Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1898-02-18
Oh, What Nonsense

tp-ttiN. tomorrow. lifeline hence t'lt
Samc-WhlIc the ucceSSariCS of life are
variable quantities shifted about in their
relation To that unit "by every wind
that blows. "-Nooh~rck Htporter.
Certainly the gold dollar i an Gin
flexible unit when measured by itself,
a privilege that is afforded that favored
coinage by law. 1t always will re-
main 80. under like conditions. But
let lis not lose sight of the fact that
that the silver dollar, under the same
circumstances, is quite as stablc-just
as " inilcXible." 1t was Il safe and ac-
curate measurcr of values as long as
the law made 37l4 grains of pure sill
yer, or 4l2 grains of standard silver
the sole unit of value 1t was a much
more stable measurer than gold, foI
statistics show that while one ounce OF
gold would buy in July, 1866, 15l
bushels OF wheat, in the same month
OF 1896, thirty years aftcrward, il
would buy 344 bushels of the same
commodity. Now in silver, 1G ounces
same date in 1866 would buy 10! bush
els of wheat, and in 1896 1Ss bushels
OF that product. Sixteen ounce of silver
would buy in July, 1866, 100 pounds
OF cotton; in July, 1896, 40 pounds
of cotton. One ounce of gold would
buy at the former date, 100 pounds OF
cotton and at the latter date 25S
pounds of the same article. Sixteen
ounces of silver will to-day buy as
much as it would third of 4 century
age, and an ounce of gold will buy
twice as much. Suppose somebody
had put away 16 ounces of silver and
one ounce of gold in 1866. He now
brings it out for investment and finds
that he can buy just as much of al
most any commodity for his silver, il
the markets now as he could thirty
years ago. Would he be likely tC
complain that silver had gone down
in value? If he had an old debt tC
pay, however, in "gold coin" as stipu
lated in the bond, would there be any
doubt of his condemnation OF an in
famous plan by which he must sacri
flee twice the amount of property hi.
debt stands for to redeem it in con
gested gold dollars? The ease will
which gold coin may be d" cornered" ii
shown by the fact that there are NOR,
contracts to pay gold-notes, bonds ant
mortgages-secured upon real estate
railways and other enterprises-severa
times over than there is gold in tn.
world with which to redeem them.
The smaller the volume OF primary
money the easier it can be cornered
controlled and made to pay exorbitan
profits through an increase of its pur
chasing power, and that is just why
the Infamous act of 1873 was SNUG
gled through Congress by Wall street
and foreign spectators. Anybody
who has witnessed an exemplificatior
of the greed for gold, as manifested or
the stock exchange after q few deals
have been consummated that disturb
values, when men become wild, howl
ing beasts OF prey, can understand the
prompting by which the good Of Oul
country and the welfare of our people
were deliberately bartered away for {
sure prospect of amassing "gold-
beautiful gold"
1t is this greed that has been the in
centivc for establishing deliberately
planned conditions whereby colossal
fortunes may be amassed, without q
single thought of the misery it NIGH
create by absorbing the hard earned
dollars of the debtor by a trick of thu
law, declaring that he owes double tin
amount of his debt when placed beside
anything he possesses to secure thu
money to make payment. This yer!
class of spectators who have drained
the people of their wealth by spolia
ton, propose to rivet the bands b!
legislation recognizing the obligation
to pay all bonded indebtedness in gold
The Republican party has passed un
der complete domination of the golt
power, as was shown a fortnight ag'
by the utterances OF President McKin
ley when he was feted by the billion
dollar band of manufacturers, ant
when, by straight party vote the Tel
Ter resolutions were defeated in TIN
| House of Representations