The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-26

as that by selling for silver dollars. two
Of which make a gold dollar, they could
would meantime have doubled, and as
| these advance faster than labor or real
estate (Which always rise last OF an COM
wages would not buy much as they do
to-day. Hence after severe suffering in
the start, and after low wages and high
! prices for many years. the laborer would
be no better off in the end. And how
farm?
Mr. Bryan claims it is inconsistent to
say that free-silver coinage will cause dis
| aster and also that it will double prices.
But little reflection will show that first
and afterwards prices would be doubled
Gin siiver) In this great disaster capital
| lists could save themselves by buying ex-
| change or foreclosing. The hardships and
misery. would fall upon the laborer and
those in debt-that is, upon the mass of
| the poor poorer. Crime and lawlessness
would necessarily increase and, driven by
munger and despair become rampant. In
| stead of more money, which Mr.. Bryan
/ promised us, we have seen that his cleo
more. and instead of prosperity for the
producers of wealth" there would be but
losses. hardships and suffering.
| In view of these iueVitableS and MANY
| of them conceded consequences of Mr.
l3ryan's election, is it wise to put him in :?
BRYAN'S PROMISES.
Mr.. Bryan promises that his election will
/ eive us the benefits of bimetalism. In his
speech accepting the nomination he said
| If in November the people, by their bal
| lots. declare themselves in favor of the i'm
MEDIATE restoration of bimetallism the sys-
tenn can be inaugurated within few
| months
! What is bimetallism obj meaning two
and metaD if not two metals in use in the
currency of a country apart from debased
| subsidiary coin)? If a country has gold
atone IN ITS currency. clearly that would
ism. So, if a country had Silver alone. and
| no gold in use in its currency clearly it
would not have bimetallism. but silver
monometall1Sm- If, on the other hand a
| country had silver and gold both in use in
ITS currency. that country would certain
| ~ nave practical bimetallism. This is what
MI MT. Bryan promises us = gold and silver
| both In use in our currency. But We have
| seen that If the mints are. opened to the
| free coinage of silver. it, being the cheaper
| metal, would drive out the gold and we
| should be left with only silver for currency.
This, as we have seen. would not be BIZ
| metallism, but silver monometallism
| Therefore. although Mr.. Bryan promises BIZ
| metallism, that is not what he would give
| u.s. but ACKNOWLEDGEMENTS silver mono
| metallism at that. One must not allow one
sell to become confused by names or
things. It will not do to believe that
| body says it is, when in reality it is silver
monometallism. Calling silver monometal-
lSIIl DlHHetalnSm does not make 1t
On the other hand, what have we in
this country to-day? The United States
| treasury statement of Oct. l. 1896 shows
| that we have in circulation exclusive of
| treasury holdings) $517, 600 of gold and
gold-coin certificates, about SAL, 0OO 900 of
apart from 500 900 900 of subsidiary silver
coin) Is not this practical bimetalllism?
How much more bimetallic would we be
left only silver? In point of fact, then.
It IS apparent that we already have practical
that IL we nave free-silver coinage we shall
only get silver recommendation Although
we already have bimetallism, our measure
no matter which kind of currency is used
IN paving debt. whether a gold dollar.
or silver dollar, or a greenback or q
treasury note or a silver Certificate thew
are al measured by the gold dollar. which
,e our unit or standard of value, and at the
present ume all these five different kinds
OF currency are equal in purchasing power
70 the gold dollar. And so. when any ex-
changes take place in this country in which
no money is paid. where payment Ia
mace by note or by the exchange of other
9nII,r ~, ne amounts are reckoned in
doiiars, and the dollar in mind is at the
present time, always equivalent in value to
the gold dollar. Thus the gold dollar is
the measure Cor standard) of value TO
which all values of property and money arc
referred in this country at the present
lliie' ana by which they are measured.
ONLY ONE STANDARD.
This property of being the measure Cor
quite distinct from the property of being a
more gold dollars are given in exchanges for
property they not only serve as a measure
Cor StandarD of value, but also as a me-
dium or exchange for that value whereas
had silver certificates been used the gold
dollar would still have been the measure
TOR standardO OF value of the article pur-
chased while the silver certificates would
have been the medium of exchange used
ms DIST distinction was very clearly given in
OF Sept IL, 1896, entitled THE Working
mans First Lesson in Money as follows
VIZ: But he Zone of the first traders in
the world soon found out that the forms OF
money he was using-namely cattle iron
beads, tea, copper-for any number of rea~
sons, would not do. And so he quickly
began to use the new money. gold and sii-
yer, for that purpose and found that they
answered perfectly. And from that time
to the present money, as represented by
gold and silver has served two purposes
first. as medium of exchange; second
as IL measure (standard) of value"
Now 1t will be perceived that it is quite
pCss ible to have but one measure Cor stand
ing as mediums OF exchange, or money
under that single standard, just as We now
have both gold and silver serving as money,
or q medium of exchange for articles
bought and sold under the single gold meas
ure Cor standard.) Indeed, it is Impossible
to have the two standG rds of value in on
Grafton at the same time because silver
huctuates so much that even ii the ratio
OF value between it and gold was exactly
liked to-day lin order to make the two
standards or measures, and their respective
coins exactly equal in value, SO that both
coins coulI circulate side by side. by to-
morrow the price of silver would have
changed, and, the equality of the standards
being destroyed, the cheaper coins would
drive out the dearer, just s the silver dol
lar in 1872. when it was ) cent. cheap
er than the gold dollar, drove the latter
out of circulation until 1884; and lust as
the gold dollar in 1894, when it was :; per
cent. cheaper than the silver dollar drove
all the silver dollars out Of circulation until
1860, and instead of having bimetalism we
should thus be Immediately reduced to
order to have bimetallism in practical use
standarO of value, with the other metal
adjusted in some way that standard
either as our silver dollars now are to the
gold dollars, the silver francs of
France are to the gold francs or in some
other way, by international agreement or
otherwise, and furthermore that the meas
ure Cor Standard) of value chosen should
preferably be, not f1uctuating silver but
steady gold. Moreover, it is perfectly clear
that bmetallism does not involve abandon
ing the gold standard; that the gold stand
ard don't necessarily mean gold monomet-
allism; and that there is no inconsistency
whatever in advocating the gold standard
and also bimetallism with it.
REPUBLICAN DOCTRINE
On this point the Republican platform
declares as follows: