The Progress., 1896-08-22

lib toldl lps.'to pdi" ~ i'''h
standard must be N moe
benefit 10 The companies than to the
policy holders. Savings banks dcpos
trrg know that under Il gold STANDARD
thert is increasing danger that they
viii loco their deposits because Of tht
Inability Of the banks TO collect th"''
assets. and they still further know that
If the gold standard IL TO continue In
definitely they may be compelled &c
withdraw their deposits 10 order to pay
living expenses.
Gold Means Nuln to Merchants.
1T Ii only necessary 10 note the in
crcasing number Of failures in order
to know that q gold standard Is ruin
ous to merchants and manufacturers
II tie people cannot buy. retailers can
not sell, and, II tho retailers cannot
sell. Wholesale merchants and manu-
Hncturers must go Unto bankruptcy,
Those who hold, as 4 permanent In.
yestm-nt, the stock OF railroad. and OF
other enterprises. arc injured BY u gold
standard The rising dollar destroys
the earning power of those enterprises
without reducing thcir liabilities, and
~ 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 dc.
pend upon business conditions, and the
| gold standard both Lessons the amount
and ,,hreatcns the permanenCy Of such
salaries.
! It's i,rrrt Upon All Glasses.
Il have not attempted TO describe the
| effect Of the gold standard upon all
| classes in fact, | have only had time
| to mention u few but each person
| will be able 10 apply The principles aC-
| CordiIa 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 1t will BE- seen hat a large por
| ton OF those who may find some pc
| Cuniary advantage in gold standard
will discover that their losses OK eed
| their gains.
| Bryan Attacks tho Gold Hugs
''ln 1869 Senator Sherman said: "fhe
| contraction OF the currency Is a far
more distressing operation than sena.
| tors suppose. To every person, except
| capitalist out OF debt or salaricd
officer Or annuitant Ii is y period OF
loss, danger, lassitude OF trade, fall OF
wages. suspension Of enterprise, bank,
| Iuptcy and disaster. It. means ruin tC
| all dealers whose debts are twice their
business capital, though one-third less
than their actual property, 1t means
the fall vi all agricultural production
without any great reduction of taxes
Mr.. Sherman was at that time speak.
ne Of tho contraction Of the volume
OF paper currency. but the principle
which ne set forth applies II there Is
contraction Of the volume Of the
! standard money of the world
Hlaine Was for silver.
"Mr Blaine discussed the same prin.
cipio in connection with the demone'
tizaton OF silver, Speaking in the
house OF representatives on Feb. 7
1878, he said: L believe the struggle
now going on in this country and Other
countries for q 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 rulnous effect upon all forms
OF property, except those Invested
which yield a fixed return in money.
Is 1t strange that the holders OF invest
ments which yield fixed return ir
money can regard the destruction O
silver with complacency? II the rela
lively few whose wealth consists large
ly in fixed investments have right t
use tho ballot to enhance the value o.
their Investments, have rot the rest o
the people the right to use the ballo
to protect themselves from the disas
trous consequences OF a rising stand
ardo What shall 1t profit us to have {
dollar which grows more valuable
every day II such dollar lowers thu
standard OF civilization and brings dis
tress to the people? + it is asserted
rs it constantly is asserted, that thu
gold standard will enable us to borrow
more money from abroad, I reply tina
the restoration Of bimetallism will re
store that parity between money ant
property, and thus permit an era o
prosperity which will enable the Amer
lean people to become l0aners of none.
instead of perpetual borrowers.
Must Stop borrowing.
Even If we desire to borrow. how
long can we continue borrowing unde;
a system which, by lowering the value
OF property, weaken9 the foundation
Upon which credit rests? Even tn
holders Of fixed Investments, though
they gain an advantage from the ap
probation Of the dollar. certainly Sc,
| AZ. 80 H. 1n~ tn1n n tp1