The Lafayette gazette. [volume] (Lafayette, La.) 1893-1921, 1899-10-07
NUMBER 80.
The Gold Standard.

Times Democrat.
1t now seems fairly certain that
the Republicans will, at the APP
preaching session of Congress, pro-
pose and pass a bill enacting the
gold standard, in unmistakable
terms. Such action is eminently
proper. In the election of 1896,
the American people voted in favor
of this policy, and the pledges of
the successful party should be kept.
1t would appear that the "sound
money" people do not, even yet,
feel strong enough to adopt the
English system which would require
the decentralization of the silver
dollar for all payments in excess of
ten dollars. No doubt, the final
step will be taken, in the immediate
future.
1t is evident that the proposal to
entrust the emission of the country's
paper currency to the banks has
died a natural death. Now that an
unlimited issue of gold certificates
is authorized, it is hardly probable
that the most important function of
government will be entrusted to
private hands. This is we'll, for it
is tolerably clear that the great
financiers already possess sufficient
power, and that they would possess
good deal too much, if armed
with authority to expand or contract
the circulating medium at will.
1t is understood that the bill now
under consideration will declare
that the obligations of the govern
ment are specifically payable in
gold coin, of the present standard
of weight and ineness. Now such
a declaration would be retroactive
in its nature. and would contravene
the present policy of payment at
creditors option. Within the last
few weeks, the treasury has been
besieged by the bankers, with re-
quests that silver dollars be given in
exchange for gold coin. 1t is thus
quite possible that silver coin may
soon command premium over
gold. Would it not be great
hardship, if the public creditor
hould demand payment in silver
and be refused? When the Irish
was asked about his po-
litics, he replied, ssI'm again the
government, whoever he is" The
"sound money" MAJ is similarly
and is ssag1n" the more
plentiful fetal, no matter whether
it happen to be silver or gold. 1t
would be simply awful to deprive
the bondholder and the noteholder
Of their undoubted right to payment
in the sscartwheels" which have
hitherto been desrised in the pur-
ieus of Wall street, but which are
beginning to be viewed with the
profound respect that in an attri-
oute Of the scarce things of this
earth.
With the civilized world firmly
anchored to the gold standard, the
1ations will enter upon novel and
S fearful scramble for gold at all
he financial centres, although the
:ull effect of the new. demands on
he standard metal has not begun
% be felt. Bismarck said, in his
oithy way, that the attempt to make
he gold standard universal re-
minded him of the attempt of two
men to sleep under blanket big
enough for only one; there would
'e a continual struggle, and both
we're sure to be cold. Nevertheless,
t is quite certain that the doctrin-
lires are in possession of the field,
md will retain it, until better ex-
shall have impelled the
masses to throw off the yoke. Pres
dent Grant we'll said, 81 know no
method to secure the repeal of bad
n obnoxious laws so eftectual as
heir strict construction"