The people's journal. (Pickens, S.C.) 1891-1903, 1896-08-27

tie greatest good to the greatest nu,n
bor, The farmers arc opposed 10 In,
gold standard becarsc .hcy have fel
sale and buy at retail, they have los
moro than they have gained By fa}lina
prices, and br;iGcs tdis, they hay,
, found that certain fixed charges huv,
not fallen at all. Tax IS have not bee,
! pcrccptibly decreased, although 1t re
quircs more Of farm products now than
formerly to secure tte money with
which to pay taxes. D4bts have no,
f;Iton. The jurmur who owed 81 900 il
still compelled TO pay 81 600, although
it may Ue twice as GIilicuIt ~ iornlerl, ,
TO obtain the dollar with which 10 PAY
the icbt. Railroad rates have uut
been reduced TO Keep pace with falling
prices, apl besides these items there
arc many more. The farmer has thu,
found complaint against The goll
standard.
The wagc-earncrs have recn in iurc(
by a gold standard, and have expressed
thcmselves upon the subject with grca,
asking for tho immediate restoration
OF the free and unlimited coinage OF
gold and silver ut Ii to | was signed by
tee representative Of all, Or nearly
all, tho leading labor organizations
and presented to Congress. Wage
earners know that while Il gold STAN
dard raises the purchasing power OF
the dollar, it also makes it more dilli.
cult to obtain possession OF the dollar
they know that employment is less per,
mancnt, loss of work more probable,
and unemployment less certain. a
gold standard encourages tho hoard,
ing Of money, because money is rising
it also disc0uragcs enterprise and
Daralyzes industry. On the other hand,
the restoration OF bimct;t!lism will di.-
courage boarding, because when prices
arc stoady or rising, money can not
afford to lie idle in the bank vaults.
The farmers and wagc-carners toHcth-
CT constitute u considerable majority
Of the people Of the country. Why
should their irt"r.sta h, i,nD!,G n
considering financial legislation n
monetary system which is peculiarly
advar tagcous to 4 few syndic4tcs hu.
far less to commend il than 4 system
which would give hope and encourage
ment TO those who create the nation :
wealth.
Our opponents have made special
appeal to those who hold fire aud fc
insurance policies. but these policy
holders know that since the total pre-
miums received exceed the tota' losses
paid, q rising standard must be Of more
benefit to the companies than to the
policy holders.
SAVINGS BANK DEPOSlTORS.
Much solicitudc has been expressed
by our opponents for the dcposi,ors in
savings banks. They constantly pa.
radc before these dcpOsitOrs the adj
vantages Of a gold standard, but these
appeals will be in vain, because saw
ings bank dcpositors know that under
gold standard there is increasing
danger that they will lose their de-
posts because Of the inability OF the
banks to collect their assets; and they
still further know that if the guld
standard is to continue indefinitely
they may bo compelled to Withdraw
thclr deposits in order to pay living
expenses.
1t Is only necessary to note the in
crcasing number OF failures In order to
know that IL gold standard is ruin0us
to merchants and manufacturers
These business men do no: make their
profits from the people from whom they
borrow money, but from the people to
whom they sell their GOODS. II the pcO.
HNo IVY S'ttl III - N''ii ii'O SSIis
and II retailers can not sell, wholesale
merchants and manufacturers must go
into bankruptcy.
Those who hold, as permanent in
Vcstmcnt, that stock OF railroads and
Ol other entorpriscs-I do not include
Ihose who speculate in stocks or use
stock holdings us II means Of obtaining.
VII inside advantage in construction
contracts s-arc injured by gold stand
ard. The rising dollar destroys the
earning power Of these enterprises
without reducing the liabilities, and
as dividends can not be paid until sal
aries and fixed charges have bcen sat-
lshed, the stockholders must bear the
burden Of hard times.
Salaries IN business occupations de-
pend upon business conditions, and the
gold standard both lessons the amount
and threatens the permancncy Of such
salaries.
Official salaries, except the salaries
OF those who hold Office for life. mast
In the long run be adjusted to the con-
ultlons OF those who pay the taxes, and
If the present financial policy co ltin-
ucs, we must expect the contest be-
tween the taxpayer and the taxcatcr
TO increase in bitterness.
The professional classes-in the
maln--derive their support from the
producing classes and can only enjoy
prosperity whom there is prosperity
among those who crcnto wealth. [
havo not attempted to describe the
effect Of the gold standard upon all
classcs-in fact, ! have only had time
to montion few-but each person will
bo able to apply the principles stated
TO his own occupation.
1T must also be remembered that it /
is the desire OF people generally to |
their earnings into real on
property. This being truo,
in considering any temporary advan- :,
tago which may come from IL system |
under which the dollar rises in it's |
power, it must not be for
gotten that the dollar can not buy |
more than formerly, unless property
sells for less than formerly. Hence it
will be seen that largo portion Of
those who may find some pccuniary
in IL gold standard vill dis
cover that their losses exceed their
gains.
ABOUT BANKS.
1t is sometimes asserted by our Oppo.
ncnts that IL bank belongs to the debtor
class, but this is not true of any sol
vent bank. Every statement publish