American people.
THE TEST OF HONESTY.
| What is the test of honesty in money?
1t must certainly be found in the pur-
chasing power of the dollar An abso-
lutely honest dollar would not vary in
its general purchasing power; it would
/ IL ,,
average prices. A dollar which de-
creases in purchasing power is just as
dishonest as a dollar which increases
i'm purchasing power. Prof. Laughlin,
now of the University of Chicago and
one of the highest gold standard au-
| thorities. in his work on bimetallism
not only admits that gold does not re-
| main absolutely stabfe-in value. but eX-
pressly asserts that there Is no such
thing as a standard of value for future
payments. either in gold or silver, which
| remains absolutely invarable." He
even. suggests that multiple standard,
wherein the unit is I" based upon the
selling prices of a number of articles
of general consumption" would be a
more just standard than either gold or
silver. or both, because a long contract
would thereby be. paid at its maturity
by the same purchasing power as was
| given IN the beginning.
1t cannot be successfully claimed that
monometallism or bimetallism. Or any
other system, gives an absolutely just
standard of value. Under both mono
metalism and bimetallism. the govern
ment fixes the weight and fneness of
the dollar, invests it with legal tender
qualities. and then opens the mints to
its unrestricted coinage. leaving the
M N a Sinor of th.. 1nIlnr IN hn
determined by the number of dollars.
Bimetallism is better than mOnomet-
allism, not because 1t gives US a perfect
dollar-that is. dollar absolutely un-
varying i'm it's general purchasing g
power-but because it makes Il nearer
approach to stability. to honesty to
justice. than gold standard possibly
can. Prior to 1873, when there were
enough open mints to permit all the
gold and silver available for coinage
to find entrance into the worlds volume
of standard money. the United States
might have maintained gold stan
dard with less injury to the
people of this country: but now, when
each step toward universal gold
standard enhances the purchasing
power of gold, depresseS prices and
transfers to the pockets of the creditor
class an unearned increment, the influ-
ence of this great nation must not he
thrown upon the side of gold unless
we are prepared to accept the natural
and legitimate consequences of such
an act. Any legislation which lessons
the worlds stock of standard money in
creases the eXchangeable value of q
dollar: therefore. the crusade agains,
silver must inevitably raise the pur-
chasing power of money and lower the
money value of all other forms of prop
erty. Recognizing the disposition oi
the individual voter to consider the IF.
feet of any proposed legislation upon
himself, we present to the America 1
people the financial policy outlined il
the Chicago platform. believing that Il
will result in the greatest good to tho
greatest number.
The farmers are opposed to gOlG
standard because they have felt its
effects. The wage-earners have beer
injured by a gold standard. and hav,
exp essed themselves upon the subject
with great emphasis. The farmers ant
: Wage-edrnerS together constitute" /:
. considerable majority of the people O
the country. Why should their inter
ests be ignored in considering linancia
: legislation?
4 GOLD STANDARD AND SAVINGS
our opponents have made specia
appeal to those who hold fire and life in
: surance policies. but these policy hold
I ers know that. since the total prem
:. iumS received exceed the total losse.
? paid, a rising standard must he of NOR,
benefit to the companies than to tn,
r policy-hOlders. Much sOlicitude hal
$ been expressed by our opponents for th'
Y depositors in savings banks. They con
D stantly parade before these depositor:
S the advantages of gold standard. bu
' those appeals will be in vain, becaus,
J.. savings bank depositors know that
!. under Il gold standard there is increas
g ing danger that they will lose their de
r pOsits because of the inability of th
banks to collect their assets: and the,
I still further know that. if the golt
Z standard Is to cnntinun indeGnitaly