Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1896-08-21

: ber. The farmers are opposed to the
} gold standard because they have felt
its effects. Since they sell at whole
sale and buy at retail, they have lost
more than they have gained by falling
prices, and, besides this, they have
found that certain fixed charges have
not fallen at all. Texas have not been
percep;ibly decreased, although it re-
quires far more farm products now
than formerly to secure the money
with which to pay taxes. Debts have
not fallen. The faImer who ownod
81 900 is still compelled to pay 81 600,
although it may be twice as difficult as
formerly to obtain the dollars with
which to pay the debt. Railroad rates
have not been reduced to keep pace
with falling prices, and besides these
items, there are many more. The
farmer has thus found complaint
against the gold standard.
The wage earners have been injured
by gold standard, and have expressed
themselves upon the subject with
great emphasis. In February, 1895,
petition asking for the immediate
restoration of the free and unlimited
coinage OF gold and silver at 1G to
was signed by the representatives Of
all, or nearly all, the leading labor
organizations and presented to Con-
gress. Wage-earners know that while
the gold standard raises the pur-
chasing power of the dollar, it also
makes it more difficult to obtain pos
session of the dollar; they know that
employment is less permanent, loss of
work more probable and re-employ-
ment less certain. The gold standard
encourages boarding of money because
money is rising; it also discourages
enterprise and paralyzes industry. On
the other hand, bimetallism would
discourage boarding, because when
prices are rising money cannot afford
to lie idle in bank vaults. If farmers
and wage-earners together constitute
a considerable majority OF the people
of the country, why should their in
terests be ignored in considering
financial legislation? A monetary
system which is pecuniarily ad-
vantageous to syndicates has far less
to commend it than system which
would give hope and encouragement
to those who create a nations wealth.
Our opponents have made special
appeal to those who hold fire and life
insurance policies, but these policy
holders know that since the total
premiums received exceed the total
losses paid, rising standard must be
of more benefit to the companies than
TO the policy-holders. Much solicitude
is being expressed by our opponents
for depositors in savings banks. They
constantly parade before these de-
positors the advantage of the gold
standard. But these appeals will be
in vain, because savings.banks de-
positors know that under the gold
standard there is increasing danger
that they will lose their deposits be-
cause of the inability of banks to col.
lect their assets; and they still further
know that if the gold standard is to
continue indeti nitely, they may be
compelled to withdraw their deposits
in order to pay living expenses. 1t is
only necessary to note the increasing
number of failures in order to know
that the gold standard is ruinous to
merchants and manufacturers. The
business men do not make the profits
from those from whom they borrow
money, but from people to whom they
sell their goods. Ifpeople cannot buy,
retailers cannot sell, and if retailers
cannot sell, wholesale merchants and
manufacturers must go into bank
ruptcy.
EARNING ABILITY OF STOCKS.
Those who hold as permanent in
vestment the stock of railroads and of
other enterprises Il don't include
those who speculate in stocks or use
stockholders as means of making an
inside advantage in construction con-
tracts) are injured by the gold stand
ard. The rising dollar destroyed the
earning power of these enterprises
without reducing their liabilities, and
as dividends cannot be paid until
salaries and fixed charges have been
satisfied, stockholders must bear the
burden of hard times. Salaries in
business occupations depend upon
business conditions, and the gold
standard both lessons the amount and
the greatest permanency OF such
salaries. Official salaries. except salar-
les OF those who hold office for life,
must in the long run also be adjusted
to the conditions of those who pay
taxes, and if the present financial
policy continues, we must expect the
contest between the taxpayer and tax
eater to increase in bitterness. Pro-
fessional classes in the main receive
their support from the producing
classes, and can only enjoy prosperity
when there is prosperity among those
who create.wealth.
have not attempted to describe the
effect of the gold standard on all
classes. In fact, have only had time
to mention a few, but each person
will be able to apply the principle to
| his own occupation. 1t must also he