The Van Buren press. [volume] (Van Buren, Ark.) 1859-1914, 1896-08-15

pnO0tfa
a,.,l; u ioahs to Offset the losses
lIins III legitimate banking business
AS iohg as human nature remains AS II is
.here VIII always be danger that unless
restrained by the public opinion or Legal
ehacthleht those who see pecupiary
proht Tor themselves in certain condi.
tlon may yield to the temptation to brine
about that eondit on.
Jefferson has stated that one of tho
main duties of government is to prevent
men from injuring one another and
never was that duty more important than
IL ls today. 1t Is not strange that those
VINO nave made profit by furnishing
soid 10 the government In the hour of
lts extremity favor a financial policv
wnich Will keep the government DEPEND
ent upon them. | believe. however 7
speak the sentiment of vast majority
Vi the people of the Unit
Gu states When | say that a
wise financial pol ey administered in be
half OF all the people would make our gov
eminent independent of any combina-
tlon or financiers, foreign or domestic.
Benefieiaries Of the Gold Standard.
Let me say a word now in regard to
certain persons who are pecuniarily ben
ehted by gold standard and who favor
II, not from desire 70 trespass upon
the rights of others, but because the
circumstances which surround them
blind them to the effect of the gold
standard upon others. ! shall ask YOU
to cons der that language of two gentle
men whore long public service and high
standing in the party to which they be,
long will protect them from adverse crit
icism by our oponents. In 1869 Sena-
tor Sherman said: The contraction of
the currency is a far more distressing
operation than senator's suppose. Our
own and other nations have gone through
that operation before. 1t s not possible
to take the voyage without the sorest
distress to every person except a capital
It's out Of debt, or salaried officer or an
nu tant: 1t is a period of loss, danger, las
situde Of trade, fall of wages, suspension
of enterprise, bankruptcy and disaster. 1t
means ruin to all dealers whose debts
are tw ce their business capital though
one-third less than their actual property.
1t means the fall of all agricultural pro.
duction without any great reduction of
taxes. What prudent man would dare to
build house, a railroad factory or
barn with this certain fact before him."
As have said before, the saaried off
Ger referred to must be the man whose
salary is fixed for life and not the man
whose salary depends upon business con-
d tions. When Mr. Sherman describes
contraction of the currency as disas-
trous to all the people except the capital
lists out of debt and those who stand in
a position similar to his. he is stating
truth which must be APPARENT to every
person who will give the matter careful
consideration. Mr.. Sherman was at thai
t me speaking of the contraction of the
volume of paper currency, but the prin-
ciple which hit set forth applies if there
is a contraction of the volume of the
standard money of the world.
Mr.. Blaine discussed the same prin
ciple in connection with the demoneti-
cation of silver. Speaking in the House
of Representatives on the 18th of Febru-
airy, 1888 he said: 81 believe the strug
gle now going on in this country and
other countries for a single gold stand
ard would, If successful, produce wide
spread disaster in and throughout the
commercial world. The destruction of
silver as money and the establishing Of
gold as the sole unit of value must have
a ruinous effect on all forms of prop
erty, except those invested which yield
a fixed return in money. These would
be enormously enhanced in value and
would gain a disproportionate and I'M
fair advantage over every other species
of property"
Is it strange thta the 'holders of in
vestments which yield fixed return in
money" can regard the destruction of
silver with complacency? We may not
expect the holders Of other forms OF
property to protest against giving to
money "disproportionate and unfair
advantage over every other species of
property" If the relatively few whose
wealth consists largely in fixed Invest
ments have a right to use the ballot 10
enhance the value of their inv S .uients,
have not the rest Of the people the right
to use the ballot to protect themselves
from the disastrous consequences OF
rising standard? The people who must
purchase money with the products OF
toll stand in a position eni rely diner
emf from the position of those who own
money or receive a fixed income. The
well being of the nation-aye, or CIVIL
ization itself--dtpends upon the proaper-
ity Of the masses. What shall 1t pcoht
MS TO have dollar which gro Va hcr'
yaalal'e every day if such dolll' lowe y
In, standard of vilization lnd brings
distress to the people? what snail u
probt us If in trying to raise our credit
by Incl easing the purchasing powrr Il
our dollar we destroy our abby 10 pay
Tie debts already contracted by hwe,-
ing the purchasing power OF tae pr?a
nets in which these debts mi'st d. pan
II Is asserted that the gold standard
VII Liable us to borrow more mou'!
nom abroad. l reply that the res'oi"
tiau Of bimetallism will restore me par
ity between marcy and property nhu
thrs Kermit an era of prosperity when
will enable the American people 10 De
come loaners of money instead OF per-
netual borrowers. Even il we desire 10
borrow, how long can we continue pol'
rowing under a system which, Dy low
ering the value of property, weakens tne
foundation upon which credit rests
Even the holders of fixed investments
though they gain an advantage from the
onnreciation of the dollar, certainly see
tbe Injustice of the Legislation Whlch
gives them advantage over those whose
incomes depend upon the value Oh prop,
erty and products. Ii the nolueiS VI
6xed investments will not listen 10 ar
onmante based upon justice ana equl's'