The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1899-08-12
THAT "HONEST" MONEY.

The Oregonian in it's discussion o
the money question makes as man.
conflicting statements as it does II
discussing the tariff. This is not sur
prising, however, for proposition
that is indefensible can not at al
times be defended by consistent line
of reasoning. The contention of the
Oregonian that gold is the only safe
standard of money, has been that gold
does not fluctuate in value, but re.
mains the same all the time. That
| gold never has gone at premium. but
when there is not party between it
and other kinds of money, the others
| have fucLuated-gone to a discount.
But in Wednesdays edition the Gre
gonian says editorially:
'An administration favorable to
gold gives out gold for paper and
treasury liabilities, because that is its
understanding of the way to maintain
the parity. But as the law stands
there is nothing to prevent an admins
tration favorable to silver from paying
out silver for paper currency and
treasury obligations generally. The
only result of such policy would be
to discredit our government paper,
cause boarding of gold and send gold
to premium"
So then gold can really be sent to
premium. If so, it is not so honest
money as its advocates have claimed
for it. for it is their contention that no
money is honest that can possibly
fuctuate in value. Such money
would certainly not be honest to the
debtor who owed an obligation pay.
able in gold, for when it went to
premium it would increase his debts.
This is what the advocates of bimetal.
ism claim has occurred by the es-
tablishing of gold standard; that geld
is already at preminum: and since
the egonian says it can be sent to u
premium under certain conditions,
Then if it can be advanced in value it
is not stable money; it is not what is
claimed for 1.-THE only real money.
This admission of the Oregenian,
which is one of the ablest advocates of |
the gold standard in the country,
shows the weakness of the plea for |
"honest money" and strengthens
the contention of bimetalists that no
one metal can be made the absolute |
standard of money and remain honest,
for the increased demand for it will
advance its commercial value, and
make it trife more valuable tomor-
row than it is today. Were 1t possible
that gold is, as its advocates have
stable commodity, one
whose value cannot be budged, that
stays the same at all times and under
all circumstances, it would be an
honest money. But if SO slight thing
rs the payment of government obliga-
lions III silver, as the Oregonian ad.
mits, would send it to premium, then
it is not absolutely honest.
The fact is there can be no absolutely
honest money. No matter of what it
is composed. it will rise and fall, that
Is it will buy more or less of the pro-
1ucts of labor one time than another,
Is the demand for it Increases or
1iminishes. But it is believed by BIZ
netallsts that a single standard is
more susceptible to dishonesty than
double; that if two metals were in use,
when one became scarce the other
would be used until parity were re-
stored, and that the most nearly honest
money during the history of the
world has been when both gold and
silver were recognized as standards OF
yalue