The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1898-11-04
THE GOLD STANDARD.
How ~ Has Deen Encouraged and
Fostcred by the Once holders
aud Money Lenders.

aud Money Lenders.
There was no agitation in favor OF |
adopting a single standard until about
the beginning Of this century, when a
number Of writers discussed IL. In
1902 Citizen Be.enger who had been
deputized by the French government
TO make report on this question, re-
ported in favor OF single silver ntanu-
ard. No, gold. nut silver. Bercnger
was one OF the Ablest nen that have
written upon this question, and II Is
notice able that be advanced IN 1902
practically all OF the arguments in ia
yor of a silver standard that have since
been advanced in favor of a gold stand
ard. Like the single standard men Of
today, he took the ridiculous position
Of hercely contending that the gov
ernment could net increase or de-
crease the purchasing power OF
metal: that the whole ma ter was reg
uated by commerce; and yet, instead
Of leaving ii to commerce, he labored
for years, in season and out Of season,
/ to get the government to adopt one
metal and strike down the other by
law. In 1916 Lord Liverpool succeed
ed in getting the English government
to adopt the gold standard by law, and
his principal argument in favor of IL
was that other nations of the world
were using silver almost exclusively,
and If England adopted gold and
coined it in denominations that were
not in use in other countries her
money would be less liable TO be
drawn from the island, and that when
ii was drawn from the island il would
have constant tendency to return.
The idea of getting an advantage over
other countries by the use of gold was
not en- thought of. This advantage rose
later, out of the fact that England, hay-
ing become the great commercial and
ship-ownng nation of the world, and
London the great financial center, her
people got the bene fit Of the exchanges
and in time got the benefit of all those
advantages which are reaped by men
who handle large sums of money and
are in situation TO compel Others TO
come and deal with them. There were
number Of minor steps taken by some
of the governments. which need not be
noticed in this brief survey. but the
advocates of single standard increased
in number. and were finally divided
into three classes: One class that
wanted uniformity of coinage, in order
TO escape confusion which resulted
from a great variety Of coins issued by
dfferent small prncipalites. This
4 -.
enough Of either metal in the world tc
do the worlds business. and favored the
theory of having some countries adcp'
gold and other countries adopt silver
Another class was made up chiefly o
. professors, who advanced various the
! cries which they wanted to have pu
! into practice. The third and more pow
(: erful branch consisted of the great cred
{ itor classes. who wanted TO max
= money dear. and Of nearly all the off
y cal classes who hold office for life an
y draw salaries from the government
The charter of the Bank of Englan
u being about to expire, was renewed b
parliament in 1874 and in the act re
;. newing the charter parliament provid
u ed that the bank must buy up all gol
L of lawful standard that should there
after be offered at e317s. Cd. per ounc
: Of standard gold. In other words.
O fixed the minimum price for gold b.
y law and furnished the world purchas
y er for IT, Had il provided by law tina
= the bank must buy every pound of woo
le thereafter offered at 30 cents per pount
il is evident that 30 cents per poun
e would have formed minimum prize
I for wool after that date. especially
il were limited in quantity. and til
r would have been due not TO business G
ID commerce. but TO the arbitrary act {
. government About the time Of til
great discoveries Of gold in Californ
10 and Australia. the creditor and Office
'e holding class. fearing higher price
a started an agitation in favor of the d.
le r.onetization of gold; and Holland, q
20 we'll as some Of the smaller Germa
~ states. actually demonetized gold fc
a time Soon nfter 1850, when il ID
r. came evident that the new gold field
- we're not going to deluge the world III
agitation in favor Of demonetizin
gold ceased. and then became active
= favor of demonetizing silver. lnterni
-. tional monetary conferences were be
=. at different times, at which the idea I
~ establishing a single gold standard W;
"a strongly pressed. although the fol-
= and danger Of it were pointed out /
i. some Of the ablest statesmen and fna1
=. ciers Of the world; but the influence
=. the oflice-holding and money-lendir
ia classes was sufficiently potent TO quie
Z. ly carry IL out. and finally they induce
IA the American congress TO take the /
- itiative.-John Il. Altgeld.
tn The Money Question.
ry The money question remains the re
se- l..... ,1,. o,d forevevs ar until IL