The Leon reporter. (Leon, Iowa) 1887-1930, 1901-11-28
Exit, Jones of Nevada.

much Joy to the gold organs, both re-
publican and democratic. He claims
to be as firm believer in bimetallism
us when he left the republican party,
but says that the enormous output of
gold 'has accomplished what bimetall-
ism would have accomplished" and
that silver is dead He adds that he
has been in harmony with the repub-
lican party on all other issues, and can,
therefore, easily return. 1t is true
that the senator from Nevada, distin-
guished by his great service in behalf
of bimetallism, has been in harmony
with the republican party on all ques-
lions save the silver question alone,
and therefore his apostacy at this time
IL not surprising, although much to be
regretted.
If Senator Jones will review the arg
uments which he himself has made, he
will be convinced that the output of
| gold has not been sufficient to accom-
plish what bimetallism would have
accomplished" The restoration of BIZ
metallism would have raised silver to
Sl.29 an ounce; it would have brought
| INTO full monetary use throughout the
world four billions of silver which has
been constantly legislated against. 1t
would have raised prices to the former
bimetallic level and placed the bust
ness of the world upon a solid basis.
The output of gold has not done this
and as Il mere matter of mathematics
1T is easy to demonstrate that it will
require great many years for the
| present output to furnish a quantity
OF gold sufficient to accomplish what
bimetallism would have accomplished.
But before gold can be used to take
the place of silver we must subtract
from the annual product, first, enough
for usein the arts; second, enough to
| cover lost coins and abrasion, and,
third, enough to furnish the gold us
ing nations with the annual increase
necessary to keep pace with the de-
mand for money. When Senator Sher-
man was defending the act of 1890,
known as the Sherman law, he argued
that we needed tifty-four millions of
new money every year to keep pace
with population and industry. If that
quantity is necessary for this country
|
supply all the gold using nations of
the world?
The financiers of all countries op-
pose any permanent rise in prices be-
cause that would lesson the purchas-
ing power of the dollar and depreciate
the exchange value of their money and
and securities. Ii they thought that
there was any danger of the gold sup
ply being sufficient to accomplish what
bimetallism would have accomplished"
they would be clamoring for the use of
gold in the retirement of uncovered
paper, and, finally, they would demand
a limitation of the coinage of gold.
There has been rise in the level of
prices since '96, but part of this was
the natural rebound after panic con-
ditions, part was due to the prevailing
wars, and part to the manipulation
of prices by trusts. We have not yet
reached normal conditions, and. there
fore, cannot say how much the gener-
al level of prices will be increased by
the output OF gold. We do know, how
ever, that gold has not raised, and
probably will not raise prices to any,
thing like the bimetallic level. We
cannot accept the gold standard as fin
al until we are sure that we have gold
enough. not only for the nations that
now use it, but for nations that will be
ultimately driven to it if the United
State surrcnders its contention for BIZ
metallism. Where would the three
hundred million people of India and
the four hundred million people of
China secure gold if they were to go to
the gold standard? What nation has
any considerable gold to spare?
1t is evident that Ncvada's senator
has reached point where his interests
in other policies of the republican par
tv outweighs his attachment for BIZ
metallism. The fact that he is not
alarmed by the republican advocacy
of Il "branch bank" an asset curren-
cy," and trusts, or by the corporate
domination and the imperial policy of
the republican party, shows that de-
votion to silver was due more to the fact
that he came from mining state than
to any broad and deep sympathy with
the masses of the people. If his belief
in bimetallism had grown out of his
desire to see the government admins
tered according to the doctrine OF
equal rights to all and special privi-
leges to none," no increase in the pro-
duction of gold could have carried him
back to the republican party. He
gained his reputation as the champion
of the rights of the people on one ques-
tion-the money question. Let us see
if he ever makes a speech in favor of
present republican policies that will
compare with the speech he made in
denunciation of the gold standard.
A Prophecy That Failed. :,
In the campaign of 1900 the republi-
can leaders denied that their party
contemplated permanent increase in