Iron County register., 1899-03-02
THE GOLD METAL TRICK.
Those Who Argue for the
Single Standard.


class. And when its far-reaching re-
suits are considered, it is the most
;tupendous and successful bunco game
ever worked on the most intelligent and
highly civilized nations of the world.
The scheme originated in England and
IS product of the brain of the Bank of
England jew fnanciers. The gold met
al scheme owes not a little of its sue
.ess to the jargon its inventors use
Pleasant-sounding phrases, like Motor
Keely's ingenious scientific vocabulary,
have not little mystic power on the
public, and people of more than ordi-
nary intelligence are readily hum
5ugged by them. Gold basis was
1t first used by the inventors of our
modern money phrases, but was
dropped for the more captivating term
Of gold standard" Sound money" is
another ingenious, but entirely mean
ingless term or phrase, used by gold
ounce steerers. Honest money"
also a captivating part of their jargon,
and ''debased currency" are the chief
phrases of this financial jargon used to
.onjure with and delude a simple too
:Ontiding public.
If a meaning descriptive of money
De searched for in these terms it will
lot be found. They are 4 mean jingle
% please the ear and confuse the pub
ic mind not unlike the sleight-of-hand
.ricks of a juggler. Gold is very little
N use as money but as metal, wholly
Independent of money, and for the pur-
pose of controlling the functions of
money. 1t is assumed that a certain
number of grains of gold shall repre-
sent a money unit and nothing else
shall be used to constitute that unit
The legal tender power of government
conferred on money is sought, to be
abolished and. the money function
odged. in gold metal alone. BY clan
1estine legislation, secured mainly by
bribery, the gold metal bunco men
aave well nigh accomplished their pur-
bose.
The money which effects exchanges,
he only true function of money, is
silver and paper. This money and gold
metal which banks may hold are used,
IN which they sell credit or discount
oromissory notes that are liens on the
property of borrowers. Through these
mediums the business of the country
s transacted. When given number of
grains of gold alone constitute the
money unit all evidences of debt call
tor their redemption or settlement in
gold or its equivalent. The legal ten
Ter money function being taken from
government and lodged in gold, the
quantity of money is controlled by the
<Nfr ,Jal~4 AZ i
payments calling for gold, the holders
Of such obligations very readily draw
all gold into their possession or control
completely that which is not held in
their possession by the debts which
hey hold.
The ingenious contriTance of Substi-
tuting gold metal in place of govern
ment legal tender it will be readily
seen places the entire control of money
in the hands of the creditors, and, hav-
ing control of the money of the coun-
try, they hold complete control of all
the property of every kind and fix
prices at their pleasure. Government
is powerless to aid the people, and gov
ernment itself becomes the servant of
the gold monopoly or trust. Under the
1OIU UltldI SltII IL Is NHOIlN
impossible for rise in prices to take
place The amount of gold in existence
representing the quantity, or rather
prescribing the quantity, of money
that shall be issued must forever hold
down the price of property on the level
with the quantity of gold in the world.
The quantity of gold is steadily falling
behind the increasing amount of prod
ucts to be exchanged by money and the
increase of population. Under this con-
dition of affairs falling prices are in
evitable. and the industrial or produc-
ing classes must grow poorer by having
to increase the products of their labor
to buy a dollar in effecting the ex-
change of their products.
Under the gold metal financial sys-
tenn if the banks or government
should issue more currency than they
can command gold to redeem it with,
the currency Immediately drops to a
discount The number of dollars re-
-auired to purchase or exchange for the
prescribed number of gold grains con-
stituting the money unit will he in
creased, which is the same thing as a
fall in the price of merchandise.
If government attempts to use its
prerogative of issuing money when
deprived of the power of legal
tender it's currency is placed at dis
count and all debts, government and
private. contracted during the period
of circulation of the promise to pay,
or redeemable money and prices of
products are nominally high will call
for the number of dollars that
money represents. When pay day
comes the debt is held up to represent
the number of grains of gold its units
call for while the money and property
which the debt is based on and repre-
sented in equity is scaled down.
This piece of financial legerdemain is
the cause of our national, corporation,
municipal and mortgage debts now
resting so heavily on the people.
The crushing power of the gold metal
financial system was exemplified under
the Harrison and Cleveland admins
trations. when they assumed the gold
financial system to legally exist, and
paid out gold in exchange for green
backs. The law gave them the option,
which is legal order binding on its
servant to obey, to pay silver in their
redemption. 1t was well known to the
country and to Mr. Harrison and Mr..
Cleveland, that the greenback run on
the treasury was fraudulent, Shyioek
transaction, they acted as though the
government was as securely under the
GOLD metal trust as though the law had