The Advocate and news., 1898-03-23
A Stupendous Fraud.

The GlObe-DemOcrat thinks that in
the face Of a threatened foreign war, one
of our best weapons of defense is the
much-abused gold standard"
The Globe-D Democrat Is mighty
good" newspaper, but 1t would have a
hard time proving that the much
abused gold standard" Is Of any value
to us in the present emergency. Our
wise men have got 1t into their heads
that a reserve of hundred million dol
lars in gold coin must be kept in the
treasury vaults, and all that we now
have above that amount would not last
more than a forty-eight hours after Nor
gan, Belmont & Co. start after 1t in re-
demption of greenbacks in order to save
the public credit.
No. The gold standard, in case we
have war, or in case we fuss over the
first move long enough to get good
ready on at Washington, the Wall street
people will drain the treasury so fast
that the President and Secretary will
not know how 1t was done. And then
and then they will sell the same gold
back to the government for bonds, just
as they did three years ago.
Does not the Globe-DemOcrat know
that with $3.50, 100000 in the country in
1861 and most of it as now In the banks,
within five months after war was
known to be certainty, the banks, in
fit of loyalty, suspended specie payment
and patriotiCally permitted the govern
ment to fight without the use Of any re-
serve of any kind in it's treasury.
We are now on the verge of trouble
on account of the gold standard. The
policy of paying out gold on government
notes, when the notes are as good as
bonds that are bought with promises to
pay gOld has weakened the govern
ment in times of peace as we'll as in
times Of war. Without shadow of for
eign, complications, except through spec
ulatiOns Of gold gamblers, President
Cleveland traded the public credit to
stockholders to the extent of 1882, ,000,
600, not more than 20 per cent. of which
came from abroad, though the brokers
kindly undertook to protect the treasury
against the attacks Of foreigners on con-
dition that in case 1t became necessary
to sell bonds again before the next ensu-
ing October, the New York men should
not be forgotten by their Washington
partners.
No, no. This gold standard is a stu
pendous fraud. That was the way Sena-
tor Ingalls, viewed it twenty years ago,
when he was among the Republican head
men. 1t Is good time now to recall his
eloquent words. Here they are:
Gold is the money of mOnarchs. No
enduring fabric of national prosperity
can be builded on gold. Gold is the
money of monarchs; kings cOyet it; the
exchanges of nations are affected by It,
Its tendency lis to accumulate in vast
masses in the commercial centers, and
to move from kingdom to kingdom In
such volumes ais to unsettle values and
disturb the finances Of the world. It is
latOrs and the idol of the miser and thief.
Being the object of so much alteration, 1t
becomes naughty and sensitive and when
ever it is needed 1t disappears. At the
slightest alarm it begins to look for a
refuge. 1t flies from the nation of war
to the nation of peace. War makes it
fugitive. No people in great emer-
gency ever found faithful ally in gold.
1t is the most cowardly and treacher-
GUS of metals. 1t makes no treaty that 1t
does not break. 1t has no friends that 1t
does not sooner or later betray. Armies
and navies are not maintained by gold.
In times Of panic and calamity, ship
wreck and disaster, 1t becomes the chief
agent and minister OF ruin.
mo nation ever fought a great war
by the aid Of gold On the contrary, in
the crisis of peril it becomes an enemy
more potent than the foe in the field;
but when the battle is won and peace has
been secured, gold reappears and claims
the fruits of victory. In our own Civil
war it is doubtful IL the gold of New
York and London did not work us
greater injury than the powder and lead
and iron of the rebels. 1t was the most
inyincible enemy Of the public credit.