Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1896-08-14

cial legislation? monetary system
which is pecuniarily advantageous to
few syndicates has far less to commend i
than system which would give hope ant
encouragement to those who create tn
| nations wealth.
INSURANCE POLICIES.
Our opponents have made specia
appeal to those who hold fire and life in
suran ce policies, but these policy holders
know that since the premiums received
exceed the total losses paid rising stand
ard must be of more benefit to the com
panies than to it's policy holders.
Much solicitude has been expressed BY
our opponents for depositors in savings
banks. They constantly parade before
these depositors the advantage of the
gold standard, but these appeals will be
in vain, because savings bank depositorf
know that under the gold standard there
is increasing danger that they will lose
their deposits because of inability of the
banks to collect their assets, and they
still further know if the gold standard is
to continue indefinitely they may be com.
PEELED to withdraw their deposits in or
der to pay living expenses. 1t is only
necessary to note the increasing number
of failures in order to know that the gold
standard is ruinous to merchants and
manufacturers. These business men do
not make their profits from people from
whom they borrow money but from peo
pie to whom they sell their goods. If the
people can not buy, retailers can not sell
and if retailers can not sell wholesale
merchants and manufacturers must GO
into bankruptcy.
GOLD STANDARD VICTIMS.
Those who hold as permanent invest
ment the stock OF railroads and of other
enterprises q do not include those who
speculate in stocks or use stock holdings
as a means of obtaining an inside advan-
tage in construction c0ntracts) are in
jured in gold standard. The rising dol
lar destroys the earning power of these
enterprises without reducing their liza
bilities, and as dividends can not be paid
until salaries and fixed charges have been
satisfied the stockholders must bear the
burden of hard times.
Salaries in business occupations de-
pend upon business conditions, and the
gold standard both lessons the amount
and the greatest permanency of such
salaries. Financial salaries, except sal
aries of those who hold office for life,
must in the long run be adjusted to the
conditions of those who pay the taxes,
and If the present financial policy con-
tinues we must expect the contest be-
tween the taxpayer and the tax-eater to
increase in bitterness.
The professional Glasses in the main
receive their support from the producing
classes, and can enjoy prosperity only
when there is prosperity among those
who create wealth.
have not attempted to describe the
effect of the gold standard upon all
classes in fact have only had time to
mention few, but each person will be
able to apply the principle to his own
occupation. 1t must also be remembered
that it is the desire of the people gener-
ally to convert their earnings into real or
personal property. This being true, in
considering any temporary advantage
which may come from the system under
which the dollar rises in it's purchasing
power it must not be forgotten that the
dollar can not buy more than formerly
unless products sell for less than formerly.
\ ~ II x
TQuotations are here introduced from
speeches of James G. Blaine and John
Sherman in support of the speakers
propositions.
It is not strange that holders of invest
ments which yield fixed return in money
can regard the destruction of silver with
complacency. We may we'll expect the
holders of other forms of property to
protest against giving to money 'dis-
proportionate and unfair advantage over
other species of property" If the rela
lively few whose wealth consists largely in
fixed investments have right to use the
ballot to enhance the value of their In
vestments, have not the rest of the peo-
Pile the right to use the ballot to protect
themselves from the disastrous conse-
quences of rising Standard People who
must purchase money with the products of
toll stand in position entirely different
from the position of those who own
money or receive fixed incomes. The
we'll being of the nation, aye, of civi)iza-
tion itself, depends upon the prosperity
of the masses.
WHAT SHALL IT PROFIT?
What shall it profit us to have dollar
which grows more valuable every day if
such dollar lowers the standard of civiliz.
alton and brings distress to the peopleS
What shall it profit if in trying to raise
our credit by the increasing purchasing
power of our dollar we destroy our ability
to pay debts, already contracted, by lower
ing the purchasing power of our products
with which these debts must be paid! If
it is asserted, as it constantly is asserted,
that the gold standard will enable rs to
borrow money from abroad, l reply that
the restoration of bimetallism will re-
store the parity between money and
property aud thus permit an era of pros
perity which will enable the American peo-
pie to become loaners of money instead of
perpetual borrowers. Even il we desire to
borrow how long can We continue borrow
ing, under system which, by lowering
the value of property, weakens the foun-
dation upon which credit restsS Even
holders Of fixed Investments, though they
gain an advantage from the appreciation
of the dollar, certainly see the injustice
Of legislation which gives them this ad-
vantage over those whose incomes de.
pend upon the value of property and
products.
If holders of fixed investments will not
listen to arguments based upon Justice
and equity, appeal to them to consider
the interests of posterity. We do not live
for ourselves alone; our labor, our self
denial and our anxious care, all these are
for those who are to come after rs as
much as for ourselves, but we can not
protect our children beyond the per-
iod of our lives. Let those who are now
reaping advantage from vicious fnan-
cial system remember that in the years to
come their own children and their child
ren's children may through the operation
Of this system be made to pay tribute to
the descendants OF those who are wronged
to-day.
As against the maintenance of the gold