The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-08-13

aries of those who hold Office for lie.
must in the long run be adjusted to the
conditions of those who pay the taxes.
and If the present financial policy con-
tinues. we must expect the contest be-
tween the Taxpayer and tax .sate.' to
increase in bitterness. The profession
al classes-in the main - derive their
support from the producing classes. and
can only enjoy prosperity when there
is prosperity among those who create
wealth. | have not attempted to de-
scribe the effect of the gold standard
upon all classes-in fact. l have only
had time to mention a few-but each
person will be able to apply the prin-
ciples stated to his own occupation.
THOSE WHO BENEFIT.
Let me say a word, now. In regard
to certain persons who are pecuniarily
benefited by a gold standard. and who
favor ii. not from a desire to trespass
upon the rights of others, but because
the circumstances which surround
them blind them to the effect Of the
gold standard ON others. ! shall ask
you to consider the language of two
gentlemen. whose long public service
and high standing in the party to which
they belong, will protect them from ad-
1869 Senator Sherman said 'The con-
traction of the currency is far more dis
.tressing in operation than senators
suppose. Our own and other nations
have gone through that operation be-
fore. 1t is not possible to take that
voyage without the sorest' distress. To
every person, except capitalist out
of debt. or a salaried officer or an an
nuitant, II Is Il period of loss. danger.
lassitude of trade, fall of wages. srs-
pension of enterprise, bankruptcy and
disaster. 1t means ruin to all debtors.
whose debts are twice their business
capital. though one-third less than
their acutal property. 1t means the fall
of agricultural production without any
great reduction of taxes. What pru-
dent man would dare to build house.
railroad, a factory or barn with this
certain fact before him."
AS | have said before. the salaricd
officer referred to must be the man
whose salary is fixed for life and not
the man whose salary depends upon
business conditions. When Mr. Sher-
man 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 truth which
must be apparent to every person who
will give the matter careful considera-
tion. Mr.. Sherman was at that time
speaking of the contraction of the vol
ume of paper currency, but the prin-
ciple which he set forth applies. if there
Is a contraction of the volume of the
standard money of the world.
Mr. Blaine discussed the same prin-
ciple in connection with The demoneti-
zation Of silver Speaking in the House
of Representatives on the seventh of
February. 1878. 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 commercial world. The destruction
of silver as money, and the establishing
of gold as the sole unit of value, must
have a ruinOus effect on all forms of
property, except these investments which
yield fixed returns in money. They
would be enormously enhanced in value
and would gain a disproportionate and
unfair advantage over every other
species of property"
Is it strange that he "holders of in
vestments which yield a fixed return
in money" can regard the destruction
of silver with cOmplacency? May we
not expect the holders of other forms
of property to protest against giving
TO money u "disproportiOnate and un-
fair advantage over every other species
Of property?'
If the relatively few whose wealth
consists largely in fixed investments
have a right to use the ballot to en-
hance the value of their Investments
have not the rest of the people the
right to use their ballot to protect them
selves from the disastrous consequences
Of rising standard? The people who
must purchase money with the pro-
duets of toll stand in u position entirely
different from the position of those
who own money or receive a fixed in.
come. The well being of the nation
aye of civilization itself-depends or
the prosperity of the masses. What
shall it profit us to have a dollar which
grows more valuable every day If such
dollar lowers the standard of civil
zation and brings distress to the people
What shall II profit us II in trying tC
raise our credit by Increasing the pur.
chasing power of our dollar, we destroy
our ability to pay the debts already
contracted by lowering the purchasins
power of the products with which thos,
debts must he paid?
TO RAISE SILVER'S VALUE.
We contend that free and unlimited
coinage by the United States alon.
will raise the bullion value of silver t,
| its coinage value, and thus make sill
Yer bullion worth Sl.29 per ounce in golt
throughout the world. This PROPOSE
tiOn is in keeping with the natura
laws, not In defiance of them. The bes
.known law Of commerce Is the law o
supply and demand. We recognize
thit law and build our argument upoi
it, We auply this law to money whel
We say that reduction in the volume
of money will raise the purchasin:
power Uf the dollar. we also apply the
law of supply and demand to silve
when we say that IL new demand TO
silver created by law will raise tn
price of silver bullion.
Gold and silver are different from
other commodities i'm that they are lin
| tied in quantity. Corn. wheat, manu-
faCtured products. etc. can be produce,
almost without limit, provided they cal
be sold at price sufficient to stimulat
production. but gold and silver ar,
called precious metals. because they ar
found, not produced. These metals hav
been the objects of anxious search u
itt'h uS IiStoly YET
ing to Mr.. Ilarvey's calculation. all tn
gold coin of the world can be melte,
into Il 22-foot cube and all the silve
coin in the world into u 6G-foot cub.
Because the gold and silver are lin
tied, both In the quantity now in ham
and in annual production. ii follow
that legislation can fix the ratio be
tween them. Any purchaser VIII
stands ready to take the entire suppl
Of any given article at certain pric
can prevent that article from fallin
below that price. So the government
can fix price for gold and silver b
creating demand greater than tn
supply.
The only question upon which inter
national bimetallists and independen
bimetallists differ is-can the Unite
States by the free and unlimited coin
age of silver at the present legal rati
create a demand for silver which, take
in connection with the demand alread
in existence. will be sufficient to uti
| ~ n ha si hnt xx,;I h..