The Progress., 1896-09-03

benefit to the companies than TO the
policy holders. Savings banks dcpOgl
tors know that under a gold STANDARD
thofb IS increasing danger that they
will loso their deposits because Of thc
inability of tho banks to collect tbGi
assets and they still further know thn'
II tho gold standard IL to continue III
definitely they may be compelled tC
withdraw their deposits In order to pay
living expenses.
| Gold Means Ruin to Morrhantn.
1T IS only necessary 20 note the in
creasinE number Of failures in orde,
TO know that gold standard is ruin
ors to merchants and manufacturers
IF the people cannot buy. reiAilera can.
not sell, and, If tho ,c'1ilers cannot
| sell. WhOlC6alc merchants and manu-.
facturcrs must 90 into bankruptcy.
Those who hold. as = permanent In.
vestmcnt. the storl; Of ra'lrolAg aud OF
other enterprises. arc injured by n sold
standard The rising dollar destroys
the earning power Of chose pN.G,l1jaos
without reducing their liahilil,rG. aud,
as dividends cannDt bc paid until sal
aries and fixed charges have bren sat.
istiod, tho stockholdcr5 must bear ths
burden Of hard times.
Salaries in business occupations Dc.
pend upon business conditions, ana tha
gold standard both lessons ihc amount
and threatens tho permancnCy OF such
salaries.
| Its Eject U,on Al Classes
u have not attempted 10 describe tbs
effect Of tho gold standard upon all
classes fact, ] hayn only had tins
to mention few but each person
will be able to apply the principles ac-
cording to his own occupation. II
must not be forgotten that the dolas
cannot buy more than formerly unless
property sells for lcss than formerly
Hence, 1t will be cccn that large por.
ton OF those who may find somo pc.
Cuniary advantage in a gold standard
will discover that their losses exceed
their gains.
Bryan Attacks tho "Go'd Bugs
TN 1869 Senator Sherman said: 'Ihe
contraction of the currency Is a far
more distressing operation than scna.
tors suppose. TO every person, except
capitalist out of debt or a salaricd
officer or annuitant. 1t is q period OF
loss, danger, lassitude of trade, fall OF
wages, suspension Of enterprise, bank.
ruptcy and disaster. It means ruin tc
all dealers whose debts are twice thet,
business capital, though one-third lcsa
than their actual property. 1t meanl
the fall Of all agricultural production
without any great reduction of taxes
Mr.. Sherman was at that time speak
ing Of the contraction of the volume
Of paper currency, but the principls
which ne set forth applies If there is
a contraction Of tho volume Of the
standard money Of the world.
Hiains Was for silver.
"Mr. Blaine discussed the same prin.
ciple in connection with the demone.
tization Of silver. Speaking in the
house OF representatives on Feb. Z,
1878, he said: I believe the struggle
now going on in this country and other
countries for single gold standard
would. IL successful, produce wide
spread disaster in and throughout the
commercial world. The destruction Of
silver as money and tho establishing
Of gold as the sole unit of value must
have u ruinous effect upon all forms
Of property, except those invested
which yield fixed return In money
Is it strange that the holders of invest
ments which yield q fixed return in
money can regard the destruction CT
silver with complacency? II the rela
lively few whose wealth consists large
ly in fixed Investments have "A right to
use the ballot to enhance the value OF
their investments, have rot tho rest OF
the people the right to use the ballot
to protect themselves from the disas-
trous consequences Of a rising stand
ard? What shall 1t profit us to have q
dollar which grows more valuable
every day If such dollar lowers the
standard Of civilization and brings dis
tress to the people? Il 1t is asserted,
as it constantly is asserted, that the
gold standard will enable US to borrow
more money from abroad, ! reply that
the restoration OF bimetaliism will re-
store that parity between money and
property, and thus permit an era OF
prosperity which will enable the Amer
ican people to become loaners Of money
instead Of perpetual borrowers.
Must Stop borrowing.
"Even IL we desire 10 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 an advantage from the ap-
probation of the dollar, certainly see
the injustice Of tho legislation which
gives them this advantage over those
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