The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-08-13

ton OF the Individual voter 20 consider
the effect OF any proposed legislation upon
himself. We present 10 the American
people the financial policy outlined IN the
Chicago platform. believing that IL will re-
suit IN the greatest good TO the greatest
number. The farmers are opposed 10 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. and.
beside this. they have found that certain
fixed charges have not fallen At all. Taxes
have NOT been perceptioiy decreased. al
though IL requires more farm products
now than formerly 70 secure the money
with which TO pay taxes. Debts have not
fallen. The farmer who owed &.ooe IL
stin compelled to pay deo. although IL
may be twice as difficult as formerly 10
obtain the dollars with which 10 pay the
debt. Railroad rates have not been re-
duced to keep pace with falling prices.
and beside these items there are many
more. The farmer has thus found COM
plant against the gold standard. The
wage earners have been injured by a gold
standard. and have expressed themselves
upon the subject with great emphasis. In
February. 1885. a petition asking for the
immediate restoration of the free and
unlimited coinage OF gold and silver at 10
TO / was signed by the representatives of
all or nearly all the leading labor organl-
nations and presented TO congress. The
wage-earners knew that while the gold
standard raises the purchasing power or
the dollar. Ii also makes IL more difficult
TO obtain possession OF the dollar: they
know that employment Is less permanent.
loss OF work more probable. and re-employ-
ment less certain
The gold standard encourages hoard
Ing of money because money Is rising; IL
.l.-~.a
industry. On the other hand. bi-metallism
would discourage boarding. because when
prices are rising money cannot afford to
lie idle in the bank vaults. II the farmers
and wage-earners together constitute a
considerable majority OF the people OF the
country. why should their interests be
ignored In considering financial leslsla-
ton? A monetary system which is pecu-
niarily advantageous TO syndieates has
far less to recommend Ii than system
which would give hope and encourage
ment to those who create a nations
wealth.
Our opponents have made special ap-
peal TO those who hold fire and LIE insur-
ance policies but these policy-holders
know that since the total premiums re-
ceived exceed the total losses paid, ris-
ing standard must be OF more benefit to
the companies than TO Its policy holders.
Much so.icitude Is being expressed by
our opponents for the depositors In saw
ngs banks. They constantly parade be-
fore these depos.tors the advantage OF the
gold standard. but these appeals win be
in vain. because savings banks depositors
know that under the gold standard there
is increasing danger that they win lose
their deposits. because OF the inability of
the banks to collect their assets, and they
still further know that IL the gold stand
ard is to continue indefinitely they may be
compelled TO withdraw their deposits in
order to pay living expenses.
ct Is only necessary to note the tn
cre&s.ng number OF failures in order TO
know that the gold standard Is ruinous
to merchants and manufacturers The
business men do not make their profits
from those from whom they borrow mon
ey. but from the people to whom they sell
their goods. II people can not buy. retail
ers can not sell, and IL retailers can not
cell. wholesale merchants and manufact-
urers must go into bankruptcy.
Those who hold as permanent invest
ment the stock OF railroads and other en-
terprises CT don't include those who spec
ulste in stocks or use the stockholders al
a means OF making en- inside advantage in
construction contracts) are injured by the
gold standard. The rising dollar destroy
ed the earning power of those enterprises
without reducing their liabilities and as
and fixed charges have been satisfied. the
stockholders must bear the burden OF hard
times Salaries in business corporations
depend upon business conditions, and the
gold standard both lessons the amount
and the greatest permanency OF such sal
aries. Salaries, except the salaries of
those who hold once for life must In the
long ryln also De adjusted to the conditions
OF those WHO pay taxes. and II the present
financial policy continues we must expect
the contest between the taxpayer and tax
eater 20 increase IN bitterness. The pro-
fessionai classes in the main receive their
support from the producing classes. and
can only enjoy prosperity when there Ia
prosperity among those who create wealth
'I have not ATTEMPTED 10 describe the
effect OF the gold standard on al classes.
IN fact. / have hsd only time TO mention
a few. but each person viii he able 10 APP
ply the principle 10 his own occupation
II must also be RENE mbered that IL is the
ieSirs OF the people 70 convert their earn
sngs TITO real or personal property. This
being true. in considering any temporary
advnnnge which may come from a gys-
tenn under which the dollar rises In rs
purchasing power. II must rot be forgot
ten that the dollar cannot buy more than
formerly unless property sells for less
than formerly II VIII be seen that large
portion or those who may und some Pc
cuniary advantage sn the gold standard
viii discover that their losses exceed their
gains.
at ~ sometimes asserted by our oppo-
nents that a bank belongs 20 the debtor
class. but n Is not true OF any solvent
bank Every statement published by a
solvent bank shows that the assets ex-
coed the liabilities: that is 20 say. whifo
the bank owes a large amount OF money
20 It's depositors. II nor only has enough
on hand In money and notes 10 pay tts
Geposieors. bat IN addition thereto has
enough TO cover IT'S capital and surplus
When the dollar is rising IN value slow
ly. the bank may. BY making short tins
loans and taking good security. avoid
losses but when prices are falling rapid
~ the bank - apt 70 lose more by bad
debts than IL can gain by the increased
purchasing power OF It's capital and sur
plus II muse be admitted. however. that
some bankers combine The business of
boaa brcEsr with the ordinary banking
business. ard these may make enough in
the negotiations 70 Offset losses arising In
legstr nate banking bus.resA As long az
human nature remains as II lr. there viii
Always be danger. more CT less restrained
b. pubic opinion or legal erac tuleEtS that
those who see geeuni2ry profit for them
selves sn certain condition ray vls.a 10
tsrr.stson 20 srsng about thai condition.
Je~.~sc- szs sfated that ore OF che May
su.i.s % government % 20 prevent men
from snssrlng ere another. and never was
ira. 1uty mere important tran & is to-
ssy. Il is nss strange thai those who
have sssase profit 81 furnishing goia 10
.y fassr f1naacs~s 0osscy wasca viii