The Roanoke daily times. (Roanoke, Va.) 1895-1897, 1896-08-13
THE PEOPLES CHAMPION SPEAKS
(cor tlnued from FIRST page. J

Those who hold rs a permanent invest
ment the stock of railroads and of other
enterprises--I do not include those who
speculate in stocks or use stock holdings
as means Of obtaining inside advantage
in contracts -are injured by gold
standard. The rising dollar destroys the
earning power of these enterprises with
out reducing their liabilities and, as
K dividends cannot be paid until fixed
charges have been satisfied, the stock
holders must bear the burden of hard
times
lis sometimes asserted by our oppo-
nents that bank belongs to the debtor
class, but this is not true of any solvent
bank. Every statement published by a
solvent bank shows that the assets eN-
coed the liabilities That is to say, while
the bank owes Il large amount of money
to its depositors it not only has enough
on hand in money and notes to pay its
depositors, but in addition thereto, has
enough to cover its capital and surplus.
When the dollar is rising in value slowly,
a bank may, by making short time loans
and taking good security, avoid loss, but
when prices are falling rapidly, the bank is
apt to lose more money, because of bad
debts, than 1t can gain by the increase in
purchasing power of its capital and sur
plus
some banks combine the business of
bond broker with ordinary banking bust
ness, and these may make enough in the
negotiation of loans to offset the losses
arising in Legitimate banking business
AS long as human nature remains as it
is there will always be danger that, I'M
less restrained by the public opinion or
legal enactment, those who see pecu
MARY profit for themselves in certain
Nsx,.H IL n. 80.
to bring about that condition. jefferson
has stated that one of the main duties of
government is to prevent men from in
juring one another, and never was that
duty more important than to-day. 1t is
not strange that those who have made a
profit by furnishing gold to the Govern
ment in the hour of its extremity favor II
financial policy which will keep the Gov
ernment dependent upon them.
Let me say Il word now, in regard to
certain persons who are pecuniarily ben
Gifted by gold standard and who favor
1t, not from desire to trespass upon the
rights of others, but because of the cir.
cumstances tEat surround them. | shall
ask you to consider the 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
Senator John Sherman said: 1.-The con
traction of the currency is n far more
distressing operation than Senator'S sup
pose. Our own and other nations have
gone through that operation before. 1t
Is not possible to take that voyage with
out sorest distress. To every person, ex-
cept capitalist out of debt, ora salaried
officer or annuitant, it is Il 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 CAPT
tai, though one-third less than their
actual property. 1t means the fall of all
agricultural production without any
great reduction of taxes. What prudent
man. would dare to build a house. "A rail
road, factory or u barn with this GER
tain fact before him."
When Mr.. Sherman describes contrac-
tlon of the currency as disastrous to
all the people except the capitalist out
IF debt, and those who stand in Il posi-
lion similar to him. he is stating truth
which must be apparent To every person
rho Will give the matter careful consid-
ration. Mr.. Sherman was at that time
speaking of the contraction of the vol
ume of paper currency, but the principle
which he sets forth applies if there is ii
contraction of the volume of the stand
ard money of the world
Mr.. Blaine discussed the same princi.
pie in connection with the demonetiZa-
tion OF silver. Speaking in the House of
Representatives. on the eth Of February.
1873, he said: 81 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 throughout the CONNER.
cial world The destruction of silver rs
n nd hn agtu.l ,1 ft,.,,.
sole unit of value must have IL rninous
effect OH all forms of property. except
those invested which yield fixed return
In money. These would he enormously
enhanced in value,and would gain n dis
proportionate and unfair advantage over
every other species of property
Is 1T strange that the ''holders of in
vestments which yield il fixed return i'm
money" can regard the demonstration
of silver with complacience? We NAV not
expect the holders of other forms of
property To protest against giving to
money az 'disproportonate and unfair
advantage over every other species of
property" If the relatively few whose
wealth consists largely in fixed invest
ments have right to use the ballot to
enhance the value Of their Investments.
have not the rest of the people the right
to,use the ballot to protect themsel YES
from the disastrous consequences of n
rising Standard The well-being of the
nation--aye. of civilization itself de-
ponds upon the prosperity of the mas SEES.
What shall it profit "A man to have a dol
lar which grows more valuable every day
If such II dollar lowers the standard of
civilization and brings distress to the
peoplef What shall it profit us, if in try
ing TO raise our credit by increasing the
purchase power of our dollar we destrov