Democratic Northwest and Henry County news. [volume] (Napoleon, O. [Ohio]) 1894-1905, 1896-10-22

gold dollar IL would buy twice as much a
It used TO, for II there was no purchase
for what he made there was no way TO ge
any kind Of dollar. Thus there followeS
naturally universal paralysis and distress.
Restore Purchasing Power.
We insist that, according to this SAM
law, the restoration of silver viii tend d
again raise prices and again restore The
purchasing power Of the farming and pro
ducing classes, and with the restoration
Of that purchasing power, when the farm
er can again spend money nt the store, car
again spend money at the shop, spend
money at the college, spend money In trav
ell, there viii come universal activity. The
manufacturer will ngnin find q market fol
what he makes, and labor will bo employ
cd, and the tendency will bo to revive uni
versal activity and prosperity.
Mine Owner and Farmer.
Like the Common run of gold standard
orators. Mr.. Schurz appealed to the preju.
dice Of his audience by bringing In the
mythical rich mine owner. Now, there are
two things to be said In regard to the
mine owners. First, q rich mine owner Is
largely myth. They are all In distress.
Second, tho price Of the mine owners prod
ucts has not fallen any more than have
the prices of farm products. They stand
exactly on the same level AS measured
by gold, silver sells for just one-half what
it did, and that is true on an average of
all farm products. The mine owner has
an enormous advantage over the farmer in
breasting the hard times In this, that
when he finds that 1t does not pay to oper-
ate his mine he simply shuts 1t up, and
the people who suffer directly are the labor
ers who are thrown out Of employment
But the farmer cannot stop farming No
matter how low products go In price, the
farm has to go on as before He must sup
port his family there. He must make his
taxes He Is obliged to go on cultivating
his farm and raising more products whether
they bring him big prices or little price
So that tho mine owner in the first In
stance does not suffer as much as the farm
er and can protect himself in q manner
that the farmer cannot Therefore In the
future would suggest to the gold stand
ard orators that they drag In the rich farm
er and use him as bugaboo, as the man
who Is going to profit by the restoration
of silver. But to show the utter want Of
consistency, If not of good faith, call your
attention to the fact that throughout the
whole Of Mr.. Schurz's speech he speaks Of
q 80 cent dollar. He describes the condi-
tions that are going to exist after MIR. Bry-
an Is elected and after the new regime has
been introduced, and he tells you how sill
YER dollars will be worth only so cents un-
der the new order of things and tho great
injustice that will be done to creditors by
giving them dollars that are worth In the
market only 80 cents. He dwells On this
In o manner that is pathetic, and, strange
to say, he does this after having told his
hearers that the mine owner was the man
who was to be made enormously rich by
the restoration Of silver. Now, II the mine
owner is to be made rich, 1t will have to
be by raising tho price of silver in the mar
ket, and, If by reason Of the increased de-
mand for silver and Its use again as mon
ey the price of silver rises in the market,
then there will be no 80 cent dollar If oil
of the new silver dollars can be used to do
exactly the same work that gold dollar
would do, then 1t Is self evident that the
gold dollar will have to como down from
Its high perch and be worth no more than
O silver dollar.
Savings Banks.
During the last few years we have heard
a great deal about the deposits in savings
banks increasing. This allegation, like
that Of the rich mine owner and the 90
cent dollar, Is constantly harnessed up
and made to do duty by the gold standard
people, and one would get the impression
that instead of stagnation In industry and
In business in this country there was the
greatest activity and that all Of our people
were employed and that everybody was
happy. But the fact is that, inasmuch as
the savings banks pay high rate of inter.
est, higher than the ordinary commercial
banks do upon deposits, people of large
means in many cases deposit their money
In the savings banks rather than in the
commercial banks They do this bocaEso
money cannot be used proftably in busi.
ness, and as they do not desire to loan 1t
they put 1t into the savings
bank, where 1t can be withdrawn ON short
notice and where in the meantime they
get the highest rate of interest, so that
instead of the large deposits in savings
banks at present being an indication that
we are prosperous or that our laborers are
employed they show In themselves that
capital cannot be proftably or safely used
In business or in manufacturing or any
Of the great industries of this country.
Panic of 1893.
MIR. SchurZ attributes the panic of 1893
to the fact as he says: "The grave doubt
arising In tho public mind whether the
government would be able to maintain
the gold standard. We were then within
q hairbreadth of very widespread bank
ruptcy Of the banks, and only the wisest
and the utmost efforts of the
clearing houses prevented it" Now, Mr.
Sohur2 Is entitled to credit for being the
only man In the world who made the dis
ooyery that the panic. of 1893 was brought
about by the cause he named, and he Is
satitled to the greatest credit because of
the fact that he never ran bank or
business or a manufacturing establish
nent or q railroad and was never engaged,
10 far as we know, In any commercial
business. He had an established reputa-
don as a rhetorician and as man who
,ould make an equally good speech on any
lu5 VI any QueSblOI. II bHe panic Oh toJo
was due to the cause to which he ascribes
t, then we are liable to have panics Of that
every year so long as the exist
ng conditions continue; but, my fellow
,itizens, that panic was not local to the
United States, and the depression that fol-
lowed from 1t Is not local, but exists all
over Europe and, In fact, nearly all over
The world, and Is most severe In the gold
using countries There was no doubt In
The minds of the public at that time about
England's maintaining the gold standard,
nor about Germany maintaining the gold
standard, nor about the other countries
that had recently adopted gold standard
1t, and yet in all Of those
countries the distress and paralysis are
sven more severe than in our own. Mr..
5ohurz may be able to patent his idea in
this country, but his letters patent will
be worth nothing in Europe.
Bond Sales.
But perhaps the strangest part of the
speech Is that which emphatically indorses