Semi=weekly graphic. (Pine Bluff, Ark.) 1895-1902, 1896-08-15


expenses. 1t j. not oniy necessary to note
the increasing number 81 failures III order
10 know that a gold standard is rulnous 10
merchants aud manufacturers. Ihese
i business men do not make their profits
from the people from whom they borrow
money, but from the people whom they
/ sell their goods If the people cannot buy
retailers cannot sell, and the il retailers
| cannot sell, wholesale merchants and man
facturers must 90 into BANKED tcy.
Those who hold Is a permanent invest
ment the stock OF railroads and oil other
/ enterprise do HOT include those who
speculate in stocks or use StOckholdinEs as
a means OF obtaining an inside advantage
/ III constructing contracts-are injured by
! q gold standard. The rising dollar de-
/ stroys the earning power OF these without
| reducing their liabilities, and as dividends
| cannot be paid until salaries and fixed
/ charges have been satisfied, the stockhold-
4 ers must bear the burden of hard times.
/ Salaries i'll business occupations depend
4 upon business conditions and the gold
/ standard both lessons the amount and
! threatens the permauency of such salar.
| les. Official salaries, except the salaries
! Of those who bold offices for life, must in
the long run be adjusted to the conditions Of
| those who pay the taxes, and If the present
/ financial policy continues we must expect
/ the contest between the taxpayer and the
! taNeater to increase in bitterness.
! The professional classes in the main de-
/ rive their support from the producing
| classes and can only enjoy prosperity when
/ there IS prosperity among those who Gre
| ate wealth. ] have net attempted to de-
scribe the effect of the gold standard upon
all classes, in fact, have only had time ~
! mention a few. but each person will be
able to apply the principles stated to his
| own occupation.
1t must also be remembered that it IS
| the desire Of the people generally to con-
.snA
/ property. This being true, in considering
| any temporary advantage which may come
! from system under which the dollar
rises in its purchasing power it must not
| be forgotten thS5 the dollar cannot buy
more than formerly, unless property sells
for less than formerly Hence it will be
seen that large portion OF those who find
some pecuniary advantage in gold stand.
ard will discover that their losses exceed
their gains
1t is sometimes asserted by our oppo-
/ nents that bank belongs to the debtor
class, but this is not true of any solyens
| bank. Every statement published by n
solvent bank shows that the assets exceed
the liabilities. That is to say, while the
bank owes large amount of money TO its
| deBositors, it not only has enough on hand
| in money and notes to pay its depositoPs,
but in addition thereto has enough to
| cover its capital and surplus When tho
dollar is rising III value slowly bank may
by making shorttime loans and taking
good security avoid loss, but when prices
are falling rapidly the bank is apt to loss
more because of bad debts than it can
gain by the increase in the purchasing
power of its capital and surplus
1t must be admitted, however, that some
bankers combine the business of a bond
broker with the ordinary banking business
and these may make enough in the nego.
tiation of loans to offset the losses arising
II.
as human nature remains as 1t is there
will always be danger that unless re-
strained by the public opinion or legal en-
actment those who see Il peeuniary profit
| for themselves in Il certain condition may
yield to the temptation to bring about THAI
desire. Jefferson has stated that one of
the main duties of the 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 a profit by furnish
| ing gold To the government in the hour of
its extremity favor financial policy
which will keep the government depend
ent upon them / believe, however, that
speak the sentiment of the vast majority
| of the people of the United States when
say that a wise financial policy admins
/ tered IN behalf Of all the people would
make our government independent of any
combination Of tinaneiers of foreign or do
nestle.
Let nae say a word now in regard to GER
tain persons no are pecuniarily benefited
by gold STANDARD and who favor it, not
from desire to trespass on the rights Of
others, but because the circumstances
which surround them blind them to the eff
feet ofithe gold standard upon others [
| shall ask you to consider that language OF
two gentlemen whose long public service
and high standing in the party to which
they belong will protect them from adverse
ppff iela lAsg an In
tor Sherman said The contraction of tho
currency is ii far more distressing opera
ton than senators suppose Our own
and other nations have gone through that
operation before. 1t is not possible to take
that voyage without the sOrest distress Ta
every person. except Il capitalist out of debt
or salaried officer or annuitant it is
period of loss. danger, laSsitude of trade
fall of wages, suspension of enterprise
| bankruptcy and disaster 1t means ruin
to all dealers whose debts are twice their
business capital, though one-third less
than their actual business property 1t
means the fall of all agricultural produc-
ton without any great reduction of taxes
What prudent man would dare to build
house, a railroad factory OF barn with
this certain fact before himg
As have said before, the salaried officer
referred TO must be the man whose salary
is fixed for life, and not the man whose sal
airy depends upon business conditions.
When Mr.. Sherman describes contraction
of the currency rs disastrous TO all the peo-
pie, except the capitalists out of debt and
those who stand in Il position similar to
| his, he is stating a truth which must be
apparent to every person who will give the
matter careful consideration Mr. Sher-
man was at that time speaking of the con
traction of the volume of paper currency.
| but the principle which he set forth APP
plies. If there is a contraction of the vol
ume of the standard money of the world
Mr. Blaine discussed the same principle
in connection with the decentralization of
silver Speaking in the house of repre-
sentatiyes on the 18th of Feb, 1888, he said:
Il believe the struggle now going on ia
this country and other countries for a
single gold standard would, If successful,
produce widespread disasterin ana throug-
ont the commercial world. The destruc-
ton 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 those invested which yield u fixed
return in money. These would be enor-
/ m0usly enhanced in value and would gain
a disproportunate and unfair advantage
over every other species of property
Is It strange that the holders of invest
ments which yield fixed return in
money can reggrd the destruction of sill
Yer with complaceucy We may not eX-
peet the holders OF other forms OF prop
erty 10 protest against giving to money
"disproportionatts and unfair advantage
over every other species OF property lf
the relatively frw whose wealth consists
/ largely ia fixed investments have right
tn use the ballot TO enhance the value of
If