or more has passed! It is only by general prices that we know the fluctuations in the measure of prices and our government does not publish them, except as our officials republish the English tables of general prices. given to the public at the end of the year. Should the government publish weekly the fluctuations in the measure of prices, the present iniquitous system would last but a mighty short time! It is our belief that before election day enough of you will become convinced that stability in general prices is the desideratum so that there will be elected a President and Congress pledged to Stable General Prices-STABLE MONEY. You now know what "SOUND MONEY" means, and we don't believe that you will vote for a continuance of it. The advocates for the moneyed interests are trying to confuse you, but stick to the fundamentals and you can floor them every time.

The question is,

The Fundamentals.

(1.) Is stability in the general prices of commodities the criterion of what will best promote the general welfare? And,

(2.) How stable has been this measure of prices since 1873? Unless these two points are first settled, how is it possible to discuss intelligently the gold standard? If general prices have fallen 50 per cent, or 40, or 30 per cent, THAT FACT EXISTS and is not explained away by showing the increase in the banking facilities (which simply has prevented prices from falling to lower levels); nor is it explained away by showing an increase in the volume of currency through the use of silver |(which simply has prevented prices from falling to lower levels); nor is it explained away by talking about volumes of credits in the past, nor by showing that wages have increased (which simply shows that they have gained A SMALL PORTION of the benefits of improvements; that the appreciating gold measure has not taken ALL the benefits from improvements).

In short, after it is agreed that stability in the general prices of commodities is the desideratum (and the proof of this is the fact that falling prices injure society) there is no theory or principle involved, but only the question of fact as to the extent of the fall in general prices. Therefore, do not let the advocates of the appreciating gold standard draw you away from this firm ground. Nor should you concern yourselves as to which of the bimetallists are right as to the comparative effect on prices of "redemption money" and other forms of money: The question is, What has been the fall? Not how did it come about? It is time to consider "redemption " money when you come to consider Remedies.

We have advised you to "not let the advocates for the appreciating

gold standard draw you away from" the fundamental fact that "stability in the general prices of commodities is the desideratum [and the proof of this fact is that falling prices injure society]." A few of the sophisms of the gold standard advocates we will now present to you:

5. The Defense put forth by the Advocates of the Gold Standard.

What the Hired Men Say.

A book published in 1895 thus tells the workingmen, farmers and manufacturers why they should vote against the rising and then stable prices which the free coinage of silver will furnish. "The answer of the economist," it says, "is unmistakable. The free coinage of silver or anything which depreciates the standard [in other words, raises the general prices of commodities] WOULD AFFECT ALL COMMODITIES ALIKE."1

This is said by "J. Laurence Laughlin, Ph. D.," a man whose truthfulness is vouched for by the Trustees of the University of Chicago, for they have clothed him with the office of " Head Professor of Political Economy in the University of Chicago" and in the book this title is affixed to his name. The name of the book as it appears on the outer cover is "Laughlin Versus Coin: Facts about Money." So you see how the Trustees of this University employ an advocate for the appreciat ing gold standard," clothe him with the title which the people believe stands for truth, AND THUS EQUIPPED THEY ATTEMPT TO “RIDE DOWN" THE TRUTHS SET FORTH IN COIN'S FINANCIAL SCHOOL. BY THIS MEANS THEY ATTEMPT TO HOODWINK THE PEOPLE OF THE UNITED STATES AND GET THEM TO VOTE FOR A CONTINUANCE OF THE FALLING PRICES BROUGHT ABOUT IN 1873 THROUGH THE SURREPTITIOUS REPEAL OF OUR BIMETALLIC LAW. Through the legislation which the creditor class has secured, the prices of commodities taken as a whole have kept falling, falling, falling, thus transferring to those who secured the repeal of the law millions and millions of dollars of property for which they have given in exchange not one cent; and worse than all this, the falling prices resulted always do in a disarrangement of the productive forces.

-as they

This "hired man," in a later chapter entitled "Money and Indebtedness," says: "By a vicious and dishonest perversion of the facts 'Coin' hopes to show that certain men are trying to contract the quantity of money in order to satisfy their own avarice and greed. absolutely no truth in this. But if it can be shown that the values of goods do not change relatively to each other, even if money changes, the whole

1 Facts About Money, p. 122.

There is

WHAT THE HIRED MEN SAY.

103

stock in trade of Coin disappears. Honest people care only to know what the truth is; and it is easy to show them that goods themselves do not change in value because of any change in the quantity of money.

***

"It cannot be too strongly insisted upon that changes in the quantity of money or in general prices do not modify the exchange relations of the goods themselves, nor change the values of property. The only thing modified by changing the quantity of money is the value of the money itself." 1

These lies of the hired man are so patent that "he who runs may read." He says that a rise in general prices "affects all commodities alike!" Was there ever a more contemptible falsehood? He well knows about prices fixed by law, monopoly, and custom.

On the second page following the quotation last given, this "Head Professor of Political Economy in the University of Chicago" further instructs the voters of the United States that "the only effect of cutting a dollar in two-as would happen if we fell to the single silver standard would be a repudiation of one-half of all obligations."

Four pages later this same instructor (employed by the moneyed interests) tells the voters of the United States that "if anyone supposes that poverty is due to a SCARCITY OF MONEY' [FALLING PRICES] it is high time he began to study the subject of political economy. POVERTY, THEN, HAS LITTLE TO DO WITH THE VOLUME OF THE CIRCULATING MEDIUM."

* * *

Two pages later and in the same chapter he says:

"The eagerness

of the advocates of free silver is founded on an appeal to dishonest cheating on the part of those who would like to repudiate and scale one-half of their obligations. THAT IS THE SIMPLE TRUTH ABOUT IT."

On the page following he says of "the real test of the silver campaign:" "Its true purpose is not a love for silver itself as a dear and much abused metal, but SIMPLY FOR REPUDIATION AS SUCH, expressed in a 51-cent dollar."

Prof. Laughlin in the opening paragraph of this book (Facts About Money), intended for circulation among the voters of the United States, says: ""Coin's Financial School,' to any careful student of money, does not seem worthy of serious discussion; but it has been seriously taken by so many people that it would be idle to regard it as beneath notice. In my judgment the book would not have had so great an influence if the public had had at hand the facts on the money question, prepared for easy reference, with which to correct erroneous statements. This belief has guided the form of this answer to 'Coin.' **

1 Facts About Money.

WHAT THE HIRED MEN SAY.

105

This, my countrymen, was what the employee of the trustees of the University of Chicago put forth to the citizens of the United States in order to secure their votes for a continuance of the falling prices which result from the use of gold as the measure of prices. He is worse than a traitor to his country, for he is a traitor to all humanity, and he is a blasphemer of God, for he falsifies the Truth. A few centuries ago we had the horrors of the Inquisition, and now we have a refined but no less effectual persecution of the people by leading them with lies to vote for falling prices and thus torture themselves and families and benefit the few great creditors WHO

MISLEAD THEM THROUGH THEIR

VARIOUS TOOLS, among which are those whom they clothe in Cap and Gown-emblems of Truth-an office which through centuries of high service to man has led him to believe its occupant to be all that he purports to be a Priest of Science-Truth.

This employee, continuing, said to the bankers: "Let us be clear with what and with whom we have to deal in the pending crisis. The friends of a sound currency do not question the motives of any honest advocate of silver, but they do charge dishonesty upon those who are wilfully seeking to degrade the standard of value. Disguise it as we may, the present silver movement is in the main simply inflationism [a demand for more money to raise general prices], masquerading under the name of Bimetallism. The inflationist we have long had with us. [In fact, ever since falling prices began.] He is not to be educated by argument, nor to be won by appeal. He is animated by the piratical instinct of plunder [?] and is to be treated as an enemy, to be met AND BEATEN WHENEVER HE SHOWS HIS HEAD."

Yes, he who complains of falling prices is "to be met and beaten whenever he shows his head." THIS IS JUST WHAT THE MONEYED INTERESTS DID IN 1893: In the West and South, where the representatives of the people in Congress stood out against the unconditional repeal of a law which added to the volume of money in circulation 54 millions of dollars per year, they were "beaten" until they sank into the dust, and the legislation which the moneyed interests desired was secured. But the people to-day understand the effect of falling prices they have for years been passing through the valley of shadows and they will, in November next, bury with snowy ballots the advocates who champion the falling prices of commodities as a means of benefiting humanity.

"F. W. Taussig, LL. B., Ph. D., Professor of Political Economy in Harvard University" says: "The fact of a general fall in the prices