Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1898-03-18

a given coin and the same coin would
purchase the goblet, the owner of
these commodities did not have to
seek each other to make an exchange,
for the coin deposited with the owner
of one could be transferred as a full
equivalent to the owner of the other
commodity. Cut the coin in two,
throw half of it away, and it might
represent just as equal factor of
exchange, for by obliterating half its
volume you increase the value of the
other half by making it just that
much more an active agent for con.
venient exchange. Where then was
the objection to making the dearer
coin serviceable? What was lost by
trading for a medium which COM
manded equal value in subsequent
transfers?
He then stated a suppositive case as
follows: A farmer can sell his wheat
at$2 per bushel and his legs of NUT
toh at like price. He wants piece
OF land to add to his farm and reasons
that 500 bushels of wheat or 500 legs
of mutton will pay its price, $1,000,
and buys it. But he does not have
the wheat or mutton to buy the
money with which to pay for the land.
So he is compelled to deal in future
contingency. The contract is made
for thousand dollars and the inno-
cent farmer never dreams that it is
possible by simple change in the
law establishing different unit make
it require just twice as much of his
commodities, just twice as much Of the
results of toll, just twice as many
bushels of wheat or legs of mutton to
pay his debt. He cannot believe that
anybody would do such q vandal act,
even were it possible to juggle finances
in that manner. But he learns, to
his cost, that law is potent and man
is vile.
The gold standard, declared Mr..
Towne, has always dreaded the people.
1t has avoided them. 1t is afraid of
them. Although it has somehow be-
come established among several of the
leading commercial nations of the
earth," il has never been anywhere
chosen by the votes of the citizens OF
any country. The English people
were not consulted when, in 1916, that
standard was enthroned in their af-
fairs. Neither the German, the
French nor the American people asked
or consented to its adoption in their
respective countries twenty-five years
ago. Neither Italy, Austria, Russia,
Chile, Japan nor any other nation
that has since succumbed to the same
influence has done so at the command
OF the people. Even the election of
1896 in this country, which is now
claimed by the gold.standard press as
popular decision in favor of that sys-
tenn, was carried upon a promise to
promote" the free coinage of silver
by international agreement. Even
though not intended to be observed, it
is notorious that the promise was all
that kept millions of honest bimetal.
lists in the Republican party from de-
serting their betrayed and surrendered
organization.
In 1873, about forty millions OF pco-
pie were using gold alone as basic
money. Since that time, nearly four
hundred millions more have joined in
the mad scramble for this thing which
the interests OF the few are making
more and more necessary to the masses
of mankind. The resulting disturb
ances in the business of the world, the
broken par OF exchange between sill
ver.using and gold-using counties, will
compel an adjustment either upon the
basis of gold alone or upon that of
bimetallism. The first alternative we
simply cannot contemplate as toler-
able or possible. If the agonies that
the world has suffered during the
past twenty-five years are to be ag-1
gravated in proportion during the in.
definite period to come, in which
twelve hundred millions more of the
human race are to be huddled upon
this narrow isthmus of gold, q cata-
clysm awaits the human race to which
history furnishes not only no parallel
but not even q faint suggestion Of
resemblance. From that alternative,
the common sense and conscience of
Of the world must shrink away. Bi-
metallism must be restored.
1t is the use which you can make of
thing which will determine how bad
ly you want it and how much you will
sacrifice in order to get it. We do not
claim, as is so often asserted by our
opponents, that law can create value.
We do claim, however, that law can
affect value. 1t affects value by put
ting in operation economic causes
which increase the use of a substance
on which the money function is con.
ferred, thereby increasing the demand
for it and, consequently, raising the
value of it. Gold and silver, consid-
cred as mere metals, are responsive to
relatively few commodity demands.
Let the law, however, confer upon
them the superlative privileges, and
subject them to the limitless demand