Pine Bluff daily graphic., 1896-06-23
SOUND SENSE FROM A slLvERlTE.

Congressman Towne's Admission That a
 Policy Which Injures Capital Will Strike
 Down Labor.
 Representative Towne of Minnesota is an ardent advocate of free silver who argues plausibly from 6 basis of facts which exist only in his imagination. But while he is mistaken i'll his theories as to the need of cheap money, he is en- tirely correct in his statement of the mutual dependence of all classes on tho maintenance of a stable monetary standard. That he believes in free coinage law which would put this country on fuctuating silver basis does not lessen the importance of his assertion that: "The laboring mans interests are precisely the same as the manufacturer the tradesman' and the farmers, and the policy that is sure to wreck all employers ill productive industry if continued cannot fail to ruin also the men who work for them. Profits cannot disappear and leave wages untouched. When men that hire labor become bankrupt, the man who works is very apt to be out of job J
 Truth, golden truth. Yet it comes from a man who is doing his best to strike blow at manufacturers mer- chants and other employers of labor which would throw trade and industry into hopeless confusion, and bring ruin and bankruptcy to the business interests of the country. What is the chief aim and object of the silverite agitators? It is to attack capital and capitalists by making it possible for the man who has borrowed money to pay his debts with dollars worth but one-half of those thatI were loaned to him. The free coinage| and Populist papers and the speechesnf| the Is to 1 senators and representatives. are filled with denuneiationssof 4leF wicked capitalists and bankefs who Ire said to be robbing the peopla, aud NJ 3o will find the value of their Ma 8n{3 fut i'll two under free silver RepudiatioI of debts and confscation of tho nroperfy of creditors are openly preaehed bY tho prophets of the cheap moEky S8s4seas
 Suppose that the United States should adopt free coinage, what would b8 tic effect on the capitalists whose moYit6v is absolutely necessary to carry on the great manufacturing and other produe- tive industries of the country? It issoer- tain that long before a Is to 1 law could be put on the statute book the fact that president and congress favor able to its enactment had been elected would cause the calling in of hundreds of millions of dollars. Timid creditors would insist on getting back their money, and no new loans would be forthcoming. No sensible man would invest ill any enterprise if he knew that he might get back only one-haf of his capital Banks would refuse to aid the hundreds of thousands of business men now dependent on them, and the mills and factories would be shut down. The millions of men forced into idleness by the closed industries could not buy the farmers products. Business stagnation and widespread poverty and depression would inevitably be the results of a law which made doubtful the ownership or security of capital.
 American workingmen who have been deluded by the silverite and socialist outcry against capital should remember that ''when men who hire labor become bankrupt the man who works is very apt to be out of a job. , And the Amer ican farmers would do well to bear ill mind that a man permanently out of a job cannot buy the things they have to sell