The herald., 1896-08-13

|
ditions. When Mr.. Sherman described
the contraction of the currenc vas dis
astrous to all people except the capital
ist 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
consideration.
Mr.. Sherman was at that time speak
ing of the contraction of the volume of
paper currency, but the precepts which
he sets forth apply if there is con-
traction of the volume of standard
money of the world.
| WHAT BLAINE SAID
Mr.. Blaine discussed the same prin-
| ciple in connection with the demone-
! tization of silver. Speaking in the house
| of representatives on the 7th of Febru-
ary, 1878, he said: II believe the strug-
gle now going on in this country and
other countries for a single gold stand
ard would, If successful, produce wide
| spread disaster throughout the CONNER
cial world. The destruction of silver
| as money and the establishing of gold
| as the sole unit of value must have
/ ruinous effect on all forms of property
except those invested which yield fixed
returns in money. Those will be enor-
mously enhanced in value, and would
gain a disproportionate and unfair ad-
vantage over every other species of
property"
| 1t is not strange that the holders of
| investments which yield 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 a "disproportionate and unfair
advantage over other species of prop
erty?"
The relativel view whose wealth con-
sists largely in fixed investments have
| the 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 protect themselves from the
| disastrous consequences of rising
standard? People who must purchase
money with products of toll stand in
position entirely different from the po-
sition of those who own money or re-
ceive fixed incomes.
PUBLIC WELL-BEING.
The well-being of the nation, aye, of
civilization itself, depends on the pros
| perity 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 civilization and
brings distress to the people; what shall
| it porfit US if in trying to raise our credit
| by increasing the purchasing power of
I our dollars we destroy our ability to pay
| the debts already contracted by lower
| ing the purchasing power of the prod
| ucts with which these debts must be
paid, if it is asserted, as it constantly is
asserted. that the gold standard will en-
| able us to borrow that money from
abroad? I reply that the restoration of
bimetallism will restore the parity be-
| tween money and porperty and thus per-
| init an era of prosperity which will en-
able the American people to become
| lenders of money instead of perpetual
| borrowers Even if we desire to bor-
| row, how long can we continue borrow
| ing under system, which, by lowering
| the value of property, weakens the
| foundation upon which our cretlit rests?
UNJUST LEGISLATION.
| Even holders of fixed investments,
| though tHey gam al duN dItei sc II oiii eiiS
appreciation of the dollar, certainly see
, the injustice of legislation which gives
| them this advantage over those whose
| incomes depend upon the value of prop
| erty and products. If holders of fixed
| investments will not listen to arguments
/ based upon justice and equity, appeal
| to them to consider the interests OF pos
| terity We do not live for ourselves
alone; our labor, our selfdeniaS and our
| anxious care-all these are for those
who are to come after us as mich as for
ourselves but we cannot protect our
children beyond the period of our lives
| Let us who are now reaping the ad-
vantage from the various financial sys-
| TENS remember that in years to come
| their own children and their children's
! children may, through the operations of
| this same system be made to pay tribute
| to the descendants of those who are
wronged today.
AN EMPHATIC DEMAND.
AS against the maintenance of the
| gold Standard either permaS emily or
| until other nations can be united for its
| overthrow, the Chicago platform pre-
StnlS d citdT anu tlllDHdl1c demand IOT
| the immediate restoration of the free
| and unlimited coinage of silver and gold
| at the present legal ratio of 16 to l, with
| out waiting for the aid or consent of any
| other nation. We are not asking that
| a new experiment be tried; we are in
| sisting upon a return of the financial
| policy approved by the experience of
| history and supported by all the promi-
| nent statesmen of our nation from the
| days of the first president down to 1873
| When we ask that our mints be opened
| to the free and unlimited coinage of
| silver into full legal tender money, we
are simply asking that the same mint
| privileges be accorded to silver that
are now accorded to gold.
When we ask that this coinage be at
| the ratio of 16 to /, we simply ask that
our gold coins and standard silver dol
| lars which. be it remembered, contain
the same amount of pure silver as the
first silver dollar coined at our mints,
| retain their present weights and fine
ness. The theoretical advantages of the
bimetallic system is best stated by
| European writer on political economy,
| who suggests the following illustration:
| A river fed from two sources is more
uniform in volume than a river fed