The Union times. [volume] (Union, S.C.) 1894-1918, 1896-08-21

of any proposed legislation upon HIM
self, We present to the American peo-
pie the financial policy outlined i'll tho
Chicago PLATFORM, believing that it
will result in the greatest good to
the greatest number.
TIE REASON OF THE FARMERS.
The farmers are opposed to the gold stan
ard because they have felt its effects. Sihco
they sell ut wholesale and buy at retail. they
have lost more than they have gained 10y iaii.
Ing prices and besides this they have found
that certain fixed charges have not fallen at
all Taxes have been perceptibiy decreased
although its requires more farm prodGctS
now than formerly to secure the money Win
which to pay taxes. Debts have not iaiien.
The farmer who owed = 900 is still compell-
cd to pay : 900 although it may bc twice as
difficult ~ I, rmcrly to obtain tho dollars
with which to pay the debt. Railroad rates
have not been reduced to keep puce with
falling prices aud besides these items there
ara many more. The farmer has thus found
it more and more difficult to live. Has he
not II just complnint against the gold stan
dardI
..rhc wage earnrrs have been injured by
the gold standard, and have expressed them
selves upon the subject with great emphasis.
In February, 1875. II petition asking Tor the
free and unlimited coinage of gold and
silver NJ the ratio of IL to l was
signed ny tho representatives of all,
or nearly ALL Of the leading la
hor organizations and presented to
Congress. Wage rarncrs know that while
the gold standard raises the purchasing
power OF the dollar il also makes il moro
difficult to obtain possession of the dollar;
they know that employment Is less perna-
nrnt; loss; OF work II orc probable, and re-
employment less certain. gold standard
encourages the boarding OF money. because
money is rising; and it also dis
courngcS enterprise anI pnralyHes Industry.
On the other hand tho restoration of bi-met-
alliSm will discourage boarding. because
when prices steady or rising money can
not afford to be idle in bank vaults. The
farmers and wage carncrS together cOnsti-
tutc considerable ma jority Of the people OF
The country Why should their interests
he ignored i'll considering financial lcSisla-
tionI monetary system which is pecuni-
arily advantageous to n few syndiratcs has
far less 20 commend 1t than system which
would give hope and cncouragcmentto to those
who create the na'i.-' wealth.
Our opponents halo made special np-
peal to those who hold fire and life insur-
ance policies. but these policy-holders know
that, since the total premiums received cN
coed the total losses paid, rising standard
must be of moro benefit to the companies
than to the policy holders.
much solicitude has been expressed by
our opponents for the depositors in savings
banks. They constantly parade before these
depositors the advantages OF gold Standard
but these appeals will be in vain, because say
ings bank depositors know that under gold
standard there is increasing danger that they
will lose their deposits because OF the inabil-
ity of the banks 10 ccllcct their assets: and
they further know that IL the gold standard
is to continue indefinitely. that they may bc
compelled to withdraw their deposits Ill or
| der to pay living expenses
"lt Is only necessary To note the increasing,
number of failures in order to know that Il
! gold standard Is ruinOus to the merchants
and manufacturers. These business men do
| nnt m n nl.,.t hair ,rnt th,.
! whom they borrow money, but from the pco-
| Pile to whom they sell their SC1,is Ii I'll" p"o-
plc cannot buy, retailers cannot sell a:.d II
retailers cannot sell wholesale merchants hnd
manufacturers must go into bankruptcy.
Those who hold as 4 permanent invest
| ment the stock of railroads and other enter
| priscs-I do not include those who Speculate
| in stocks or those VINO use stock holdings rs
! means of obtaining an insid" advantage IN
! construction contract 1--arc injured by gold
standard. The rising dollar destroys the
earning power of these enterprises without
reducing their Liabilities. and, "a dividends
! cannot hc paid until salaries aud fixed char
| Gts have been satisfied. th" stockholders must
bear the burden Of hard times.
! ''Sa!ar."s i'll business occupations drpnn!
! urC.t business conditions and til" gold "';'i'-
6ard both lessons the amount aHd threatens
! til" p"rmancn"y Ui such sa"rl":.
! "Ohiciai salaries. except tho salaries 81
| thos" who hold Office for life. must in ;hC
| long run be adjusted 10 the conditions ol
those who pay the taxes, and IL the present
| tnan"ial policy continues we must EXPECT th'
| contest between the Taxpayer ana the TAX
eater 10 continue in bitterness.
''Thc professional c!tS.'"s--.n III" maiu--
derive their support IRON tn" producing
CLASSES. and can only enjoy prosperity when
th"r" il prosperity auIonS those VINO produc,
wealth.
II have not ATTEMPTED to dcscrihr tho
! effect OF the gold standard upon all GLASSES
in fact have only had time to mention 4
/ few / ut each person will be- able to apply
the principles stated to his own occupation
at must also be- remembered that II Il tn,
desire of people generally to convert tE"!r
earnings into real or persona! property
This being due. III considering any tempo
rary advantag" which may come from sys
tenn under which tho dollar rises in pur-
chasing power, Il must not bc forgotten tEa:
the dollar cannot buy NOR" than formerly
unless property sells for lrsS than formerly
Hence it will be seen that a large portion OF
those who may find some pccuniary advnn-
taSc in a gold standard, will discover that
! their losses exceed their gains.
1T j. sometimes asserted by our oppo-
ncntS that bank belongs to tn" debtor class,
hut this is not true Of any solvent hank
Every statement published by n solvent bank
shows that the assets exceed the liabilities
That il to say that while the bank loans IL
large amount OF tn" money To its dcpOsltOrs
it not only has enough on hand in money
and notes I" pay its dcpoSitorS. but in ad-
dition thereto, has enough to cover it, capita
and surplus. When the dollar il rising il
valu" slowly ban; may, by making short
tim" loans and takjni; good security. avoid
loss: tut when prices are falling rapidly tn,
bank l. apt to los" more because Of bad debts
than i .ln gain 10y III" increase in IL" pur-
chaS" power Il its 81? ?ital and surplus. II
must l." admitted, however that some bank
rrs co!nhin" Ia" hr:SiEcss Of houd-brOk"r
with the ordinary banking business and thcs,
may max" enough IL the n"go:iatiCn oi lOan'
t. Offset the LOSSES arising in lcgit
innate banking business \" long n
hImaa nature remains ~ il IL. there will a.