Democratic Northwest and Henry County news. [volume] (Napoleon, O. [Ohio]) 1894-1905, 1896-08-20


the world is to suffer from the attempt TO
make gold the only standard money The
same influences which are now operating
to destroy silver in the United States will,
if successful here be turned against other
silver using countries, and each new con-
vert to. the gold standard will add to the
general distress So long as the scramble
for gold continues prices must fall, and
general fall in prices is but another deflni-
tion of hard times
Our opponents, while claiming entire
disinterestedness for themselves, have ap-
pealed to the seihshness of nearly every
class of society. Recognizing the disposi-
ton of the individual voter to consider the
effect of any proposed legislation upon
himself, we present to the American peo-
pie the financial policy outlined in the
Chicago platform, believing that it will
result in the greatest good to the greatest
number.
The farmers are opposed to the gold
standard because they have felt its effects.
Since they sell at wholesale and buy at re-
tail 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. Taxes have not
been perceptibly decreased, although it re-
quires more of farm products now than
formerly to secure the money with which
to pay taxes. Debts have not fallen. The
farmer who owed 81, 900 is still compelled
to pay 81 900, although it may be twice
as difficult as formerly to obtain the dol
lars 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 it more and more difficult
to live Has he not a just complaint
against the gold standard?
Effect on Wage Farmers.
The wage earners have been injured by
a gold standard and have expressed them
selves upon the subject with great en-
phasis. In February, 1895, petition ask
ing for the immediate restoration of the
free and unlimited coinage OF gold and sill.
yer at 16 to ! was signed. By the. represent
atives of all, or nearly all, the leading Ia
Dor organizations and presented to con-
gress. Wage earners know that while a
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
manent, loss of work more probable and
re-employment less certain. A gold stand.
ard encourages the boarding of money be-
cause money is rising. 1t also discourages
enterprise and paralyzes industry. On the
other hand, the restoration of bimetallism
will discourage boarding because when
prices are steady or rising money cannot
afford to lie idle in the bank vaults. The
farmers and wage earners together consti-
tute a considerable majority of the people
of the country. Why should their interest
be ignored in considering financial legis
lation? A monetary system which is pecun
iarily advantageous TO a few syndicates
has far less to commend it than a system
which would give hope and encouragement
to those who create the nations wealth.
Our opponents have made a special ap-
peal to those who hold fire and life insur-
ance policies, but these policy holders know
that, since the total premiums received ex-
Ceed the total losses paid, rising standard
must be of more benefit to the companies
than to the policy holders.
Much solicitude has been expressed by
our opponents for the depositors in 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 q 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
to withdraw their deposits in order to pay
living expenses.
1t Is only necessary to note the increas-
ing number of failures in order to know
that a gold standard is ruinous to mer-
chants and manufacturers. These business
men do not make their profits from the
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, L retailers cannot sell,
wholesale merchants and manufacturers
must go into bankruptcy.
Those who hold as a 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
gold standard. The rising dollar destroys
the earning power of these enterprises with
out reducing their liabilities, and, as diyi-
dends caunot be paid until salaries and
fixed charges have been satisfied, the 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 and
threatens the permanency of such salaries
io1 low tI,a or;o Of
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.
professional classes, in the MAN, de-
rive 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 ef-
feet of the. gold standard upon all classes
in fact, I have only had time to men.
ton few-but each person will be able to
apply the principles stated to his own oc-
cupatipn.
1t 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
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 sells for less than
formerly. Hence it will be seen that
large portion of those who may find some
pecuniary advantage in gold standard
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 solvent
bank. Every statement published by a
solvent bank shows that the assets exceed
the iabilities--that is to say while the
bank owes large amount of money to its