The weekly Thibodaux sentinel and journal of the 8th Senatorial District. [volume] (Thibodaux, Lna. [i.e. La.]) 1875-1898, 1896-08-22

not hetn reduced to keep pace with Iaiiin2
prices. Reside these items there are maj
more. The .armer has thus found com
r,aint agains. the gold standard The
wageearners have been injured BY = gold
standard and nave expFrssed themselvss
on the subject with great emphasis IN
February. 1898. = petition askinR Tor the
immediate restoration Of the free and un-
limited coinage Of gold silver at 10 ~
] was signed by the representatives OF all
or nearly all the leading labor Organize
lions and presented to congress. Wage
earierS know that while q gold standard
raises the purchasing power OF the dollar
il also makes it more Gifficut 70 Obtain
possession of the dollar: they know that
employment Il less permanent loss Of
work more prs,As: bic and Unemployment
les certain.
4 eoil standard encourages the hoard
ing ri nlaIieE because money Is riSing- lu
al>o diSccs.r.geS enterprises u paraiyzes
industry. On the o:Eer and the restcra-
tinn Of bimetsllism will discourage heard
ing. because when prices are steady or ris-
ing. money canine afford TO lie die in the
bank vaults. The farmers and wagtearn-
erS together constitute a considerable ma
ioriry " the people Of the country. Why
should their interests be ignored in cnn-if-
ering financial legislation. A monetary
system which is ~pecuniarily advantageous
to a few syndicates has far less TO com
mend ii than a system which would give
hope and encouragement to those who Gre
ate tie nations wealth.
Our opponents nave made a special APP
zeal to those who hold fire and life inS.r-
.nce policies, bur these p~oiicTholders knew
that since the total premiums received ex-
coed the total losses paid q rising STANDARD.
must he Of more benefit to the companies
than TO the poiicyholdens
Much salicitude has been expressed by
our oponents for the depositors in saving
1apt< Tta-- rarc+ansfx .nrrI hafnpa
tbese deposiiors the advantages OF a gold
standard. bUt these appeals will be in vain,
because savings bank depoSitors know hat
under a gold standard there is increasing
danger that they will lose their deposits,
because Of the inability of the banks to col
lect their assessments: and they still know
that if the gold standard is I continue in
definitely they may be compelled TO with
draw their deposits in order TO pay living
expenses 1t is not only necessary to note
the increasing number of failures in order
10 Know that a gold standard Is ruinous 10
merchants and manufacturers These
business men do not max their profits
from the people from whom they borrow
money. but from the people whom they
sell their goods. II the people cannot buy
retailers cannot sell. and the il retailers
cannot sell. wholesale merchants and man
facturers must 20 into bankruptcy.
Those who hold as a permanent invest
- N-N 49, oA aAA " LII
enterpr.ses-I TO not include those who
speculate II stocks or use stockhoidings as
. means OF obtaining an inside advantage
IN constructing contractS-are injured by
a gold standard. The rising dollar de-
stroys the earning power of these without
reducing their liabilities, and as dividends
cannot be paid until salaries and fixed
charges have been satisfied, the stockhoId-
ers 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 p~ernlanency Of such salar-
les. Official salaries, except the salaries
Of those who hold Offices for life, must in
the long run be adjusted to the conditions Of
those who pay the taxes, and IL the present
financial policy continues we must expect
the contest between the taxpayer and the
taxeaicr To increase in bitterness.
The professional classes in the main de-
rive their support from the producing
classes and can only enjoy prosperity when
there is prosperity among those who ere
ate wealth | have not attempt. d to de !
scribe the effect Of the gold standard upon
all classes. in fact | have only had time TO
mention q few. but each person viii be
own occupation
1t must also be remembered that il il |
the desire of the people ger rally to con
vert their earnings into real OF personal
property. This being true, in considering
any temporary advantage which may come
from a system under which the dollar
rises IN is purchasing v it must NOT |
be forgotten that the dollar cannot buy |
more than formerly, unless property sells |
Tor less than formerly. Hence il will be
seen that a large portion OF those who find
some pecuniary advantage in q gold stand !
ard will discover that their losses exceed |
their gains.
IL Is sometimes asserted BY our oppo-
nents that q bank belongs to the drhror |
class. but this is not true OF any solvent |
bank Every statement published hv 1
solvent bank shows that the assets eycaaa 1
the liabilities That In to ny, while the
bank owes q large amount OF money To its |
depositors- it not only has enough On hand
money ana notes 20 pay IT, depositors,
cover its capital and surplus. When the
dollar Is rising in value slowly abank NAV
by making shorttime loans and takinv
good security avoid loss, but when pricss
are falling rapidly the bank Is apt to lose
more because Of bad debts than it can
ny me increase In the purchasing
power OF its capital and surplus.
1t must be admitted. however. that some
bankers combine tho business OF n bond |
with the ordinary banking business
aud these may make enough in the nepoA
OF loans TO Offset the losses arising
legitimate banking business. As long
as human nature remains Is it II fherr
will always be danger that unless -
by the public opinion or legal en-
actment those who see = pecuniary Drnfit
for themselves in a certain condition NAV
yield 70 the temptation to bring about that
nesire- Jefferson has stated that n Of
the main duties Of the government i ~
men from injuFing one ano,her
and never was that duty more important
it il today. It il not strange thai
those who have made q profit by furnish.
lng gold TO the government in the hour OF
ts extremity favor a financial noI;er
which will keep the government depend.
nj upon them. I believe. however. thar