Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1896-08-22
hImetallism as a system.

bimetallism as a system.
II, on the other hand. they are bend
ing their energies toward the permanent
establishment of a gold standard under
cover OF a declaration in favor OF Inter
national bimetalism, i am justified In
suggesting that honest money cannot be
expected at the hands of those who deal
dishonesty with the American people.
What Is the test OF honesty? 1t must
certainly be found in the purchasing
power OF the dollar. An absolutely hon
est dollar would not vary in Its general
purchasing power. 1t would be abso-
lutely stable when measured by average
prices. A dollar which increases in pur-
chasing power is just as dishonest as a
dollar which decreases In purchasing
power. Prof. Laughlin, now of the Uni
versity Of Chicago. and one OF the high
est gold standard authorities, in his
work on b~imetallisin, not only admits
that gold does not remain absolutely
stable in value, but expressly asserts
that there Is no such thing as a stand
ard Of value for future payment, either
gold or silver, which remains absolutely
invarlable." He even suggests that a
multiple standard, wherein the unit Is
based upon the selling price of a num-
Der OF articles Of general consumption"
would be q more just standard than
either gold or silver or both, because "a
long time contract would thereby be
paid at its maturity by the same pur-
chasing power as was given In the be-
ginning" 1t cannot be successfully
claimed that monometallism or bImet-
allism or m other system gives an alb
s~olutely just standard of value. Under
both recommendation and bimetallism
the government fixes the weight and
fineness of the dollar. invests Ii with Lee
gal tender qualities and then opens the
,aIpt q 10 tie a aFadf pfntnI nninaOD lonV-
ing the purchasing power of the dollar
to be determined by the number OF dol
lars. Bimetallism Is better than mono
metallism, not because 1t gives US a per-
feet dollar-that il, a dollar absolutely
unvarying In its general purchasing
power, but because it makes a nearer
approach to stability, to honesty, to
justice than a gold standard possibly
can.
The Gold Standard.
Any legislation which lessons the
worlds stock of standard money in
creases the e~xchangeable value Of the
dollar; therefore the crusade against sill
yer must inevitably raise the purchas-
ing power OF money and lower the mon
ey value of all other forms of property.
our opponents sometimes admit that II
was a mistake to demonetiZe silver, but
insiss that we should submit TO present
conditions rather than return to the BIZ
metallic 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 injury Is a
continuing one and no person can say
how long the world is to suffer from the
attempt to make gold the only
money. The same influences which are
o 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 viii add to the general
distress. SO long as the scramble for
gold continues prices must fall and n
general fall in prices is but another def
milton of hard times.
our opponents, while claiming entire
Observation-Disclosures for themselves, nave
appealed TO the selfshness of nearly ev-
cry class Of society. Recognizing tho
disposition of the individual voter to
consider the effect of any proposed leg
islatiCn upon himself, we present to the
American people the financial policy
outlined in the Chicago platform, believ-
ing it will result in the greatest good to
the greatest number. The farmers are
opposed to the gold standard because
they have felt the 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
ilhNt ~ ldlltll IT all. NV ""eS Ill
ers have been injured by the gold stand
ard and have expressed themselves
upon the subject with great emphasis.
In February, 1898, a petition asking Tor
the immediate restoration Of the free
and unlimited coinage of gold and silver
at l6 to | was signed by the representa-
tives of all or nearly all the leading Ia
Dor organizations, and presented to con-
gress. Wage earners know thai while a
gold STANDARD raises the purchasing
power of the dollar, 1t also makes 1t
more difficult to get possession OF the
dollar. They know that employment Is
less mane loss of work more prob
able and unemployment less certain. A
gold standard encourages the boarding
OF money because money is rising. 1t
also discourages enterprise and par
alyZeS industry.
on the other hand, the restoration OF
bimetalllsm Will discourage boarding
because when prices are steady or ris-
ing money cannot afford to lie Idle in
the bank vaults. The farmers and wage
earners together constitute a consider
able majority of the country. Why
should their interests be ignored in con-
siderlng financial legislation? A mon
etary system which Is ~pecunlarily adj
vantageous to n few s~yndicates has far
less to commend it han a system which
would give hope and encouragement to
those who create the nations wealth.
our opponents have made a special APP
peal to those who hold fire n life in
surance policies. but these policy holders
know that since the total premiums re-
Ceived exceed the total losses paid a rls-
ing standard must be of more benefit to
the companies than to the policy hold
ers.
Savings Bank DepositOrs Assured
Much solicitude has been expressed by
our opponents for the depoSitors in saw
ings banks. They constantly parade be-
fore these depOsitors the advantage OF a
gold standard, but these appeals Will be
in vain. because savings banks deposit
ors know that under a gold standard
there Is increasing danger that they VIII
lose their deposits because of the inabil-
ity OF the banks to collect the assets,
and they will further know that II the
gold standard Is to continue Indefinitely
they may be compelled to withdraw
their deposits In order to a living ex-
penses. 1t is only necessary to note the
increasing number of failures in order
to know that a gold standard Is ruinous
to merchants and manufacturers These
business men do not make their profits
from the people from whom they bor-
row money, but from the people to
whom they sell their goods. If h peo-
pie cannot buy, retailers cannot sell.
and if retailers cannot sell. wholesale
! merchants anu hih'N So
into bankruptcy. Those who hold as a
permanent investment the stock Of rail-
roads and of other enterprises do not
include those who speculate In stocks or
use stock holdings as a means OF obtain
ing an inside advantage in construction
contracts-are injured by a gold stand
ard. The rising dollar destroys the
earning power of these enterprises with
out reducing their liabilities, and as div
idends canno be paid until salaries and
fixed charges have been satisfied the
stockholders must bear the burden OF
hard times. Salaries in business occu-
pations DEPEND upon business condl-
tons, and the gold standard both les
sens the amount and threatens the per-
manency of such salaries.
The professional classes, in the main,
receive their support from the produc-
ing classes and can only enjoy prosper
ity when there is prosperity among
those who create wealth. / have not at
tempted to describe the effect of tho
gold standard pom all classes, but each
person will be able TO apply the princi-
pies to his own occupation. 1t must also
be remembered that Ii Is the desire OF
the people generally to convert their
earnings into real OIL personal property.
This being true, in considering any tenn
porary advantage which may come
from a system under which the dollar
rises I'm it's purchasing power, IL must