Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1895-05-24
Brandreth's Pills
are of great benefit in cases of torpid
liver. biliousness. and rheumatism.

| In tho gold standard countries of the
world the stocks of money are much
larger per capita than in the silver stand
ard countries. The gold standard coun-
| tries use large amounts of silver as
| money, but the silver standard countries
| use 10 gold as money, and cannot do so
for the reasons | have already endeavorcd
| to explain. But, gentlemen, for the rea-
| sons already stated, the commercial IA
| tions of the world do not now require the
same proportion of metallic money in the
! transaction OF their business that they re
| quircd few centuries ago, or even one
century ago. Credit has been vastly eX-
tended and tho use Of paper In the form
of notes. checks, and bills has almost en-
tircly displaced metallic money in the
daily business Of the people, and Us long
| as these forms of credit are kept equal in
value to the metallic standard, the effect
upon the prices Of commodities Is precise
ly the same as If the whole volume of cir
culation consisted OF standard coin.
One Of the most effective arguments
made by the advocates OF free coinage, in
some parts of the country at least, is that
the people are in debt and that it is the
duty of the government to relieve them
by such legislation as will enable them to
procure cheap money for the purpose Of
discharging their obi gations and in sup
port of this argument the most exag-
gerated statements are made as to the de-
pressed and suffering condition of our
farmers, wage-carners, and other produc-
ing olasses. This argument comedies that
under the proposed system of free coinage
at the ratio OF IL to all the various kinds
of currency in use by the people, including
the silver dollar itself, would DO worth
less than it is now, for, of course, if this is
not to be the result money would be no
cheaper than it is now. If our people are
In debt they owe each other. and. conso-
quently, about as many would be actually
injured as would be apparently benefited
by scaling the obligations down to sill
yer standard. The indebtedness of the
farmers. mechanics, and other laboring
classes of our people, although large in
the aggregate, is quite small in compar-
son with the whole Indebtedness of the
great railroad and manufacturing cor
porations tho national and state banks
savings institutions, trust companies. in
surance companies, building associations
and other organizations engaged in
financial and commercial enterprises
Hcsc dFC
to the people to the extent of many bill
lions of dollars. and while it is true that
many of the people are also indebted to
them, their debtors and creditors are not
the same persons, and, therefore, the debts
! cannot be set off against each other and
cxtinguished in that way. l deny that
there Is any such thing as distinct
80 debtor class" in this country, for, while
nearly every one owes some debts, large or
small, nearly very one has also some debts
owing to him; in other words. he is both
debtur and creditor. The laboring people,
as a general rule, owe very little at any
one time, while their employers are always
indebted to them, because wages are not
paid in advance; and besides, many of
them have small deposits in savings and
other banks in trust companies. in build
ing associations, and largo numbers of
them have their lives insured for the benc-
fit of their wives and children, and conse-
quently they are creditors of the banks
and the insurance companies. Here, then,
are about . l, 000 900 of our people, general
ly poor, or at least people Of moderate
means, who have given credit to these
great corporations and companies and, in
my opinion, it would be grievous
wrong to adopt any policy which would
deprive them of the legal right to demand
and receive just as good money as they
parted with when they made the depos-
it's in the banks or paid tho premiums on
their insurance policies.