The evening bulletin. [volume] (Maysville, Ky.) 1887-1905, 1896-08-15


purchasing power is just as dishonest as
dollar which decreases in purchasing
power. Professor Laughlin. now of the
University of Chicago and one of the
highest gold standard authorities, in his
work ON bimetallism not only admits thai
gold does not remain absolutely stable in
value, but expressly adds: THAT there
Is no such thing as standard of value
for future payments either in gold or sill
yer, which remains absolutely invari-
able" He even suggests that multiple
standard, wherein the use based upon
the selling price of number of articles
of general consumption" would be "a 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 purchasing power as was given In
the beginning"
1t can not be successfully claimed that
monOmetallism or bimetallism or any
other system gives an absolute just stand
ard of value. Under both monometallism
and bimetallism the government fixes the
weight and tinencss of the dollar invests
1t with legal tender qualities and then
opens the minis to its unrestricted coinage,
leaving the purchasing power of the dol
lar to be determined by the number of
dollars. Bimetallism is better than mo-
nometallism, not because 1t gives us per-
feet doIlar-that Is a dollar absolutely I'M
varying in its general purchasing power
but because 1t makes a nearer approach
to stability, to honesty, to justice, than a
gold standard possibly can. Prior to 1873
when there were enough open mints 70
permit all the gold and silver available
Tor coinage to find entrance into the
worlds volume of standard money, the
United states might have maintained a
gold standard with less injury to the
people of this country; but now, when
each step toward universal gold stand
ard enhances the purchasing power or
gold, depresses prices and transfers to the
pockets of the cred to- class al unearned
increment, the influence of this great ma
ton must be thrown upon the side of
gold unless we are prepared to accept the
natural and legitimate consequence Of
such an act. Any legislation which les
sens the worlds stock of standard money
increases the exchangeable value of the
dollar; therefore, the crusade against sill
yer must inevitably raise the purchasing
power of money and lower the money
value of all other forms of property.
Our opponents seem to me to admit that
II was mistake to demOnetiZe silver, but
Insist 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. The injury
Is a continuing one, and no one 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 silver in the
United States WILL if successful here, be
turned against other silver using coun-
tries, and each new convert to the gold
standard will add to the genrral 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 APP
pealed to the selhshness of nearly every
class of people. Recognizing the right 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 It's effects.
Since they sell ut 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 now than
formerly to secure the money with which
to pay taxes. Debts have not fallen The
farmer who owed 81 900 Is still compelled
to pay 81, 900, although it may be twice as
difficult as formerly to OBTAIN the dollar
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
standard.
The wage earncrs have been injured by
gold standard and have expressed them
selves upon the subject with great en-
phasis
In February, 1895, petition asking for
the immediate restoration of the free and
unlimited coinage of gold and silver at III
TO was signed by the representatives of
all or nearly all the leading labor or
CARNATIONS and presented to congress.
Wage earnerS know that while a gold
standard raises the purchasing power of
the dollar, it also makes IL more difficult
to obtain possession of the dollar; they
know that employment is less permanent,
loss OF work more probable and re-eln-
ployment less certain. A gold standard
encourages the boarding of money be
cause money Is rising; 1t also discourageS
enterprise and paralyzes industry. On the
other hand the restoration OF bimetalliSln
will discourage boarding because when
prices are steady or rising money can not
afford to lie idle in the bank vaults. The
farmers and wage earners together con-
stitute a considerable majority of the peo-
pie of the country. Why should their in
teIests be ignored in considering financial
legislation A monetary system which Is
pecuniarly advantageous to u few syndi-
Gates has far less to commend 1t than u
system which would give hope and en-
couragemcnt TO those who create the na-
tons wealth
Our opponents have made a special APP
peal to those who hold fire and life inSur-
ance policies, but these policy holders
know that since the total premiums re-
ceived 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 saving
banks. They constantly parade before
these depositors the advantages of gol
standard, but these appeals will be in vain,
because savings bank depositors know
that under gold standard there is in
creasing danger that they will lose their
Il