The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-08-13

AORNlNG. AUGUST 13,
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rug the weaker members of society. 1t
40 40 iloU the wish of the general pu blio that
etiese trusts should destroy competition
1 4no e1lsh collect such d tax as they will,
AiS4n Close who are at their mercy
~ government is worthy OF the name
Wnlon is not able to protect from every
aTn l! uplltted for his injury the humblesJ
oASiAeh VINO lives beneath the fag.
Inc Chicago platform has been con.
uehneQ by some because it o1ssents from
CHe opinion rendered by the Supreme
court, declaring the income tax law an
constitutional. 1t must be remem bered
5hat we expressly recognize the binding
Iocre OF that decision. so long as IL stands
Us a part Of the law OF the land. There
Is LII the platform no suggestion or at
Tempt to dispute the authority of the
supreme court. 1 shall offer no apology
Tor the income tax plank Of the Chicago
platform.
The income tax is not now, nor was it
enacted in hostility to the rich. Not only
shall l refuse to apologize for the advo-
caoy Of the. income tax law by the Nat
10nal convention, but shall refuse to
| apologize for the exercise by it of the
right TO dissent from the decision of the
supreme court. In government like
ours, every public official ia "a public SER
want and the PEOPLE have a right to oriti
cize his offieial acts.
Now let me ask you to consider the
paramount question of this campaign.
sary to defend the principle OF biinetall-
Ism. No National party during the en-
tire history of the United States has ever
declared against it. No party in this
campaign has lad the temerity to oppose
1t. The. gold standard has been weighed
III the balance and found wanting. It
WAS fastened upon the United States
without discussion before the people, and
Its friends have never yet been willing to
risk a verdict before the voters upon
that ISSUE
What is the test of honesty in moneys?
1t must certainly be found in the pur-
chasing power of the dollar. The dollar
which increases in purchasing power is
just as dishonest as dollar which de-
oreases In purchasing power.
Prof. Laughlin, now OF the University
of Chicago, and one of the highest gold
standard authorities, expressly asserts
There is no such thing as standard
OF value for future payments either in
gold or silver which remain absolutely
inyariable.''
1t cannot be successfully claimed that
recommendation or Dimetallism or any
other system gives an absolutely just
standard of value. Bimetallism does SO
nearer than monemetalism, not because
il gives us a perfect dollat that is dol
lar, absolutely unvarying in general
purchasing power but because it makes
"a nearer approach to stability to honesty,
to justice than gold standard possibly
can.
Any legislation which lessons the
world's stock of standard money in
creases the exohanga3le value of the
dollar. Therefore the crusade against
silver must inevitably raise the purohas-
ing power of money and lower money
value of all other forms of property.
No person can say how long the world
is to suffer from the attempt to make
! gold the only standard money. So long
as the scramble for gold continues,
prices must fall, and general fall in
prices is but definition of hard times.
The farmers are opposed to the gold
| standard because they have felt it's
effects Since they sell at wholesale and
buy at retail they have lost more than
they have gained by falling prices. Taxes
have not been perceptihly decreased al
though it requires more of farm pro-
ducts now than formerly to secure money
with which to pay taxes. Debts have
not fallen.
The wage earners have been injured
by gold standard. Wage earners know
that while a gold standard raises the
purchasing power of the dollar, it makes
it more difficult to obtain possession of
the dollar. Why shnuld their interests be
ignored ins considering financial legisls-
tion2
Much solicitude has been expressed
by our opponents for the deposi5oTs in
savings banks. Saving bank depositors
there is increasing danger they will
lose their deposits because Of the in
ability of banks to collect assets; they
will still further know that, If the gold
standard is to continue Indefinitely they
may be compelled to withdraw their
deposits in order to pay living expenses.
1t is only necessary to ncte the 1ncreas-
ing number of failures to know the gold
standard is runious to merchants and
manufacturers.
~Thos6 who hold as permanent invest
nlent the stock of railroads and other en-
terprises are injured by tie gold stand
ard. Tie rising dollar destroys the
earning power of taese enterprises with
out reducing their liabilities.
Official salaries must, in the long run
be adjusted to conditions of those who
the main derive support from producers,
AMI those classes can only enjoy prosper
/ ty when there is prosperity among those
who create wealth.
1t is sometimes asserted by our oppon
ents that the banks belongs to the deb
tor class, but this is not true of any SOL
vent bank. believe / speak the senti-
ment of the vast majority of people of
the United States, when say wise a.
nanoial policy administered in behalf
of all the people would make our govern
ment independent of any combination OF
finanoiers. foreign or domestic.
= The well being of a nation, aye Of
civilization itself. depends upon the
prosperity of the Amasses What shall it
profit us to have dollar which grows
more valuable every day if such dollar
brings distress to the people. If it is
asserted, as it constantly is assorted, that
the gold standard will enable us to bor