Freeland tribune. (Freeland, Pa.) 1888-1921, 1896-08-13
to withdraw their deposits in order to pay


living expenses.
1t is only necessary to note the increas-
ing number of failures in order to know
that a gold standard is ruinous to mcr-
chants and manufacturers. These business
men do not make their profits from the
people from whom they borrow money, but
from the people to whom they sell their
goods. If the people cannot buy, retailers
cannot sell, and, if retailers cannot SELL
wholesale merchants and manufacturers
IL ust so into bankruptcy.
Those who hold as II permanent invest
ment the stock of railroads and of other
enterprises Il do not include those who
speculate in stocks or use stock holdings as
means of obtaining an inside advantage
i'll construction contracts) are injured by
u gold standard. The rising dollar DESTROYS
the earning power of these enterprises with
out reducing their liabilities, and. as divi-
dcnds cannot be paid until salaries and
fixed charges have been satisfied tie stock
holders must bear tho burden of hard
times.
Salaries in business occupations depend
upon business conditions, and the gold
standard both lessons the amount and
threatens the permancncy of such salaries
Official salaries, except the salaries Of
long run, be adjusted to the conditions of
those who pay the taxes, and if the present
financial policy continues we must expect
the contest between the taxpayer and the
tax eater to increase in bitterness.
The Professional Glasses.
The professional classes, in the main, de-
rive their support from the producing
classes and can only enjoy prosperity when
there is fbpS, who .,,,,, t,,
wealth
l have not attempted to describe the cf-
feet of the gold standard upon all classes
in fact, have only had time to men
tion few-but each person will be able to
apply the principles stated to his own oc-
cupation.
1t must also be remembered that il is the
desire of people generally to convert tLcir
earnings into real or personal property.
This being true, in considering any tenn
porary advantage which may come from Il
system under which the dollar rises in its
purchasir z power it must not be forgot
ten that the dollar cannot buy more tLan
formerly unless property sells for less than
formerly. Hence it will be seen that IL
large portion of those who may find somo
pecuniary advantage in gold standard
will discover that their losses exceed their
gains.
1t is sometimes asserted by our oppo-
nents that II bank belongs to the debtor
class, but this is not true of any solvent
bank. Every statement published by
solvent bank shows that the assets exceed
the liabilitics-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 depos-
I,,t ~, MD; .; .
to cover its capital and surplus When the
dollar is rising in value slowly, 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 moro because of bad debts than it
ran gain by the increase in the purchasing
power of its capital and surplus.
1t must be admitted, however, that some
bankers combine the business of IL bond
broker with the 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, unless
restrained by public opinion or legal en-
actmcnt those who sec u pecuniary profit
for themselves in certain condition may
yield to the temptation to bring about that
condition. jefferson has stated that ono
Of the main duties of government is to
prevent men from injuring one another
and never was that duty more important
than it is to-day. 1t is rot strange that
those who have mado profit by furnishing
gold to the government in the hour of it's
extremity favor n financial policy which
will keep the government dependent upon
them. l believe, however that | speak the
sentiment of the vast majority of the ueo-
PIE of tho United States when | say that a
wise financial policy administered in be-
half of all the people would make our gov
ernmcnt independent of any combination
of financiers, foreign or domestic.
Contraction of the Currency.
Let me say word now in regard to Ger
tain persons who are Iecuniarily benefited
by IA guld star dard, and who favor it not
from I, desire to trcspass upon the rights of
others, but because the circumstances which
surround them blind them to the effect of
the gold standard upon others. / shall ask
you to consider the language of two gentle
men 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 Shcr-
man said: "Tho contraction of the cur
lNIl'I IL a. ittl Iilbit NlSlItSSlDS operation
than senators suppose. Our own and
other nations have gone through that opcr-
alton before, 1t is not possible to take that
voyage without the sorcst distress. To cv-
cry person, except capitalist out of debt
Or salariCd officer or annuitant it is u
period of loss, danger, lassitudc of trade
fall of wages suspension of enterprise,
bankruptcy and disaster. 1t means ruin to
all dealers whose debts are twice their
business capital, though one-third less
than their actual property. 1t means the
fall of all agricultural production without
my great reduction of taxes. What pru-
dent man would dare to build II house, II
railroad, factory or Il barn with this GER
tain fact before him:n AS l have said be-
fore, the sularicd officer referred to must
be the man whose salary is fixed for life
md not the man whose salary depends
upon business conditions. When Mr.. ShCr-
man describes contraction of the currency
MS disastrous to all the people except tho
capitalist cut of debt and those who stand
in position similar to his he is stating
truth which must beapparent to every Per-
son who will give the matter careful con-