The Progress. (Shreveport, La.) 1892-1900, 1896-09-10


tors know that under gold standard
there Is inaa easing danger that they
will lose tpe."' deposits because OF The
inability Of the banks to collect their
assets, and they still further know tina,
IL tho gold standard Is to continue In
definitely they may DO compelled &c
withdraw their deposits in order to pay
living expenses.
Gold Means Ruin TO Merchants
1T Is only necessary to note the In
crcaSing number OF failures In Ordcl
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 a permanent In.
vestment, the stock of railroads and OF
other enterprises, arc injured by colo
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
isiied. the stockholders must bear the
burden Of hard times.
Salaries in business occupations de-.
pond upon business conditions. and tbs
gold standard both lessons the amount
and threatens the permancncy Of such
salaries.
Its Eject Upon All Classes.
Il have not attempted to describe the
effect of the gold standard upon all
classes fact, have only had tins
to mention few-but each person
will be able to apply the principles ac-
Cordlng to his own occupation. II
must not be forgotten that the dolat
cannot buy more than formerly unless
property sells for less than formerly
Hence. it will be seen that large por.
ton Of those who may find some Pc
cuniary advantage in a gold standard
will discover that their losses exceed
their gains.
bryan Attacks tho Gold Bugs"
"In 1869 Senator Sherman said: "rhs
contraction of the currency Is a fax
more distressing operation than sena.,
tors suppose. TO every person, except
a capitalist out Of debt or q salaried
officer or annutant, 1t 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 thei,
business capital, though one-third lesa
than their actual property. 1t meant
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. 7,
1878, he said I believe the struggle
now going on in this country and other
countries for a single gold standard
would, II 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 a fixed return In money
Is IL strange that the holders OF invest
ments which yield 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 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 q
dollar which grows more valuable
every day If such dollar lowers the
standard Of civilization and brings dis
tress to the people7 i it is asserted.
as It constantly Is asserted, that the
gold standard will enable us to borrow
more money from abroad, 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 II We desire to borrow, how
long can we continue borrowing under
q 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 APP
probation Of the dollar, certainly see
the injustice OF the legislation which
gives them this advantage over those
whose incomes depend upon the value
of property and products.
If the holders OF fixed investments