The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-08-13

have gained by falling prices and. besides
this, they have found that certain fixed
charges have not fallen at all.
Taxes have not been perceptibly de-
creased, although II requires more of pro-
ducts now than formerly TO secure the
money with which to pay taxes Debts
nave not fallen. The farmer who owed
Sl,OOO Is sull compelled to pay 81 900, al
though 1t may be twice as difficult as
formerly to obtain the dollars with which
10 pay the debt. Railroad rates have not
been reduced to keep pace with falling
prices, and besides these items there are
many more. The farmer thus found il
more and more difficult to live. Has he
not a just complaint against the gold
standard?
THE wage earners have been injured
by gold standard, and have expressed
themselves upon the subject with great
emphasis. In February, 1895, a petition.
asking for the Immediate restoration of
the free and unlimited coinage of gold
and silver at l6 to /, was signed by the
representatives of all, or nearly all the
leading labor organizations and present
ed TO congress. Wage earners know that
while gold standard raises the purchas-
ing power of the dollar it also makes II
more difficult to obtain possession of the
dollar; they know that employment is less
permanent, loss Of work more probable
and unemployment less certain.
"A gold standard encourages the hoard
ing OF money because money is rising; IL
also dlscourages enterprise and paralyzes
industry. On the other hand, the restora-
ton of bi-metallism will discourage hoard
ing, because, when prices are steady or
rising, money cannot afford to lie idle in
the bank vaults.
'"The farmers and wage earners +oretb-
er constitute considerable majority of
the people of the country WHY should
their interests be ignored in considering
financial legislation2 monetary system
Which Is pecuniarily advantageous 10 a
few syndicates has far less to commend
1t than a system which would give hone
"a 4 nrffnrtH nraff
the nations wealth.
our opponents have made a special APP
peal TO those who hold fire and life insur-
ance policies, but these policy holders
know That, since the total premiums re-
ceived exceed the total losses paid. a rfs
ing standard must be of more benefit ia
the companies than to the policy holders.
Much solicitude has been expressed nv
our opponents for the depositors in SAVINGS
banks They constantly parade before
these depositors the advantages of a gold
standard but these appeals will be in
yam, because savings bank depositors
know that under a gold standard there is
increasing danger that they win loose
their deposits because of the inability of
Ia9 banks to collect their assets. and they
sun iurther Know that, If the gold stand
ara Is to continue indefinitely they may
be compelled to withdraw their deposfts
IN order TO pay living expenses.
1T is only necessary to note the in
creaslng number of failures i'm order IN
know that a gold standard is ruinous to
merchants and manufacturers These
business men do not make their profts
from the people from whom thew borrow
money, put from the people to whom they
sell their goods. If the people capnot
buy, retailers cannot sell, and IL retail
ers cannot sell, wholesale merchants and
manufacturers must go into hankruDtcv
Those who hold, as a permanent in
Nestment, the stock of railroads and of
ouher enterprises-I do not include those
who speculate in stock or use stockhold-
lngs as means of obtaining an inside
advantage IN construction contracts-s3re
injured by gold standard. The rising
dollar destroys the earning power of these
enterprises without reducing their tahiti
ties, and, as dividends cannot be Maid
until salaries and fixed charges have hen
satisfied, the stockholders must bear the
burden Of hard times
Salaries in business occupatfons do
pend upon business conditions and no
gold standard both lessons the amount
and threatens the permanency of such
salaries.
"Omcial salaries, except the salaries of
those who hold offices for life must in
the long run, be adjusted to the condi-
tons of those who pay the taxes, ana if
the present financial policy continues
we must expect the contest between me
taxpayer and taX-eater TO increase in
bitterness.
The professional classes, in the mafn. de-
rive their support from the PRODUCING
classes, and can only enjoy prosperity |
when there is prosperity among those who /
create wealth
81 have not attempted to describe tho
effect Of the gold standard upon All /
classes-in fact, have only had time To /
mention a few-but each person will no /
able to apply the principles stated to his /
own occupation
the desire OF people generally to convert |