The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-09-17
10 the EdItor OF Inc ln.elllgeneer.

& d Z +
"a To tho Editor of the 1ntcllgcncCr.
Al slR.-It ii u common argument by
!, persons not well informed, that they
Z oppose the tgold standard for no other
y cause than thnt the capitalists and
! banking interests OF the country arc
for 1t. This argument IS encouraged
\ and propagated By MIR. Bryan In his
y many speeches throughout the eoun-
q ry.. II ID without reason or logic. be.
Ing founded entirely upon prejudice
and relies for It's effect upon a sentl.
s&ment OF hostility supposed to exist be.
tween capitaiAand labor.
" The interests of employer and en-.
) ployed arc generally Identical. When
! times are good and the mills are maxi
ing fair returns to the capitalist. the
laborer his employment and wages.
When conditions are such that there Is
! little demand for the products OF man
utacturvc. mIll-owners and laborers
suffer alike.
S4t Lack OF demand lessons the number
4 OF the employed; lessening the number
Ii employed increases competition and re-
4 suits In lower wages.
n II seems plain that opposition 10 the
interests OF capital Is opposition TO
4 the, interests OF workingmen. II times
s are such that capital Will not invest
Il the, greatest sufferer Is the unGmploy-
ed laborer. II there is demand FOR
Z capital, there Is demand for labor. II
mills are paying, mills ARE running;
II lnborers are working. labores are
earning.
< The election OF William Mckinley
would result In immediate and unusual
demand for labor Of all kinds. Why?
4 For the simple reason that from low
tariff laws and uncertainty OF future
values all business has been stopped;
1.-THE stream of commerce has been
< damned up and only awaits tlSc as-
4 surance OF higher values and our pre-
/. sent system Of montS. 10 tear the bar
rlers down and let loose the flood OF
trade. so
ii Builders OF railroads and structural
work OF Nil kinds knowing the result OF
(, McKinley's policy OF high tariff and
high wages would make haste 10 buy
and build before the highest tariff
8 would so into effect.
Whit would be the rcsule-Ot the cleo
ton OF Mr.. Bryan? He declares for
lower tariffs. and deprecated money.
Now. could trade revive by his elee-
ton? All values would be unsettled
q and 1t would be many months before
q contract could be made with any
Certainty of value. Utter stagnntion
would be the result. The mills would
remain closed and the capitalist owner
would lose his deserved returns on his
investments The lab0rer would be
without employment and his family
without the necessaries OF life. The in
terests OF The mill owners and the In
terests OF the mill worker, are. In gen.
Il eral, the 'samc-legislattun that effects
; the one affects the other.
Opposition 10 the banking interests
Is unJustifnble. Next after state and
municipal corporations and railroads,
banks are the greatest debtors. Their
interests are chiefly with the debtor
class. Without the aid OF the banks
rlne-tenths OF the commercial and
Z Industrial world would be bankrupt.
There Is mistaken Idea concerning
the advantages OF national hanks in
y regard to profits on capital Invested. 1t
y ii said the banks are paid double In
i terest. as they receive currency for
n!ne-teaths OF the government bonds
deposited as security for their circula-
et!on. This currency is loaned out and
s the bonds deposited are drawing inter-
4 est. also This seems like 4 double
interest and valuable concession In
favor Of national banks. That II Is
Z not considered valuable privilege
may be Inferred from the fact that
OUT OF a total bank capitalization OF
over six hundred millions OF dollars In
2 the United States. ard a privilege OF
issuing six hundred millions OF dollars
4 there IS an Issue OF only two hundred
y millions. -
If the banks are So highly favored by
the system II Issuing 90 per cent cur
rercy on the deposit of reserve bonds,
why do they not Issue the full amount
authorized instca5 OF one-third the
a1nJult? There are several causes
y why larger Issues are not profitable.
Among others the high premium on
bonds. the deposit required for the re-
Z demptiOn fund. and the tax OF one
Nor cent on circulation. Instead OF the
\ profits OF banking being exorbltant to
a degree that should excite tho peoples
opposition to the system. It Is fact
II that few commercial undertakings pay
.{ayless average percentage.
The comptrJllera report for the last
ybar' shows the average profit OF the
X national bankst0 be only five per cent.
What other business involving so large
capltal will shOT less returns? Banks
E nre a convenience and a necessity,
without which large commerce and
E manufacture Is impossible. II
y commerce and manufacture give
employment to our workmen, why
should they oppose system emil
ncntly favorable to better their cOndl-
tIon?.
= THE opposition to wealth now being
cultivated by the free silver party is Il
foreign plant. 1t will not thrive on
these shores. Where poverty is the re-
suit of long continued systems OF leg
ts;atIye oppression, or where hercdl-
tary wealth Is In the hands OF the few,
then the discomfort OF the hopeless but
4. ambitious poor hcscts n natural hl-
Z tired OF the wealthy classes Here we
have no such conditions as these. The
pDorb oy Of to-day Is the wealthy capt.
4 talIst Of the future.
Y II Is true that n large majority OF
Y our wealthy men began life In poverty.
u Nowhere are opportunities so great for
Y the ACQUISITION OF wealth, nowhere arc
the causes for opposition TO wealth
with so little foundation, as in our own
i country. CLARENCE WILSON.
Wheeling. Sept 16.