Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1896-08-13

purchasing power Us was given il the 20
ginning
Il cannot be successfully claimed thas
recommendation or bimetallisn., or any
other system, gives an absolutely just
standard OF value. Under both mono
metallisrn and biInetallism the govern
ment fixes the weight and ineness Of the
dollar invests it with legal tender quail
ties, and then opens the nints TO its unre-
stricted coinage, leaving the purchasing
power Of the dollar To be determined by
the number of dollars. Bimetallisn is
bctt"r than recommendation, not because
it gives us perfect dpllar-that is, a dol
lar absolutely unraryin- in its general
purchasing powcr-but because it makes
nearer approach TO stability. to honesty,
10 justice, than u gold standard possibly
can
Our opponents have made special ap-
pea! TO those who hold FIRE and life insur
nnce policies, but these policy holders
Enow that since the total premiums re-
csiVed exceed the total losses paid rising
standard must be OF more benefit TO the
companies than TO the policy holders.
Much solicirudc hes been expressed by our
opponents for the depositOrs in savings
banks. They constantly parade before
these depositors the advantages of u gold
standard; but these appeals Will be in
vain, because savings banks depOsitors
know that under gold standard there is
Increasing danger that They will lose their
deposits because of the inability of the
banks to collect their assets: and they still
further know that, if the gold standard is
to continue Indefinitely, they may be COM
PEELED To Withdraw their deposits i'll order
I" pay living expenses.
III Is only necessary to note the increas-
ing number o. failures in order to know
that gold standard is ruinoIs To mer-
chants and manufacturers These bus!-
ness men do not make their profits from
the people from whom they borrow
money, but from the people TO whom they
Sell their goods. If the people cannot buy
retailers cannot sell. and if retailers can
not sell wholesale merchants and manu-
iae'urers must go into bankruptcy.
Banks Not in the Debtor Class.
1t is sometimes asserted by cur oppo.
nents that "A bank belongs to the debtor
class but this is not true of any solvent
bank. Every statement published by q
solvent hank shows that the assets exceed
the liability. That is 70 say, while the
bank owes a large amount of money 70 its
depos.tors it not only has enough on hand
/ in money and note, to pay its dcpoSitors
but in addition thereto has enough TO
cover its capital and surplus. When the
dollar Is rising in value slowly Il bank
may, by making shor-timc loans and tax
ing good security. avoid loss, but when
prices are falling RAPIDLY the hank is apt
IL lose more because OF bad debts than it
can gain by the increase in the purchasing
power Of its capital and surplus.
1t must be admitted, however that some
bankers combine the business of bond
broker with the ordinary banking bust
ness, and these may make enough in the
negotiation Of loans to offset the losses
arising in legitimate banking business
As long aS human nature remains as it is
there will always be danger that unless
| restrained by the public opinion or legal
enactment these who see Il pccuniary
profit FOR themselves in IA certain condi-
ton may yield to the temptation TO bring
about that condition. jefferson has stated
that one Of the main duties of governments
| is to prevent men from injuring one an
other, and Fever was that duty more in.
portant than it is to-day. 1t is not strange
, that those who have made profit by
! furnishing gold To the government in the
! hour of its extremity favor n financial
policy which will keep the government de.
! pendent upon them. l believe, however,
that speak the sentiment of the vast ma
jority Of the people of the United States
when say that a wise financial policy adj
ministcrcd in behalf of all the people
would make cur government independent
of any combination OF financiers, foreign
/ or domestic