The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-13
The adahita aily ghursaay sHorug august

SAEuc-it IN the HOCr OF It's extfc-nit,
favor financial policy which viii keel
the government dependent upon them
L believe, however, that / speak IN.
sentiment of a vast majority OF the PEG
pie of the Unite States when / say tha-
a wise financial policy. administered o.
behalf OF all the people. would make oul
government Independent OF any com
bination of fnanciars, foreign or domes
tic.
Let M saw a word nov N regard Il
certain persons who are peculiarly bene
fitted by the gold standard ana VINO Ia
vor IL, not from a desire 10 treSpaSs up
on the rights IF others, but because ,nt
corcumsta1oes which SURROUND tneir
blind them ~ the effect OF the goiS
standard unon the other side snai
ask you to consider the language OF tWe
gentlemen whose long public servic'
and high standing in the party &c
which they belong, will protect them
from adverse criticism by our opponents
In 1883 Senator Sherman SAID:
Contraction of the currency Is 9
far more distressing operation tran
| senators suppose. Our own and othel
nations have gone through that opera
| ton before. 1t is not possible 10 take
that action without the sorest distress
To every person except capitalists OUT
of debt or salaried officers or annuitants
IT is a period Of loss, danger, iassitude
of trade, fall of wages, suspension OF en-
terprise, bankruptcy and disaster. II
means ruin to all dealers whose debts
are twice their business capital, though
Sne-third less than their actual proper
". 1t means a fall of al agricultural
production without any great reduc-
! ton in taxation. What prudent man
would dare to build house, railroad
a factory or a barn with this certain
fact before him."
As / have said before. the salaried
officer referred to must be man whose
salary is fixed for life, and not man
whose salary depends upon business
conditions. When Sherman describes
the contraction of the currency as disas-
trous to all people except capitalists out
OF debt and those who stand in a posi-
ton similar TO his he is stating truth
which must be apparent to every per-
son who will give the matter careful
! consideration. Sherman was at that
time speaking of the contraction of the
volume of paper currency, but the pre-
cept which he sets forth applies if there
is contraction of the volume OF the
standard money of the world.
/ Mr.. Blain discussed the same princi-
/ pie in connection with the demoneti-
cation of silver. Speaking in the house
of representatives on February 7, 1873,
/ he said:
II believe that the struggle now go
ing on in this country and other coun-
tries for the single gold stndard would,
II successful, produce widespread disas-
ter in and throughout the commercial
= world trr1N ~ Gil Nv
and the establishment of gold as the
| sole unit of value must have a ruinous
effect on all forms of property except
those investments which yield a fixed
return in money. These would be en-
ormously enhanced in value and would
gain disproportionate and unfair add
vantage over every other species OF
property. 1t is strange that holders of
| investments which yield a fixed return
in money can regard the destruction of
silver with complacency. We may not
expect holders Of other forms of proper
erty to protest against giving TO money
a proportionate and unfair advantage
over other species of property
If the relatively few whose wealth
consits largely in fixed investments
have a right TO use the ballot to en-
nance the value of their investments,
have not the rest of the people the
right to use the ballot to protect them
selves from disastrous consequences of
a rising standard? People who must
purchase money with the products of
toll stand in a position entirely differ
ent from the position of those who own
money or receive fixed income. The
w7eli+being of nation. of civilization
itself, depends upon the prosperity of
the masses.
What shall 1t profit us to have dol
lar which grows more valuable every
day if such dollar lowers the standard
of civilization and brings distress to the
people. What shall it profit us if, in
trying to raise our credit by increasing
the purchasing power of our dollar. we
destroy our ability to pay debts already
contracted, by lowering the purchasing
power of our products with which those
debts must be paid. If II is asserted, as
it constantly is asserted, that the gold
standard will enable us to borrow more
money from abroad, reply that the res
toration of bimetallism will restore The
parity between money and property and
thus permit an era of prosperity which
will enable the American people 20 be-
come lenders instead OF perpetual Dor
rowers. Even if we do desire to borrow
how long can we continue borrowing
under system which by lowering the
value OF property, weakens the found
alton upon which our credit rests. Ev-
en- the holders OF fixed investments.
though they gain the advantage from
the appreciation OF a dollar, certainly
see the injustice of legislation which
gives them this advantage ove- those
whose incomes depends on the vail ~
property ana Pro ducts.
II holders of Fixed investments WI
not l.stcl 20 Arguments based upon
justice and equity, l appeal to them to
consider the interests of prosperity.
We do not live for ourselves alone. Our
labor, our self-denial and our anxious
care. all these are for those VINO are
TO come after us, as much as for our
selves. but we cannot protect our child
rem beyond the period OF our lives
Let those who are now reaping their
advantage from a vicious financial sys-
tenn remember that in years 10 come
their own children and their children'2
children may, through the operations
of this same system, be MADE 10 pay
tribute 10 the descendants OF those who
are wrongci today.
AS against the maintenance OF the
gold standard, either permanently or
until other nations can be unite FOR Its
overthrow, the Chicago platform pre-
cents a clear and emphatic demand FOR
the Immediate restoration OF the free
and unlimited coinage OF silver and goid
at the present legal ratio or 10 10 J.
without waiting for the ala or con-
sent o< any other nation. We are not
asking that new experiment Dc tired
We insist upon q return the nnanoaI
policy approved by the experience OF
history and supported by all the pro'ni-
nent statesmen Of our nation from tne
DAYS OF the first president down % 1913,