Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1896-08-18
THE GOLD STANDARD.
Something in Regard to Those Benefited
by 1t.


certain persons who arc pecunarily bcne-
fitted by a gold standard, and who favor
it, not from q desire to trespass upon the
rights of others, but because the circum-
stances which surround them blind them
to the effect Of the gold standard upon
others. shall ask You to consider the
language of two gentlemen ><vhose long
public service and high standing i'll the
party to which they belong will protect
them from adverse criticism by our oppo-
nents. In 1869 Senator Sherman said:
"The contraction of the currency is a far
more distressing operation than senators
suppose. Our own and other nations
have gone through that operation before,
1t is not possible to take that voyage
without the sorcst Distress 10 every
person except Il capitalist out of debt, or
IL salaried officer or annllit;nt, it is a
period of loss, danger, lassitUdc of trade,
fall Of wages, suspension Of enterprise,
bankruptcy and disaster It 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
any great reduction Of taxes. What pru-
dent man would dare to build a house, q
railroad a factory Or a barn with this
certain fact before hi1n?"
Endorses Senator sherman.
AS I have said before, the salaricd Off
Ger referred to must be the man whose
salary is fixed for life, and not tho man
whose salary depends upon business con-
dition. When Mr.. Sherman describes
contraction Of the currency as disastrous
to all the people except the capitalist out
of debt and those who, stand in a position
similar to his, he Isl stating truth that
must be apparent to every person who will
give the matter careful consideration Mr..
Sherman was at that time speaking Of the
contraction of the volume Of payer cur
rency, but the principle which he set forth
applies it there is a contraction of tho vol
ulne of standard money of the world.
Mr.. Blaine discussed the same principle
in connection with the decentralization of
silver. Speaking in the house of repre-.
sentatives on the It'll day of February.
1873. He said: II believe the struggle
now going on in this country and other
countries for a single gold standard
would, if successful, produce widespread
disaster in and throughout the CONNER
cial world. The destruction of silver as
money and the establishing of gold as the
sole unit of value must have Il ruinous CT
feet on all fUrnls Of property except those
invested which yield a fixed return in
money. These would be enormously cn-
HANGED in value and would gaina dispro.
portionate and unfair advantage over ev-
cry other species of property"
Is It strange that the "holtlers of invest
ments which yield q fixed return in
money can regard the destruction of sill
yer with complaceDcy. We may not ex.
pcct the holders of other forms of property
to protest against giving to money dis
proportionatc and unfair advantage over
every other species Of propcrty?'
The Masses Must Prosper.
If the relatively few whose wealth con.
sists largely in fixed Investments have I,
right to use the ballot to enhance the
value of their investments, have not the
rest of the people the right to use the bal
lot to protect themselves from the disas.
trous consequences of q rising standard
The people who must purchase money
with the products Of the soil stand in a
position entirely different from the posi-
ton of those who own money or receive a
fixed income. The well being of the ma.
tion-aye, of civilization itself-depends
upon the prosperity of tho masses.
What shall it profit us to have q dollar
which grows more valuable every day il
such dollar lowers the standard Of civil
ization and brings distress to the people!
What shall it profit us if, in trying tc
raise our credit by increasing the purchas
ing power Of our dollar we destroy ou1
ability to pay the debts already contracted
by lowering the purchasing power Of the
products with which those debts must be
paid? If it is asserted, SIS it constantly is
asserted, that the gold standard will en-
able US to borrow more money from
abroad, reply that the restoration Of hi
metallism will restore the parity between
money and property and thus permit an
era of prosperity which will enable the
American people to, become .loapers OF
money instead Of perpetual borrowers.