The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-13

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 Sherman said: ''The con-
traction of the currency is far more dis
tressing 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 sorest distress.
To every person except capitalist out Of
debt, or salaried officer or annuitant, it is
period of loss, danger, lassitude of trade, fall
of wages, suspension of enterprise, bank
ruptcy 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 agri-
cultural production without any great reduc-
ton of taxes. What prudent man would dare
to build a house. a railroad factory a
barn with this certain fact before him?
As | have said BEFORE the salaried officer
referred to must be the man whose salary
is fixed for life and not the whose sal
airy depends upon business conditions. When
Mr.. Sherman describes contraction of the cur
rency as disastrous to all the people except
the capitalist out of debt and those who stand
in position similar to his, he is stating a
truth which 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 paper cur
rency, but the principle which he set forth
applies, IL there is a contraction of the vol
ume of standard money of the world.
BLAINE QUOTED.
Mr.. Blaine discussed the same principle in
connection with the characterization of silver.
Speaking in the house of representatives on
the 7th of February, 1878. he said: Il believe
the struggle now going in this country
and other countries for single gold standard
would, II successful, produce widespread dis
aster in ard throughout the commercial
world. The destruction of silver money
and the establishing of gold as the sole unit
or value must have ruinous effect on all
forms OF property except those invested
Wn1ch yield fixed return in money. These
would be enormously enhanced in value and
would gain dfsproportionate and unfair adj
vantage over every other species of property
Is 1t strange that the holders of invest
ments which yield a fixed return in money
can regard the destruction of silver with com
placency? We may not expect the holders
OF other forms of property to protest against
giving to money ''disproportionate and I'M
fair advantage over every other species of
property. II the relatively few whose wealth
consists largely in fixed investments have a
right to use the ballot to enhance the value
of their investments, have not the rest ofothe
people the right to use the ballot to protect
themselves from the disastrous consedl1 ences
of rising standard? The people who must
purchase money with the product of toll stand
in position entirely different from the posi-
fixed income The well being of the nation
aye, of civilization itself-depends upon the
prosperity of the masses.
What shall it profit US to have dollar
winch grows more valuable every day il
such dollar lowers the standard Of civiliza-
ton and brings distress to the people? What
snalI IL pront US IL, IN trying to raise our
credit by increasing the purchasing power of
our dollar. we destroy our ability to pay the
debts already contracted by lowering the pur-
chasing power of the products with which
those debts must be paid? II 1t is asserted
as 1t constantly Is asserted that the gold
standard will enable us to borrow more mon
ey from abroad. reply that the restoration
of bimetallism will restore the parity between
money and property and thus permit an era
OF prosperity which will enable the American
people to become loaners of money instead of
perpetual borrowers. Even If we desire to
borrow. how long can we continue borrowing
under system which, by lowering the value
OF property, weakens the foundation upon
which credit rests?
Even the holders Of fixed investments.
though they gain advantage from the ap-
probation Of the dollar, certainly see the in
justice Of the legislation which gives them
this advantage over those whose income de-
ponds upon the value Of property and prod
ucts. If the holders of fixed investments
Will not listen to arguments based upon JUS
tice and equity, ] appeal to them to consider
the interests of posterity. We do not live
for ourselves alone; our labor our self-de-
NAL and our anxious care-all these are for
those who are to come after us, as much
as for ourselves. But we cannot protect our
children beyond the period of our lives Let
those who are now reaping advantage from \
a vicious financial system remember that \
in the years to come their own children ahd 1
their children's children may, through Che A
operation Of this same system, be nadeato 1