Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-08-13

II must also be remembered that II Is
The desire OF people gencraiiy 10 convert
their earnings into real or personal pro
perty. This being true. IN considering
any temporary advantage whleh may
come from a system under which the
dollar rises in It's purchasing power II
must not be forgotten that the dollar
rannot buy more than formerly. unless
proDcrtv sells for less than formerly.
Hence n will be seen that large por-
ton of those who may fini some pc
c1niary advantage in a gold standard
kiil discover that their losses exceed their
gains.
THE RANKING BUSINESS
IL IS sometimes asserted by our oppo-
Nents that a bank belongs TO the debtor
rlass but this IS not true OF any solvent
bank Every statement published by a
solvent bank shows that the assets exceed
the liabilities. that is 10 say while the
bank owes large amount OF money 10 It's
aepostors. II not only has enough on hand
In money and notes 10 pay its depositors
but in addition thereto has enough TO
cover It's capital and surplus. When the
dollar Is rising IN value slowly. a bank
may. by making short time loans ana
taking good security. avoid loss; but when
prices are falling rapidly. the bank IS
apt 70 lose more because OF bad debts
than Il can gain by the increase Of the
IllNUarlhh bNMNA " 80 NtNtftNf'- f''-H
plus.
II must be admitted. however. that some
bankers combine the business Of bond
broker with the ordinary banking bust
ness and these may make enough IN the
regOtiatlon Of loans 10 offset the losses
arising In legitimate banking business. As
long as human nature remains - II II.
there will 6lways be danger that unless
restrained by public opinion or legal en-
actment those who see pecuniaIy proh'
Tor themselves In a certain condition may
yield 20 the temptation TO bring about that
condition.
Jefferson has stated that one OF the
main duties OF government IS 70 prevent
men from injuring one another. and never
was that duty more important than il IS
to-day. IL is not strange that, those who
have made a profit by furnishing gold to
the government in the hOur OF It's eN-
tremity, favor a financial policy when
will keep the government dependent upon
them. believe however. that SPEAK
the sentiment Of the vast majority OF the
people OF the United States when say
that a wise financial policy administered
in behalf Of all the people would make
our government independent Of any com
bination Of financiers, foreign or domestic.
GOLD-STANDARD BENEFlClARlES.
Let me say a word now in regard to
certain persons who are pecunariy Dene-
fitted by a gold standard, and who favor IT,
not from a desire 10 trespass upon the
rights of others. but because the circun-
stances which surround them blind them
10 the effect Of the gold standard upon
Others. / shall ask you TO consider the
language Of two gentlemen. whose long
public service and high standing in the
party 10 which they belong Will protect
them from adverse criticism by our oppo-
nents In 1869 Senator Sherman said:
"The contraction OF the currency Is
far more distressing operation than sena-
tors suppose. Our own and other nations
have gone through the operation before.
II Is not possible to take that voyage
without the sorest distress. To every per-
son. except a capitalist out of debt, or
salaried officer. or annuitent, IL Is a
period Of loss. danger, lassitude Of trade
fall of wages. suspension OF enterprise.
bankruptcy, and disaster. II means ruin
10 all dealers whose debts are twice their
business capital, though one third less
than their actual property. IL means the
fail Of all agricultural productions, with
out any great reduction Of taxes. What
prudent man would dare TO build house.
a railroad factory, or a barn with this
certain fact beN-Se himY
As have said before, the salaried oihcer
referred to must be the man whose salary
is fixed for life. and not the man whose
salary depends upon business conditions.
When Mr. Sherman describes contraction
of the currency as disastrous TO all the
people except the capitalist out OF debt
and those who stand IN a position similar
10 his. he IL stating truth which must
be apparent 10 every person who Will give
the matter careful consideration. Mr..
Sherman was at that time speaking OF
tho contraction OF the volume OF paper
currency. but the principle which he sets
forth applies II there is a contraction OF
the volume of standard money Of the
world
BLAINE on GOLD STANDARD.
Mir Blaine discussed the same principle.
Speaking in the House of Representatives
on the eth of February 1878. he said:
II believe the struggle now going on in
this country and other countries for a
gold standard would. II successful. pro-
duce widespread disaster In and through
out the commercial world. The destruc-
ton OF silver as money and the establish
ing OF gold as the sole unit Of value, must
have a ruinous effect on all forms Of pro-
perty, except those Investments which
have a fixed return In money. These
would be enormously enhanced in value,
and would gain a disproportionate and
unfair advantage over every other species
OF property
vestments which yield fixed return in
money" can regard the destruction OF
silver with complacency? May We not
expect the holders OF other forms OF pro-
pertv 10 protest against giving 10 money
a "disproportionate and unfair advantage
over every other species of property?
II the relatively few whose wealth con-
s,sts largely in liked investments have
right To use the ballot TO enhance the
value of their investments. have not the
rest Of the people the right 10 use the bal
lot 10 protect themselves from the disas-
trous consequences or rising standard!
The people who must purchase money
with the products of toll stand In a posi-
tion entirely different from the position
OF those who own money or receive a
fixed income. The well-being of the ma
fion--aye. Of civilization itseif-depends
on the prosperity Of the masses.
STANDARD OF CIVILIZATION.
What shall II profit us 10 have dollar
which grows more valuable every day Il
f'uch dollar lowers the standard OF civil
cation and brings distress 10 the people?
What shall IL profit us If, In trying TO
raise our credit by increasing the pur-
chasing power Of our dollar, We destroy
our ability 70 pay the debts already con-
tracted by lowering the purchasing power
OF the products. with which those deDls
must be paid? II it Is asserted, as II con-
stantly Is asserted, that the gold standard
Will enable US 20 borrow more money
from abroad / reply that the restoration
of blmetallsm VIII restore the parity De-
tween money and property, and thus
permit an era OF prosperity. which VIII
enable the American people 10 become
loancrs OF money instead Of perpetual
borrowers. Even If we desire TO borrow,
how long can we continue borrowing
under a system which by lowering the
value OF property, weakens the founoa-
ffork ,,r.on which credit reefsf