The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1896-08-19

/ he wage Gamers nave CcCil 1QJuIeU DN
Il gold standard and have expressed them
selves upon tic subject with great en-
phasi; IN February. 1855. a petition ask
! ing for the immediate restoration Of the
free and unlimited coinage of gold and sil
yer at is to was signed by the represent
ativcs Of ALL or nearly all, the leading Ia
boi. organizations ard presented to con-
ercss. Wage carriers know that while 4
gold standard raises the purchasing power
of the dollar it also makes it more diff
cult to obtain possession Of the dollar.
They know that employment is less per
marcnt. loss of work more probable and
unemployment less certain. A gold stand
ard encourages the boarding CT money be
cause money is rising. 1t also discourages
enterprise ard paralyZes industry. On the
other hard the restoration Of bimctalliSm
Will discourage boarding because when
prices arc steady or rising money cannot
afford to lie Idle in tie bank vaults. The
farmers ard wage earncrs together consti-
tute a considerable majority Of the people
of the country Why should their interests
be ignored in considering financial lcgis-
lation? \ monetary system which is pecun-
iarilI' advantageous to 4 few syndlcatcs
has far less to commend it than Il system
which would give hope and encouragement
to those who create the nations wealth.
Our opponents have made special ap-
real to those who hold fire and life insur-
ance policies, but these policy holders know
1..at. since the total premiums received ex-
ceed the total losses paid, arising standard
must Ec of more bereft to the companies
than to the i.olicy holders
Much solicitudc has been expressed by
OFT opponents for the depositors III savings
banks They constantly parade before
these depositors the advantages Of gold
standard but these appeals will be in vain
because savings bank depositors know that
under gold standard there is increasing
danger that they will lose their deposits be-
cause of the inability Of the banks to col
lect their assets, and they still further
know that, if the gold standard is to con-
tinue indefinitely, they may be compelled
10 withdraw their deposits in order to pay
living expenses
1t is only necessary 10 note the incrcas-
ing number of failures in order to know
that gold standard is ruirouS to met
chants and manufacturers. These business
men do not make their profits from :he
people from whom they borrow money. but
from the people to whom they sell their
goods If the people cannot buy, retailers
cannot sell, and, if retailers cannot sell.
wholesale merchants and manufacturers
must 20 into bankruptcy.
Those who hold as permanent invest
ment the stock Of railroads and of other
enterprises Il do not include those who
speculate in stocks OR use stock holdings as
a means of obtaining an inside advantage
in construction contracts) are injured by
q gold standard. The rising dollar destroys
the earning power of these enterprises with
out reducing their liabilities. and. as dlvl-
dends cannot be paid until salaries and
fixed charges have bccn satisfied, tic stock
holders must bear the burden Of hard
times.
Salaries in business occupations depend
upon business conditions and the gold
standard both lessons the amount ard
threatens the Eermanency of such salaries.
Official salaries, except the salaries CT
those who hold Office 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
tax eater to increase in bitterness.
The Professional Glasses.
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 create
wealth.
oil 10 f3oSori1)Q fh0 of
feet of the gold standard upon all classes
in fact, have only had time to men
ton q few-but each person will be able to
apply the principles stated to his own oc-
cupation.
It must also be remembered that it is the
desire of people generally to convert their
earnings into real or personal property.
This being true, in considering any tenn
porary advantage which may come from a
system under which the dollar rises in its
purchasing power it must not be forgot
ten that the dollar cannot buy more than
formerly unless property scllsf fer less than
formerly. Hence it will be seen that &
large portion c1 those who may find some
pecuniary advantage in Il gold standard
will discover that t!ieir losses exceed their
gains.
1t is sometimes asserted by oui opIo-
ncnts that /; !,;:l:k i;piGrGs To the debtor
class. but this IS nnt true CT any solvent
bank Every statement published ''y {;
| solvent bank shows that The assets cxcecd
the liabilit;rs-tlA.t * tn s;:v. while the
bank owes large aGount cf ii:cncy 70 its
depositcrs it rot Only las enough on
hand in money ard "cres 10 pay its deros-
itors. but in addition thereto has enough
to cover its capital ard ss1ri';S. When sAe
dollar is ,.iyins s;aluc slowly. !; bank
may. y muki;3;. shcrt ;i:i:: leans ard
taking Gcod seci:li;y. ~ ii i,::>s. but when
prices arc falling rapidly the bank l. apt
to lose more because Of bad eicb.s than IL
can gain by tic increase i'll the purchasing
| power OF It's capital ;ird surplus.
1t must Dc admitted, however, that some
bankers combine the business of {; bond
broker with the ordinary banking busl-
ness. and tle 20 may make enough in the
negotiation Il lnans To offset the losses
arising in legitimate banking business
AS long rs human nature remains as Ii is
there will always Ee danger that, unless
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