Hutchinson gazette., 1899-03-02
Hatched Out by the Single Gold Standard.

seen places the entire control OF mon
ey in the hands Of the creditors, and
having control Of the money Of the
country they hold complete control Of
all the property OF evory kind and fix
prices Mt their pleasure. Government
Is powerless to aid Tho people, and
government itself becomes the servant
Of the gold monopoly or trust. Under
tho gold metal financial system 1t is
wholly 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 for
ever 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 products to be exchanged
by money and the increase of popula-
tion. Under this condition of affairs
falling prices are inevitable, and the
industrial or producing classes grow
poorer by having to increase the pro-
duets Of their labor to buy dollar in
effecting the exchange of their pro-
ducts.
Under the gold metal financial sys-
tenn, II the banks or government
should issue more currency than they
can command gold to redeem it with,
the currency Immediately drops to
discount. The number of dollars re-
quired to purchase or exchange for the
prescribed number Of gold grains con-
stituting the money unit will be in
creased, which is the same thing as
fall in tho price OF merchandise.
II the government attempts to use
its prerogative of issuing money when
deprived Of the power Of legal tender
its currency is placed at discount and
all debts, government or private, con-
tracted during the period Of circula-
tion of the promise to pay, or redeema-
BILE money and prices of products are
nominalIy high will call for the num-
ber 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 money
Is based on and represented in equity
Is scaled down.
This piece Of financial legerdemain
is the cause of our national, corpora
ton, municipal and mortgage debts
now resting so heavily on the people.
The crushing power Of the gold met
nj financial system was exempli6ed
under the Harrison and Cleveland ad-
ministrations, when they assumed the
gold metal financial system to legally
exist, and paid out gold in exchange
for green backs. The law gave them
the option, which is a legal order bind
ing on its servant to obey, to pay sill
YER in their redemption. 1t was well
known to the country and to Mr.. Har-
rison and Mr.. Cleveland, that the
grcentack run on the treasury was
fraudulent, Shylock transaction, they
acted as though the government was
as securely under the control of the
gold metal trust as though the law
had placed them in that position. Mr.
Mckinley stands ready to do the same
thing If opportunity offers.
The transactions under those ad-
ministrations serve as an object lesson
Of what the gold metal financial sys-
tenn is capable of II securely placed in
power by congress and the president.
Money was drawn out of the treasury
to make the nation appear to be in a
state of poverty, and borrowing was
resorted to to replenish the treasury
and keep up the nations credit. The
same money was pail back in ex-