The Providence news. (Providence [R.I.]) 1891-1906, 1896-08-13

metallism. put nave outlined the speo<fio
legislation necessary TO restore silver 70
It's ancient position by the side OF gold.
The Republican platform expressly de.
clares that bimetallism is desirable
when II pledges the Republican party
70 accord in securing H. as soon as the
assistance of certain foreign nations can
be obtained. Those who represented the
minority sentiment In the Chicago con-
vention opposed the free coinage OF sill
YER by the United States by Independent
action, on the ground that, In their judg-
ment, II would retard or entirely pre-
vent the establishment OF International
bimetallism--to which the efforts of the
government should be steadily directed"
When they asserted that the efforts OF
the government should be steadily di-
rected toward the establishment OF In
ternational bimetallism. they con-
demned monometallism. The gold stand
ard has been weighed In the balance and
found wanting. Take from IL the power
OF the support OF the money owning and
the money-changing classes, and Il can
not stand for one day I'm any nation In
the world. II was fastened upon the
United States without discussion be-
fore the people, and its friends have
never yet been willing 10 risk verdict
before the voters upon that issue.
There can be no sympathy or CO.
operation between the advocates OF
universal gold standard and the advo-
Gates OF bimetallism. Between bimetal-
nsm-whether independent or interna-
tional-and the gold standard there ID
an impossible gulf
The Test of Honesty.
What Is the test OF honesty in moneys
II must certainly be found in the pur-
chasing power OF the dollar. An abso-
lutely honest dollar would not vary In
/, ha f,ar y.
be absolutely stable when measured
by average prices A dollar which in
creases In purchasing power is just as
dishonest as a dollar which decreases
In purchasing power.
II cannot be successfully claimed that
monometallism or bimetallism, or any
other system gives an absolutely just
standard of value. Under both mono
metallism and bimetallsm the govern
ment fixes the weight and fineness of tho
dollar invests IL with legal tender quail
ties, and then opens the mints TO its un-
restricted coinage. leaving the purchas-
ing power OF the dollar TO be determined
by the number of dollars. Bimetalli5m
Is better than monometallism, not be-
cause IL gives US perfect dollar-that
Is, q dollar absolutely unvarying in its
general purchasing power-but because
IL makes nearer approach 10 sta
bility TO honesty. to justice, than
gold standard possibly can. Any legis-
Iation which lessons the worlds stock
of standard money increases the ex-
changeable value of the dollar: there
fore, the 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
II was a mistake TO demonetiZe silver,
but insist that we should submit ia
present conditions rather than return
TO the bimetalic system. They err in
supposing that we have reached the end
of the evil results Of a gold standard;
we have not reached the end. The In
Jury is a 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 sill
yer In the United States will. II success
full here, be turned against other silver
using countries, and each new convert
TO the gold standard will add TO the gen.
cral distress. So long as the scramble
for gold continues prices must fall, and
a general fall in prices Is but another
definition OF hard times.
Our opponents, while claiming entire
disinterestedness for themselves, have
appealed 10 the sefishness OF nearly
every class OF society. Recognizing the
ulSpOsltlOn OF the lUulNluudl VOTER 10
consider the effect OF any proposed legis-
lation upon himself. we present to the
American people the financial policy out
lined I'm the Chicago platform. believing
that ii will result In the greatest good
to the greatest number. The farmers
are opposed to the gold standard be-
cause 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 besides
this, they have found certain rixcd
charges have not fallen at all. Taxes
have not been perceptibly decreased, al
though IL requires more OF farm products
now than formerly 10 secure the money
with which to pay taxes. Debts have
not fallen. The farmer who owed $1,000
is still compelled TO pay $1,000, although
II may be twice as difficult as formerly
TO obtain the dollars with which TO pay
taxes. Railroads rates have not been
reduced to keep pace with falling prices,
and besides these items there are many
more. The farmer has thus found II
more and more difficult 20 live. Has ha
n just complaint against the gold stand.
ard?
The wage-earners have been injured
by gold standard They know that
while a gold standard raises the pur-
chasing power OF the dollar, II also
makes it more difficult 10 obtain pos.
session or the dollar; they know tnaI
employment Is less permanent. loss Of
work more probable, and re-employ-
ment less certain
A gold standard encourages the hoard
ing Of money, because money is rising.
II also discourages enterprise and para.
lyZes industry. On the other hand, the
restoration of bimetallism Will discour.
age boarding, because, when prices are
steady or rising, money cannot afford
TO lie idle In the bank vaults. The far.
mer and wageearner together consti-
tute a considerable majority of the peo-
pie of the country Why should their
interests be ignored IN considering
financial legislation? A monetary sys-
tenn which is pecunarly advantageous
10 a few syndicates has far less 10 COM
mend 1t than asystem which would give
nope and encouragement 10 those VINO
create the nations wealth.
sherman and Blaine Quoted.
Let me say word now In regard to
certain persons who are pecuniariy
benefited by gold standard, and who
favor IL, not from a desire TO trespass
upon the rights of others, but because