People's Pilot, Volume 3, Number 17, Rensselaer, Jasper County, 13 October 1893 — HONEST MONEY. [ARTICLE]

HONEST MONEY.

The Parity Between the Two Metals In Bullion May Be Destroyed by Hostile Legislation Against Silver. What right have those who, whether from interest or ignorance, set up a cry that gold is the only “honest" or “sound” money to say so? It is a fallacious assumption. Gold does not possess the unvarying value which entitles it to the exclusive name of “standard.” In 1870 Lord Beaconsfield openly admitted in parliament that the British government had made a mistake in adopting the single gold standard, and that “a state of affairs had been brought about exactly the reverse of that which it produced at first.” Referring to the fact that the gold product of California and Australia has been constantly diminishing, he said: “Gold is every day appreciating in value, and as it appreciates the lower become prices.” In other words, the more difficult it becomes to pro Cure money, the lower prices fall; and, conversely, the greater the supply of money, the higher prices go. And that is as near as money can attain to being a measure of values. What was true in Beaconsfield's day is still true. Gold is no more stable than silver or wheat or cotton. Either will go up or down, according to the demand, and the demand can be influenced by legislation. Therefore all this talk about gold being the only stable money, the only sound or honest money, is mere nonsense. Even with all the legislation against it, the silver dollar to-day maintains its purchasing power as well a» the gold dollar. The parity between the two metals in bullion may be destroyed by hostile legislation against silver, but the parity between the metals when coined into money is retained as firmly as ever. And even the silver bullion is not depreciated. It maintains its parity with wheat and cotton and all the staple products. It is gold which fluctuates in value. It has appreciated in value because of scarcity and because of legislation intended to appreciate its bullion value. Even in these trying times silver is the more honest money of the two, because its bullion value maintains a parity with the staple products of the world while gold does not —Portland (Ore.) Telegram.