The Progress., 1896-09-19


policy holders. Saving, banks deposi.
tors know that under gold standard
there is ipGIsasing danger that they
will lose t&>s~ deposits because of the
inability of the banks to collect theif
| assets, and they still further know that
| if the gold standard is to continue IL.
definitely they may be compelled &c
| withdraw their deposits in order to pay
living expenses.
| Gold Means Ruin to Merchants
1t is only necessary to note the in.
creasing number Of failures in order
to know that gold standard is ruin
GUS to merchants and manufacturers
| II the people cannot buy, retailers can.
not sell, and, If the retailers cannot
sell, wholesale merchants and manu-
facturers must go into bankruptcy.
Those who hold, as permanent in.
vestment. the stock of railroads and OF
other enterprises, are injured by a gold
standard. The rising dollar destroys
the earning power Of those enterprises
without reducing their liabilities, and,
as dividends cannot be paid until sal.
aries and fixed charges have been sat.
isfed, the stockholders must bear the
burden Of hard times.
Salaries in business occupations de.
pend upon business conditions and tbs
gold standard both lessons the amount
and threatens the permanency of such
salaries.
Its Eject Upon All Classes.
Il have not attempted to describe the
effect Of the gold standard upon all
classes-in fact, have only had time
to mention a few-but each person
will be able to apply the principles &C.
cording to his own occupation. II
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 por.
ton Of those VINO may find some pc.
cuniary advantage in a gold standard
will discover that their losses exceed
their gains.
Bryan Attacks the Gold Bugs"
I'm 1869 Senator Sherman said: 'The
contraction of the currency is a fa1
more distressing operation than sena.,
tors suppose. To every person, except
a capitalist out of debt or salaried
officer or annuitant, it is period OF
loss, danger, lassitude of trade, fall OF
wages. suspension Of enterprise, bank.
ruptcy and disaster. 1t means ruin tc
all dealers whose debts are twice tleil
business capital, though one third less
than their actual property. 1t meani
the fall of all agricultural production
without any great reduction of taxes
Mr.. Sherman was at that time speak.
ing Of the contraction of the volume
OF paper currency, but the principle
which ne set forth applies if there is
a contraction of the volume of the
standard money OF the world.
Blaine Was for Silver.
Mr.. Blaine discussed the same prin.
ciple in connection with the demone.
tization Of silver Speaking in the
house of representatives on Feb. Z,
1878, he said: I believe the struggle
now going on in this country and other
countries for a single gold standard
would, If successful, produce wide
spread disaster in and throughout the
commercial world. The destruction of
silver as money and the establishing
Of gold as the sole unit of value must
have a ruinOus effect upon all forms
| of property, except those invested
which yield fixed return in money
Is it strange that the holders of invest
ments which yield a fixed return in
money can regard the destruction OF
silver with complacency? If the rela-
| lively few whose wealth consists large
| ly in fixed investments have a right to
| use the ballot to enhance the value OF
their investments, have rot the rest OF
the people the right to use the ballot
to protect themselves from the disas-
trous consequences OF rising stand
ard? What shall it profit us to have a
dollar which grows more valuable
every day if such a dollar lowers the
standard OF civilization and brings dis
| tress to the people? 4 it is asserted,
as it constantly is asserted, that the
gold standard will enable US to borrow
more money from abroad, l reply that
the restoration Of bimetallism will re-
store that parity between money and
property, and thus permit an era Of
prosperity which will enable the Amer
lean people to become loaners Of money
instead of perpetual borrowers.
Must Stop borrowing.
Even If we desire to borrow, how
long can we continue borrowing under
system which, by lowering the value
Of property, weakens the foundation
UPON which credit rests? Even the
holders Of fixed investments, though
they gain an advantage from the ap-
probation of the dollar, certainly see
the injustice Of the legislation which
gives them this advantage over those
whose incomes depend upon the value