The San Francisco call., 1896-08-13


person Will be able to apply the principles
stated to his own occupation. 1t must also be
remembered that IT is the desire OF people
generally to convert their earnings into real
or personal property. This being true, In con-
sldering any temporary advantage which may
come from system under which the oollar
forgotten that the dollar cannot buy more
than formerly unless property sells for less
than formerly. Hence it will be seen that
large portion of those who may find some
pecunlary advantage in gold standard VIII
discover that their losses exceed their gains.
III is sometimes asserted by our opponents
M that a pank belongs to the DEBTOR class, Dut
this Is not true of any solvent bank; Every
statement published by solvent bank SHOWS
tnat the assets exceed Liabilities. mat is 10
say, whlie the bank owes a large sum OF money
10 lts ueposltors 1T not only mas enough on
hand IN money and notes to pay lis deposit
ors, but IN addition thereto has enough 10
cover It's capital and surplus. When the DOL
lar is rising IN value slowly bank may py
making short-time loans and taking good Sc
curlty avoid loss, but when prices are falling
rapidly the bank is apt TO lose more because OF
bad DEBTS than 1t can gain by the increase IN
purchasing power of its capital ana surplus.
1t must be admitted, however, that some banE-
ers combine the business OF a bondbroker with
the ordinary banking business, and these may
make enough in the negotiation of loans 10
offset the losses arising in Legitimate banking
business.
AS long as human nature remains as 1T is
there will always be danger that, unless re-
strained by public opinion or legal enactment,
those VINO see pecuniary proht for thein-
selves In certain condition may yleld 70 ene
temptation to bring about that condltlon,
Jefferson has stated that one OF the main
duties OF government is to prevent men from
inJuring one another, and never was that duty
more important than it is to-day. IL is not
strange that those who have made pront py
furnishing gold to the Government IN the
hour OF It's extremity favor financial poncy
which VIII Keep the Government dePehuent
upon them. ! believe, however, that l speak
the sentiment of the vast majority OF the
people OF the United States when say that
wise financial policy administered In Denalf OF
all the people would make our Government
Independent OF any combination OF hnanclers,
foreign or domestic.
Let me say word now in regard TO certain
persons who are pecuniarly benefited by,
gold standard and who favor II, not from a de-
sire TO trespass upon the rights OF others, Dut
because the circumstances which sprround
them blind them to the effect OF the gold
Standard upon others. | shall ask you TO con-
slider the language of two gentlemen whose
long public service and high standing in the
party 10 when they belong VIII protect tnem
from adverse criticism by our opponents.
In 1869 Senator Sherman said; "The con-
traction OF the currency is a lar more dlstTes-
sing operation than Senators suppose. Our
own and other nations have gone through tnaL
operation before. IL 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 a period
of loss, danger, lassitude OF trade, iall of
wages, suspension OF enterprise, bankruptcy
cit 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 prudeAt man
would dare build house a railroad factory
or barn with this certain fact before him"
AS nave said before, the salaried officer re-
ferred 10 must be the man whose salary is
fixed for life, and not the man whose salary
depends on business conditions. When Mr..
sherman describes contraction of the cur
reney as disastrous to all the people except the
Capitalist out OF debt, and those who stand in
position similar TO his, he is stating truth
W hich must be apparent TO every person who
will give the matter careful consideration. Mr..
Sherman was speaking then OF the contrae-
tion OF volume OF paper currency, but the
principle which he set forth applies, ii there
is contraction OF volume OF the standard
money OF the world.
Mr. Blaine discussed the same principle in
connection with the demenetization or silver.
Speaking in the House OF Representatives on
February z, 1878, he said: II believe the
struggle now going on in this country and
other countries Tor single gold standard
would if successful produce widespread dis
aster i'll and throughout the commercial world.
The destruction OF silver as money and the
establishing OF gold as the sole unit Of value
must have rplnous effect all forms OF
property except those invested which yield
fixed return in money. These would be enor-
mously enhanced in value and would gain
disproporuonate and unfair advantage over
every other species OF property"
ments which yield a fixed return in money!
can regard the destruction of silver with COM
placency? Nay we not expect the holders of
other forms OF properly TO protest against
fair advantage oyer every other species OF
property?"
If the relatively few, whose wealth consists
largely in fixed investments, have right 10
use the ballot TO enhance the value OF their
Investments, have not the rest of the people
the right to use the ballot TO protect them
81 lseor ~
rising standard? The people who must pur-
chase money with he products OF toll, stand
in position entirely different from the posi-
ton OF those who own money or receive a
fixed income. The well-being OF the Nation
aye of civilization itself-depends upon the
prosperity OF the misses. What shall 1t profit
US TO have dollar which grows more valuable
every day if such dollar lowers the standard
OF civilization ana brings distress to the peo-
Pile? What shall 1t profit US il, in trying to
raise our credit by increasing the purchasing
pay the debts already contracted by lowering
the purchasing power of the products with
which those debts must be pald2
Ii it is assert ted-as il cons tant,y is asserted
that the gold standard will enable us to bor-
row more money from abroad, | reply that the
restoration OF bimetallism will res tore the par
ity between money and pronerty. 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 con-
lowering the value OF the property, weakens
the foundation upon which credit rests? Even
the holders of fixed investments, though they
gain an advantage from the appreciation OF
the dollar, certainly see the injustice of the
legislation which gives them this advantage
over those whose incomes depend upon the
value OF property and products. If the holders
of fixed investments will not listen to argu-
ments based upon justice and equity, appeal
TO them to consider the interests of posterity.
We do not live for ourselves alone; our labor
our self-denial and our anxious care, a IL 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
vicious financial system remember that in
years 10 come their own children and their
ehildren's children may, through the opera
ton OF this same system be made to pay tribute
to the descendants of those who are wronged
to-day.
AS against the maintenance OF gold stand
ard, either permanently or until other nations
can be united for its overthrow, the Chicago
platform presents a clear and emphatic de-
mand for the immediate RESTORATION OF free
and unlimited coinage of silver and gold at
the present legal ratio of 1t TO l, without
waiting for the aid or consent of any other
nation.
We are not asking that a new experiment
be tried; We are insisting upon return 10
financial policy approved by the experience
OF history and supported by all the prominent
statesmen of our Nation from the days OF the
first President down to 1873. When we ask
that our mints be opened 10 the free and un-
limited coinage of silver into full legal-tender