Democratic Northwest and Henry County news. [volume] (Napoleon, O. [Ohio]) 1894-1905, 1896-08-20

negotiation of loans TO offset the losses
arising in legitimate banking business
As long as human nature remains as IL is
there will always be danger that, unless
restrained by public opinion or legal en-
actment, those who see a pecuniary profit
for themselves in certain condition may
yield to the temptation to bring about that
condition. 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 today. 1t is not strange that
those who have made profit by furnishing
gold TO the government in the hour of its
extremity favor financial policy which
will keep the government dependent upon
them. 1 believe, however, that 1 speak the
sentiment Of the vast majority of the peo-
pie of the United States when 1 say that a
wise financial policy administered in be-
half of all the people would make our gov
ernment independent of any combination
Of financiers, foreign or domestic.
Contraction of the Currency.
Let me say word now il regard to GER
tain persons who are pecuniarily benefited
by gold standard and who favor it not
from desire to trespass upon the rights of
| others, but because the circumstances which
surround them blind them to the effect of
the gold standard upon others. I shall ask
| you to consider the language of two gentle
men whose 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 Sher
man said: 1.-THE contraction of the cur
rency is far more distressing operation
than senators suppose. Our own and
| other nations have gone through that oper-
alton before. 1t is not possible to take that
voyage without the sorest distress. To ev-
cry person, except C capitalist out OF debt
or a sal9ried officer or annuitant, 1t is O
| period Of loss, danger, lassitude 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 q house,
railroad, factory or barn with this GER
tain fact before himP" AS l have said be-
| fore, the salaried 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 currency
! as disastrous to all the people except the
| capitalist out of debt and those who stand
in position similar to his, he is stating q
truth which must be apparent to every per
son who will give the matter careful con-
| sideration. MIR. Sherman was at that time
speaking of the contraction of the volume
of paper currency, but the principle which
he set forth applies If there is o contrac
zion of the volume of the standard money
Of the world
Mr.. Blaine discussed the same principle
in connection with the characterization OF
silver Speaking in the house of represent
atives on the 18th of February, 1878, he
said: II believe the struggle now going on
In this country and other countries for q
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 rtlinous effect Oh all
forms Of property except those invested
which yield fixed return in money. These
would be enormously enhanced in value
and would gain % disproportionate and
unfair advantage over every other species
of property" Is it strange that the ''hold-
ers of Investments which yield a fixed re-
turn in money" can regard the destruction
Of silver with complacencyS May we not
expect the holders of other forms of prop.
erty to protest against giving to money a
"disproportionate and unfair advantage
over every other species Of property?" If
the relatively few whose wealth consists
largely in fixed investments have q right
to use the ballot to enhance the value of
their investments, have not the rest of the
people the right to use the ballot to pro-
tect themselves from the disastrous conse-
quences of q rising Standard The people
who must purchase money with the prod
ucts of toll stand in position entirley diff
ferent from the position of those who own
money or receive o fixed income. The well
being of the nation-aye, of civilization it
self-depends upon the prosperity of the
masses. What shall it profit us to have o
dollar which grows more valuable every
day if such a dollar lowers the standard of
civilization and brings distress to the peo-
pie? What shall it profit us if in trying to
raise our credit by increasing the purchas-
ing power of our dollar we destroy our
ability to pay the debts already contracted
by lowering the purchasing power Of the
products with which those debts must be
paidP Ii it is asserted, as it constantly is
asserted, that the gold standard will en-
able us to borrow more money from abroad,
1 reply that the restoration of bimetallism
will restore the parity between money and
property, and thus permit an era of pros
perity which will enable the American
@o of fY,e n
of perpetual borrowers. Even if we desire
to borrow how long can we continue bor-
rowing under a system which, by lower
ing the value Of property, weakens the
foundation upon which credit restsp
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 in
comes depend upon the value Of property
and products. If the holders of fixed in
! vestments will not listen to arguments
based upon Justice and equity, Fappeal to
} them to consider the interests of posterity.
We do not live for ourselves alone. Our Ia
Dor, our self denial and our anxious care,
J all these are for those who are to come aft
: er us as much as for ourselves, but we can
not protect our children beyond the period
Of our lives. Let those who are now reap
ing advantage from vicious financial sys-
tenn remember that iNthe years to come
their own children and their children g
children may, through the operation of
this same system, be made to pay tribute
to the descendants of those who are
) wronged today.
AS against the maintenance Of gold
standard, either permanently or until 9th
er nations can be united for its overthrow,
the Chicago platform presents clear and
emphatic demand for the immediate res
toration of the free and unlimited coinage
Of silver and gold at thepresent legal ratio
of 16 to l without waiting for the aid or
consent of any other nation. We are not
asking that now experiment. be tried. We