Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1904-10-12
THE GOLD STANDARD.

"Once upon time we had finaM-
cial system OF our own. Placed IL the
constitution as part of our fundamental
law, it seemed 10 be firmly fixed. For Il
hundred years this money system was
in operation among us. Therefore, 1t
seemed to be 'irrevocahly fixed. very
wise men created this system or ma
tional finance. 1t was the one suoJsct
upon which Thomas Jefferson ana Al
cxander Hamilton agreed. Those two
were, perhaps, the greatest Statesmen
this country ever produced. So pre-em-
iaent were they above al others, that
they divided the PEOPLE into two ols-
iinct schools of political thought. But.
unon the vital subject of finance. these
ii:aster-minds reached the same c2n-
cirsion; and that conclusion became
Part OF the constitution.
stro establish the single gold stan
card. which sets the constitution a'nde.
the statue had to he violated. The word
coin had to he constructed to meail
gold only and the paper note, issued
on silver, had to he redeemed in nlal-
ner different from that prescribed by
law.
"There are at least five reasons why
the gold standard cannot be consld'
cred as fixed:
"jD 1t is unconstitutional.
"(2) 1t violates statute law.
"(3) The supply Of gold might in.
crease beyond all the crculations or
tile money power. Thus, the standard
of value would get beyond their con-
troll. In that event, the money power
itself would change the standard.
30 The supply of gold might SUD
denl! cease. In that event. contraction
wouH at once set in, because the coun-
try's expansion in business and IN
creae in population required a con-
stanly increasing ulation OF currency;
If tie horrors OF contraction should
again come upon US by the selfish poi
icy Of the money power, the people
wo,ld compel a change in the standard.
VIII street gave us the panic of 1870;
Will street gave MS the panic or 1873.
I.t Wall street give Us another, anu IL
rly find that it has given us
oe too many. The American people
live about reached the limit oi eha"-
rnce.
I'VE have heard much OF coEs5itu-
Dnalism in this campaign. Inc SIN
! critv of the crime Is known by the TACT
tat the gold standard, which violates
ic statute law and the constitution. is
ut only supported by Theodore ko1se-
elt, the empcrialist, but by Alton Is.
hrker, the chosen apostle CT consi'l"'
Dnalisnl.
"(5l The gold standard is not 'irrcv-
cable fixed because II is unscientiuc
I'd wrong. Nothing is more certain
ian that the people Of this country
i'll continue their struggle until they
ave q national currency. which the
oney power cannot control, and which
nswers the purpose OF parfectlnS eX-
1hanges without becoming IN arnoiy,
from which the bacc;necis ot moue:h
!naMce draw tie Irresistible weaHcas
E;th which they attack values and raid
.ha markets.
One Of the worst features cf onr
financial syste.l in the farming out 10
the national bank OF the power. privi-
lege and profit Of supplying the coGn-
Try with paper currency. Instead III
using its own credit for the equal ben
eft of all the people. the government
lends this credit to the national banke!
10 be used for the benefit OF the banker.
Thus. the national banker becomes the
of special privileges; and,
casing his notes upon the credit uf the
government, charges his fellow ciii2eHs
inr the use of them. He, the privileged,
tattens upon usury at the expense cf
The unprivileged. There are now about !
five thousand national banks, which
keep in circulation more than four
hundred million dollars OF their uotes !!
At 80 Dsr cert this represents @ yearly