The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1897-04-23
A POPULIST PROTESTS.
Metalism is not Populism-
False Gods and Evil Doc
trineS.
EDITOR GAZETTE:-

ances. The fusion business may
suit populists-for- office, but it
disgusts populists who are such
from principle. Pcnnoyer poll
tics are not palatable to a genu-
inc populist. Let us maintain
our own organization and refuse
to consort with spoilsmen in the
hope Of temporary victory. q.
There is something that jars,
however, in the cry that "popu-
lists are bi1netallists." 1t seems
to me that many of Our leaders,
fresh from political conflicts, are
unconsciously governed by mis-
taken ideas of expediency, rather
than by principle. 1t is too
much to expect that old time
populists who have been work
ing and voting for years against
the bungling, unscienti6c and
unsatisfactory system of metal
money should now devote their
energies to the cause of perpetu-
ating that system, in a slightly
changed form, from that we at
present put up with.
Most of us were carried off
our feet last fall and shouted for
silver. Toward the last of the
campaign, I fancy, the old-time
populists had a lost feeling and
were somewhat apologetical. We
realized that every respectable ar
gument advanced in the cam
paigE either favored the gold
standard or credit money. The
populists have to face the fact
that enthusiasm has misled them.
But it was an honest mistake on
the part of the masses and one
that will not easily happen
again.
1t is a mistake, this attempt
to overthrow the metallic money
system by giving an artificial
value to silver and voting power
into the hands of silver mine
owners. We cannot advance by
fortifying the enemy's position.
Let us hew to the line.
Metallic money is an expensive
means of exchange. We have
only to consider the armies of
men engaged in prospecting for
the precious metals, the armies
engaged in digging out the ore
and in all the processes by which
gold and silver is converted into
coin, the expensive machinery,
the real wealth consumed in
producing this sham wealth, to
realize how costly hard money
really is. Besides these are the
immense fortunes piled up by
our gold and silver barons, and
all must be paid for by those
who use this money.
But money is necessary for
trade and barter, and in doing
away with one system, we must
have a substitute ready. The
populists (reaD propose a govern
nent paper issue sufficient for all
demands Of business. This
money is to be backed by the
wealth of the nation.
The objection has been raised
that this plan would work only
for an issue equal to the dues
payable to the government. That
when a. man wished to realize
on his paper money, the govern
ment could hardly hand him over
a farm, a business block, OF
whatever he wished, and that
the people, knowing that the
wealth of the country did not, in
reality, back up the money,
would not accept it. This OBJ
lection, while a valid one, is cas-
lily overcome. The government
can keep a reserve of gold and
silver bullion, and can pay the
holder of the government paper
in bullion, at the prevailing mar
ket rate, whenever he desires.
Only small amount of bullion
would be required. The govern.
1nent, to balk speculation, could
temporarily suspend bullion
payment when it became advisa
Bile.
This plan does not make gold
and silver money. 1t does, in
deed, somewhat modify the pure.
ly .'fat" theory, but it disarms
our critics of their only logical
objections.
Money, "backed by the wealth
of the nation, is, of course, &
mortgage ON that wealth, and il
the money is to be good, the
mortgage must be forecloseable,
for lien that cannot be enforced
is of no value. The plan of {
bullion reserve recognizes this
truth and conforms to it in &
practical way. The reserve need
not be large, for the very will.
ingness of the government te
exchange bullion for paper would
cause people to prefer the legal