The times. [volume] (Richmond, Va.) 1890-1903, 1896-08-13


creases the exchangeabie value OF the
dollar; therefore the crusade against ST.
yer must inevitably raise the purch isihS
power OF money and lower the money valae
OF all other forms OF property.
our opponents sometimes admit tnat
II was A mistake to demonetize silver
but insist that we should submit 10
present conditions rather than return "
the bimetallc system. They err IN sup
posing that we have reacheu tne Gnu
of the evil results Of a gold standard; We
have not reached the end. The INJURY Is
"a continuing one, and no person cdl
say how long the world is 10 sulier
from the attempt TO make gold the ohIy
standard money The same innuen'ts
which are nov operating to destroy sii-
Yer in the United States Will sue
cessful here, be turned against other
siivcr-using countries and each ne" cen
vert TO the gold standard WIN du1 "
the general distress.
So long as the scramble for gold cvn-
tinues prices must fall. and a general
fall i'm prices is but another dehl.tlOh
OF hard times. .
our opponents, while claiming entire
disinterestedness for themselves 1aNe
appealed TO the selfshness or nearN eN''s
class Of society. Recognizing the dispose
tlou of the individual voters 10 c,A9luoF
the effect OF any proposed LEGISLATION
upon himself, we present 10 the A'u'ii-
can people the financial pones ou'',' 49,
in the Chicago platform, believing tLat
IT. will result in the greatest gooi 10
fhe greatest number
DrScOCRAGE HOAiDlNt.
On the other hand the restoration Oh
biynetallisrn will discourage boarding De-
cause when prices are steady or rislns'
money cannot afford 20 lie idle III the
h,rL ,,auI,s The farmers and wage
esruers toee ther constitute considerao1-
ma ior.ty Of the people of the country.
WHY should their interests be ignored
in considering financial legislation!
monetary system which is previously an
vantageous TO a few syndicates mad iar
less TO commend il than a system which
would give hope and encouragement ["
those who create the nations wealth
our onDcncnts have made special ap-
ma TO those who hold fire and life in
slrance policies but these policy holders
know that. since the total premiums re-
ceived the tctal losses paid. a rising
stacdard must be of more benefit To the
companies than to the policy holders.
NJ sobctudc has been expressed by
or opponents for the depositOrs In saw
in4s banks they constantly parade befors
these dcpofitcrs the advantages of a
]
in vain. because savings bank depositors
know that unoci a gold standard, there
is iacreasing danger that they will lose
their deposits because Of the inability oe
the hanks to collect their assets. and theY
still furfher know that If the gold stand
ard IS 10 continue indefinitely. they may
be compelled 10 withdraw their deposits
IN order 20 paw living expenses.
GOLD Is EUINOUs.
IL IS only necessary 10 note the in
creasng number OK failures in order TO
know that gold standard is ruinous N
merchants and manufacturers. These
business men do not make their profits
from the people from whom they borrow
money. but from the people 20 whom they
sen their goods. II the people caunot
| buy retailers cannot sell. iand il re-
tailers cannot SELL wholesale merchants
and manufacturers must go into bank
ruptcy.
Those who can hold as a permanent
! investment the stock Of others and other
/ enterprises do not include those yvho
I speculate m stocks or your stockhold-
inss as means OF obtaining am inside
advantage I'm construction contracts
! are injured by gold standard The rising
oOiiar DESTROYS the earning power bf
these enterprises without reducing their
liabilities. and as dividends cannot be
/ paid until salaries and fixed arharges
I have been satisfied the stockholders must
bear the burden Of hard times
Salaries IN business occupations de-
pend upon business conditions and the
gold standard lessons the amount and
/ threatens the permanency Of such sal
aries.
/ Official salaries. except the salaries Of
! those who hold Office for life. must i'm
the long run. Doe adjusted 10 the condi-
/ tons Of those who pay the taxes and
/ If the present financial policy continues
/ we must expect the contest between
the taxpayer and tax-eater 10 increase in
/ bitterness.
CLASS ILLUSTRATION.
The professional classes ia the main
derive their support from the producing
classes. and can only enjoy prosperity
when there is prosperity among those
who create wealth.
/ have not attempted 10 describe the
effect Of the gold standard upon all class
es-in fact / have had time only t. men,
/ tiOn few-but each person will be able
to apply the principles stated 10 his own.
10 must also be remembered that il is
the desire of people generally to convert
their earnings into real or personal PROP
/ crty. This being true. IN considering
I any temporary advantage which may
come from q system under which the
dollar rises In its purchasing power. II
must not be forgotten that the dClar
cannot bny more than formerly unless
/ property sells for less than fomerly Hence
il will be seen that many OF those who
may ind some pecuniary~ advantage in
a gold standard will discover that theiT
losses exceed their gains.
/ II Is sometimes asserted by our oppo-
I nonts that bank belongs 10 the debtor
/ class. but this is not true of any solvent
/ bank. Every statement published by a
solvent bank shows that the asset,
exceed the liabilities is 70 say while
| the bank owes a large amount OF money
10 its depOsitors. IL net only has enough
or hand in money and notes 20 psy its
deposltors. but in addition thereto. has
| enough 10 cover its capital and surplus
When the d)liar Is rising in value SLOWLY
bank may by making shcrt-time loans
and taking good security. avoid loss; hut
when prices are falling rapidly the banh
is apt TO lose more because Of bad dents
than il can gain by the increase OF the
purchasing power Of its capital ard sur
plus.
BANKERS ARE BROKERS.
II must be- admitted however, tha,
some bankers combine tho business or a
bond broker with the ordinary banking
business and these may make enough IN
the negotiations Of loans 10 Offset the
losses arising In legitimate banking busi-
ness. A. long as human nature remains
as IL is. there will always Doe danger that
/ urIass restrained bv public OuiniOn OF