The River Falls times. [volume] (River Falls, Pierce County, Wis.) 1894-1933, 1896-08-18

decreases in purchasing power
Prof Laughlin, now of tbs University or
Chicago. and one of the highest gold stand
ard authorities, in his work on bimetalllsm,
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 payments,
either in gold or silver which remains 10
soutely ingariable.
He even suggests that multiple stand
ard wherein the unit is Chased 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 "a long time contract would there
nv be paid at its maturity by the same
purchasing power as was given in the be-
ginning"
1t cannot be successfully claimed that
n,onometallisr, or bimetallism, or any other
system gives an absolutely just standard
OF value Under both monometallism and
bimetallism the government fixes The
weight and fneness of the dollar, invests 1t
with legal tender qualities and then opens
the minis to its unrestricted coinage, leay-
ing the purchasing power of the dollar to
be determined hv the number OF dollars
Bimetallism is better than monometal-
Iism, not because it gives us a perfect
dollar-that is, a dollar absolutely unVafy-
ing in its general purchasing powerful
because it makes nearer approach TO
stability, to honesty, to justice IMAM d
gold standard possibly can.
Prior to 1873, when there were enough
open minis 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 q gold
standard with less injury to the people OF
this G. lntry; but now, when each step
toward a universal gold standard enhances
the purchasing power of gold, depfesses
prices and transfers to the pockets OF the
creditor class an unearned Increment, lne
influence of this great nation must be
thrown upon the side of silver, unless we
are prepared to accept the natural and le-
Ultimate consequences of such an act.
Any legislation which lessons the worlds
stock of standard money Increases the eX-
changeable 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
property.
Our opponents sometimes admit that 1t
was a mistake to demonetize silver but In
sst that we should submit to present con-
ditons rather than return to the bimetalllc
system. They err in supposing that we
have reached the end of the evil results OF
u gold standard; we have not reached the
end The injury is continuing one, anu
no person can say how long the world is
to suffer from an attempt to make gold
the only standard money.
The same influences which are now OPP
Grating to destroy silver in the United
States will, if successful here, be turned
against other silver using countries, and
each convert to the gold standard will
add to the general distress so long as
the scramble for gold continues prices must
fall and general fall in prices is but an
other definition of hard times
Our opponents, while claiming disinterest-
edness for themselves, have appealed to
the seIfshness Of nearly every class of So
ciety. Recognizing the disposition of the
individual voter to consider the effect of
any proposed legislation upon himself, we
present to the American people the financial
policy outlined in the Chicago platform,
believing that it will result in the greatest
good to the greatest number
The farmers are opposed to the gold
standard 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 besides this
they have found that certain fixed charges
have not fallen at all. Taxes have not
been perceptibly decreased, although it re-
quires more Of farm products than
formerly to 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 it may be twice
as difficult as formerly to obtain the dollars
with which to pay the debt. Railroad
rates have not been reduced to keep pace
with falling prices, and besides these items
there are many more. The farmer has
thus found complaint against the gold stand
ard
The wage earners have been injured by
gold standard and have expressed them
selves upon the subject with great empha-
sis. In February 1895, petition asking for
the immediate restoration of the free and
unlimited coinage Of geld and silver at 16
to l was signed by the representatives of
all, or nearly ALL the leading labor oreaniza-
tions and presented to congress. Wage
earners know that while a gold standard
raises the purchasing Fower Of the dollar,
it also makes 1t more difficult to obtain pos
session of the dollar; they know that en-
ployment is less permanent, loss Of work
more probable, and unemployment less GER
tain. gold standard encourages the
boarding of money because money is ris-
ing. 1t also discourages enterprises and par
alyZes industry. On the other hand the
restoration of Dimetallism will discourage
boarding, because when prices are steady
or rising money cannot afford to lie idle in
the bank vaults. The farmers and wage
earnerS together constitute a considerable
majority of the people of the country Whv
should their interests be ignored In consid-
ering financial legislation? A monetary sys-
tenn which is pecuniarily advantageous to a
few syndicates has far less to commend it
than system which would give hope and
encouragement to those who create the ma
TONS wealth.
Our opponents have made special appeal
to those who hold fire and life insurance
policies, but these policy holders know that
since the total premiums received exceed
the total losses paid rising standard must
be of more benefit to the companies than to
the policy holders
Much solicitude has been expressed by
our opponents for the depositors in savings
banks. They constantly parade before these
depositors the advantages of gold stand
ard, but these appeals will be in vain be-
cause savings bank depositors know that
under gold standard there is increasing
danger that they will lose their deposits
because of the inability of the hanks 10 col