The people's journal. (Pickens, S.C.) 1891-1903, 1900-02-22
WHY THE GOLD STANDARD? ?
THE GAGE FINANCIAL BILL.
Senator Chandler Pleads With His
republican Colleagues TO Stand by
Past Party Pledges.

Past Party Pledges.
Senator w. l.. Chandler, Of Now
Hampshire, opposed the gold standard
bill in an able speech few days ago,
from which we make tho following ex-
tracts
AS 10 the course Of prices, there is
no certainty that tho rise in prices
which are still only about three. fOurths
OF their former ratio, will be Increased
or even maintained. There is an cbb
and How In every prolonged movement
in human alfairs.
Neither Is it certain that the in.
creased production Of gold will con-
tinue. AZ various times IN the history
of the production Of gold and silver
there has been alarm amounting al.
most to panic in connection with sue
den discoveries OF largo bodies OF on,
or the other OF the precious metals.
| Therefore, not by reason of these
fluctuations In production was the
system OF bimetalilsm temporarily
broken down. Tho consensus OF the
nations maintained the value OF the
metals in accordance with the ratio
| II, 10, or IL to land If silver were
now 10 be remonctized there 10 not the
slightest reason to believe thaL the
ratio OF that consensus OF the nations
would be disturbed by tho large guam.
Titles OF gold coming from the mines
| IF the world. On the contrary, this
increased production Of gold Is exactly
what is needed to offset the increase
silver production complained OF, which
led To the steps which have been taken
toward the decentralization Of silver.
| Look at tho comparative pi OduCton Of
the two metals within the last five
years and see il it. can be said that
jherc is to-day any danger that with
silver completely remOnetiZed the new
silver money would 80 far exceed the
| new gold money that the system Of
metallic money, consisting Of both gold
and silver, which has existed from the
| foundation OF the world, must DO de-
| strOyCd By tho exclusion entirely OF
one Of tue metals from being treated as
any part Of that system OF metallic
money.
Gold ba, been Increasing in propor-
tion to silver, but that is no reason lur
demOnetlzing the latter. What has
become nf Lhu fright about the over
production Of silver. which has helped
| The work OF urnohCtiZ;ng that metal
since 1873? change in tue relative
| production Ol the two metals from tim :
TO time does no harm SO long rs boIn
urG real money. The great discoveries
U( silver in America did not dcm0nu-
tiZo it, neither was gold actually demo-
netizcd, Notwithstanding the fright
about It's ovcrproductiou in 1913 and
1851 in California Hnu Aus tralia.
Tho 0utcry which is buing made
against b!mCtnllisrl in connection with
the increased production Of gold and
the beneliccnt enrct Of that increase
upon moneg and business entities the
blmetallists to ask the gold monometai-
| w iDrrpnSn1
right have you TO destroy the silver Of
tho world as Il money metal simply
because there Is just now d largely in
creased quantity OF gold ? You admit
by your present claim the quantity
theory OF money, and that the more
metallic money There is tho better for
mankind, tho more active will be our
industries, and tho moro prosperous
wi. be our people.
MIR. George T.. Roberts, Director Of
the Mint. in his report for 1899 (page
G), says:
The worlds stock Of coin is now
being increased moro rapidly and by q
higher annual percentage to the exist.
ing stock than during tho period from
lSoO TO lSOO, When The great output oI
god from California and Austraiiu
startled the economists Of all coun.riu:
and gave the world Is dcpreciatiny
standard OF value. The elect OF thl:
new Hood OF staGdnrd money upon tn,
: markets, the ndusvrics, ti,,: earnings
Of those who work for wages, and Isl
the varied relations Of the people iL
our present highly organized socioty
will be most interesting study. |,
must be ~ potent factor in affairs.
The true lesson to be learned from
the increased gold product Is that this
1s most favorable moment for retrHc-
ing the steps which have been taken
toward the decentralization OF silver,
and that here and now, IN connection
with this largely increased gold supply,
| we should restore silver - lis position
OF real money and secure Is new con.
sensus Of the nations, which will not
be llkcly to again be broken, but will
last rs long IS the precious metals are
made the medium OF exchanges among
mankind and constitute the measure OF
the values Of the World. This Is not d
lquestlon OF year or Il decade, but the
question OF policy to be pursued
through centuries. We do not change
from wcll-sottlcd principles Of gOvorn
mental policy by reason Of accidental
happenings, which may be temporary
1t has indeed already been il long
period during which the effects OF pro.
gresslVe decentralization have made
themselves only partially felt. Mis-
takes IN argument have been made on
both sides, as special and Temporary
causes have intensified or delayed the
effects OF decentralization. When the
prices OF commodities 20 up, gold
mOnOmc!allists say tho bimctaliSt, are
demolished. When wheat goes down
the bim9tallists say the mOnomctallists
should be confoundcd. These are the
ups and dOwns0 OF what is, on the whole,
the progress OF dcm0nctiZ alton, which
IL not arrested is In the end to make
gold the only real money OF the world
and silver merely d metal for which
there is to be some limited demand for
token coinage and for use in the arts,
Therefore, instead OF taking advant-
age Ol the present favorable condition
OF business and finance in the United
States by rcpudiating any idea that
silver is TO bo remOnctiZed and bv do
claring for gold monomrtallism, il
seems to me, with all due Difference to
perhaps wiser, certainly more power
10 In 1