Pine Bluff daily graphic., 1896-08-14

9eiimtely they may be compelled to with ordW thelr deposits in order to nav livino expenses. IL is not only necessary to notse the increasing number of failures in order oo hlloW that q gold standard is rninous to merchants and manufacturers. Tbess business men do not make tbeir nrnfits rom tine people from whom they borrovy money, but from the people whom they sell thelr goods. If the people cannot hI, retailers cannot sell, and the if retailers cannot sell, wholesale merchants and man ISctdfefs must go into bankruptcy.
 Those who hold as a permanent invest ment The stock Of railroads and of other enterprises-I do not include those who speculate Tn stocks or use stock kholdinos as t means oi obtaining an inside adyantaqa III constructing contractS-are iniured nv gold standard. The rising dollar dG stfoys the earning power of these without reducing their liabilities, and as dividends cahlol De paid until salaries and fixed chafges have been satisfied the stockhold- CTS must bear the burden of hard times oalarles Tn business occupations depend upon business conditions and the poIa standard both lessens the amount and threatens the permanencY of such salar4 les. Ofnclal salaries, except the sal2piea of those who hold offices for life. musf in the long run be adjusted to the conditions of those who pay the taxes, and if the present. nnanelaI policy continues We must expect the contest between the taxpayer and ths taxeater to increase in bitterness.
 The professional classes in the main de- flVe their support from the producing classes and can only enjoy prosperity wheS tnefe IS prosperity among those who cre- ate wealth have not attempted to de- scribe the effect of the gold standard upon all cIasses, III fact, have only had time ts mention few, but each person will be able to apply the principles stated to his own occupation
 1t must also be remembered that it is the desire of the people generally to con. vert their earnings into real or personal property. This being true, in considerina any temporary advantage which may come rom system under which the dollar rises Ill Its purchasing power, it must not be forgotten that the dollar cannot buy more than formerly. unless property sells for less than formerly Hence it will be seen that large portion of those who find some pecuntaFy advantage in gold stand. ard will discover that their losses exceed their gains.
 It is sometimes asserted by our opno. nents that 3 bank belongs to the debtor class, but this is not true Of any solvent bank. Every statement published by 4 solvent bank shows that the assets exceed the liabilities That is to say. while the bank owes large amount of money to it's deposltors, 1t not only has enough on hand in money and notes to pay it's depositors. but i'll addition thereto has enough to cover its capital and surplus When the dollar Is rising in value slowly Il bank may by making shorttime loans and taking good security avoid loss, but when prices are falling rapidly the bank is apt to lose more because of bad debts than it can gain bY the increase i'll the purchasing power Of it's capital and surplus
 It must be admitted, however, that some bankers combine the business of bond broker with the ordinary banking business and these may make enough in the nego- tiation of loans to offset the losses arising in legitimate banking business. As long as human nature remains as it Is there will always bs danger that unless re- strained by the public opinion or legal en. actnent those who see peeuniary profit for themselves i'll q certain condition may yield to the temptation to bring about that desire Jefferson has stated that one of the main duties of the government is ta prevent meH from in1uriag one another and neVef WAs that duty more important than it i5 today. It is not strange that those who have made profit by furnish ing gold to the government i'll the hour of it's extremity favor 8 financial policy winch will keep the government depend ent upon them. l believe, however, that l speak the sentiment of the vast majority Ol titE pEbPtC Oi NuC C AAif1AA &k1t0o w llEll 1 say that u wise financial policy admins. tered in behalf of all the people would make our government Independent of any combination of financiefs Of foreign or do nestle.
 Let me say word now in regard to cer- tain persons " ho are pecunfarfly benefited by gold staudard and who favor 1t, not from a desire to tresp0ss on the rights of others. but because the circumstances al, fbaf11 h1i1d hnnl fo ha af. feet of the gold standard upon others. 1 shall ask you to consider that language of two gentlemen whose long public service and high standing in the party to which they belong will protect them from adverse criticism by our opponents In 1869 Sena- tor Sherman said "The contraction of the currency is a far more distressing opera ton than senators suppose. Our own and other nations have gone through that operation before. It is not possible to take that voyage without the sorest distress. Ts every person. exept capitalist out Of debt or a salaried officer OF annuitant, it Is a period of loss danger, lassitude of trade fall of wages. suspension of enterprise bankruptcy and disaster 1t means ruin to all dealers whose debts are twice their business capital, though one-third less than their actual business property It means the fall of all agricultural produc- titn without any great reduction of taxes. VI hat pEudSilD i!.dn NOtliti udES lO DuAAd st house. a railroad, a factory or a barn with this certain fact before hims
 As have said before, the sslaried officer referred to must be the man whose salary is fixed for life, and not the man whose sal ary depends upon business conditions, When Mr. Sherman describes contraction of the currency as disastrous to all the peo. pie, except the capitalists out of debt and those who stand in position similar to his, he is stating a truth which must be apparent to every person who will give the matter careful consideration. MT. Sher- man was at that time speaking of the con traction of the volume of paper currency, but the principle which he set forth ap- plies. if there is contraction of the vol tune of the standard money of the world.
 Mir. Blaine discussed the same principle in connection with the denomination of silver Speaking ill the house of repre- sentatives on the 7th of Feb, 1888, he said: II believe the struggle now going on in this country and other countries for a single gold standard would, if successful, produce widespread disaster in and throug- ont the commercial world The destruc- tion of silver as money and the establishing of gold as the sole unit of value must have ', ~,.,. afpaat op all forms Of DrOperty