The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1931-12-16
Official City. State and County
Newspaper
Foreign Representatives
SMALL, SPENCER, LEVINGS
e. BREWER
uncorporated)
CHICAGO NEW YORK BOSTOl
1896 VS.. 1882

AO0V VOC AOOS
Since history repeats itself over and
over, it is not impossible that we shall
see within the year, in some form or
other, a revival of the 16-to-1 stand
ard which lifted william Jennings
Bryan to place and power in the ma
ton.
Bryan, it will be remembered, flash
ed into the picture in 1896 on the
strength of his Gross Of Gold" speech
at the Democratic national conven-
ton. Almost unknown when that
convention opened, he was the party's
biggest figure when it ended and re-
manned 50 until his untimely death in
the midst of the now-forgotten mon
key" trial in Tennessee.
But the spirit of Bryan still fingers
in the minds ah4 hearts of those who
now are clamoring for a revision Of
the monetary standard. From the far
west comes a demand for greater rec
ognition for silver as q medium for
coinage. From the industrial sections
we hear protests against a system
which shrinks credit when credit is
needed most.
From all parts of the nation-yes,
ever of the world-people point to the
glut of commodities, lack Of jobs. and
the failure of the distribution system
to perform its functions.
Frequently protests against this sit
uation are directed at the gold stand
ard. Rich man, poor man. beggar
man, thief-all may be found In
greater or lesser numbers among those
who apparently are In favor OF what
Bryan made famous as free coin
age"
The results Of this antipathy to the
gold standard are apparent In most OF
the great nations. Only France and
the United States have an adequate
supply and even they, in the opinion
of some observers, may find this pleni-
tude of the precious metal embar-
RAISING.
Rightly or wrongly, the complaint
is that adherence to the gold stand
ard restricts trade by hamstringine
credit. The possession of gold is the
basis for credit and nations with
grain, other foods, cotton, textiles o,
other material in plenty find then
no basis for credit. Such things must
be used. They cannot be spent.
The effort Of the silver people K
inject their favorite metal into tn,
play In q more heroic role is a natura
consequence Of the existing situation
Senator Smoot of Utah, conservative
Of the conservatives in the senate, ha'
offered q bill to accept payments OF
the foreign debt in silver. It will &c
plenty of support among senator's an,
representatives from states where sil,
e is mined, If from no others.
In England. Sir Henry Deterdine
noted financier, takes q sharp rap q
the one-metal standard. He says:
1T is absurd to be tied to n
vAAfo1 -n01@ ~ ~vyA{nIa kAe~4 -
not enough to 60 round and of
which the bulk has been cornered
by two countries. The world seems
to have gone mad in the search
for gold, which for practical pur-
poses is useless, while necessities
Of life such as wheat and cotton
are almost unstable. -.
Why be tied to a single stand
ard when nature has provided in
silver another metal equally suit
able for currency purposes? 49,.
Why not fall back upon silver as q
second string in the present cur
rency crisis? -.
Countries which have adopted
a gold standard seem determined
to vie with n another to rid
themselves Of their stocks Of sill
yer at all costs. It is this boy
colt of silver by those who wish to
make gold the only standard which
has caused the disastrous fall In
silver. rather than lack of de-
mand. -"
But the gold standard was prett
definitely established in this countr
.lrer the campaign Of 1896 and ha
become something Of a fetish wit
American f~inanciers. To most Of u
uninitiated in the deeper mysteries 9
finance. the question is a perplexin
one and the easiest thing is to hold
the opinion that gold Is the onl
proper basis Of value.
But the fact that the country ha
bsen strongly aligned behind the gol
standard for the last 80 years or NOR