The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1896-08-21

/ of this great nation must be thrown 11nor
sae sae slae %, OF gotd unless we are prepared tC
/ quenceS OF such an act ANY LEGISLATION
which lessons the worlds stock Of stand.
value of the dollar; therefore. the crusade
against silver must inevitably raise tht
purchasing power of money and lower the
erty. FF
Our opponents sometimes admit that ii
was mistake to demonetize silver but
insist that We should submit to present con-
dltiohs rather than return to the binetallic
system. They err in supposing- that I'VE
nave reached the end of the evil results
or gold standard; we have not reached
the end. The injury is q continuing one
and no person can say how long the world
Is Is u 10 sqIter IRON the attempt TO make gold
the only standard money. The same IN
huences. which hre now operating to de-
stroy silver in the United States will, if
successful here, be turned against other
silver using countries, and each new con-
vert to the gold standard will add to TIE
general distress. So long as the scramble
LOT goid cotntinues,~ prices must fall, and a
general fall In prices IS but another defIni-
tion Of hard times.
Our opponents, while claiming entire dis
interestedness for themselves, have ep.
pealed to the selfshness of nearly every
class Of society. Recognizing the DISPOSE
effect of any proposed legislation upon him
self, we present to the American people the
nnanclal policy outlined in the Chicago
platform, believing that it will result in the
greatest good to the greatest number
Why Farmers Oppose Gold Standard.
The farmers are opposed to the gold
standard because they have felt it's effects
Since they sell at Wholesale and bIIv a re-
tail, they have lost more than thew have
gained by falling prices, and, besides this
they have found that certain fixed charges
been perceptibly decreased, although it
requires more of farm products now than
formerly to secure the money with which
to pay taxes. Debts have not fallen. The
farmer who owed 81 900 is still compelled
to pay 1000, although 1t may be twice as
difficult as formerly to obtain the dollars
with which to pay the debt. Railroad
rates have not been reduced to keep pace
with falling prices, and, besides these
has thus found It more and more difficult
to live. Has he not a just complaint against
the gold standard?
Bad for the Wage-Earner.
The wage-earners have been injured by
gold standard and have expressed them
selves upon the subject with great en-
phaS1S. In February, 1895, petition ask
Ing for the immediate restoration of the
free and unlimited coinage of gold and sill
yer at sixteen to one was signed by the
representatives of all, or nearly all, of the
to congress; Wage-earners know that
while a gold standard raised the purchas-
Ing power of the dollar, it also makes it
more difficult to obtain possession of the
dollar; they know that employment is less
permanent, loss of work more probable
and unemployment less certain.
"A SOlu SldHQaIQ encourages the hOarQtng
9f money because money is rising; it also
iiscourages enterprise and paralyzes in |
lustry. On the other hand, the restoration |
II b1metallism will discourage boarding
when prices are steady or rising.
money cannot afford to lie idle in the bank |
7aults. The farmers and wage-earners TO- |
Sether constitute considerable majority |
u the people of the country. Why should |
heir interests be ignored in considering |
lnanclal legislation? A monetary system /
Vhlch IS pecun1artly adVauta geous to few /
yndicates has far less to commend it than
system which would give hope and en-
ouragement to those who create the ma |
ion s wealth.
suinOus to Merchants and Manufacturers.
Mr.. Bryan said it was only necessary to
ote the increasing number of failures in
rder to show th3t a gold standard is ruin
us to merchants ard manufacturers. Sal
r1eS in business occupations, he said, de-
end upon business conditions and the |
old standard both lessons the amount
nd threatens permanency of such haI-
rieS
Dangerous for Others.
Our opponents have made special ap-
cal to those who hold fire and life insur-
nee policies, but these policy holders +
now that, since the total premiums received
xceed the total losses paid, arising standard
lust be of more benefit to the companies
han to the policy holders.
Much solicitude has been expressed by
ur opponents for the depostors in savings
anks. They constantly parade. before
lese depoSitorS the advantages of a gold
but these appeals will be in vain,
ecause savings bank depositors know that |
nder a gold standard there is increasing |
anger that thew will lose heir deDosits he. |
ause of the inability of the banks to collect
leir assets; and they still further know
lat, If the gold standard is to continue in
they may be compelled to with
'aw their deposits in order to pay living
lpenses.
Those who hold, as a permanent invest
ent, the stock of railroads or other en-
rprlSeS-1 do not include those who spec
ate in stocks or use stock holdings as a.
a n sir n a1fra acra.i in 1
instruction contracts-are injured by a
I'D standard. The rising dollar destroys
ithout reducing their liabilities and, as
vidends cannot be paid until salaries and
red charges have been satisfied, the
ockholders must bear the burden Of hard
The professional classes-in the main
ceive their support from the producing /
asses, and can only enjoy prosperity when
G wealth a
Mr.. Bryan said that the assertion of the !
position that a bank belongs to theI I
btor class is not true of any. solvent i
NIX. Every statement published by a '
lVent bank shows that the assets ex- 7
ed the liabilities, and, he continued, when | c
dollar is rising in value slowly a bank !
ay, by making short-time loans and TAX |
ices are falling rapidly, the bank is apt t
lose more because of bad debts than it a
n gam ny the increase in the purchasing +
Wer or It's capital and surplus.
Benefciaries of a Gold Standard. (
oassing briefly over this point, Mr.. Bryan r
Id: Let me say a word now in regard g
certain persons who are peculiarly ben
ted by gold standard and who favor it, '
from desire to trespass upon the q
hts of others, but because the circum- Q
Lnces which surround them blind them v
the effect Of the gold standard upon o
lers. 1 shall ask you to consider the L
lguage of two gentlemen whose long {.
bic service and high standing in the L
rty to which they belong will protect |
I'm from adverse criticism by our on ! 81
lents. In 1869 Senator Sherman said: V
must be admitted, however, that some c.
1kers combine the business of a bond Il
,ker with the ordinary banking business "
i these may make enough in the neeotfa- a.
n OF loans to offset the losses arising in Il
ltlmate banking business. AS long as e.
man nature remains it is, there Will II
rays be danger that, unless restrained in
the public opinion or legal enactment | We
'se who see a pecuniary profit for them of
YES in certain condition may yield to v;
temptation to bring about that condf- W
\. Jefferson has stated that one of the If
in duties of government is to prevent II
from fnjuring one another, and never cf
9 that duty more important than it is IN
Jay. 1t is not strange that those who | 10
re made a profit by furnishing gold to at
government in the hour of its e5Strenf- aT
favor financial policy which win keep q
government dependent upon them / US
eve however, that speak the sentf- ne
lt Of the vast majority Of the people of WI
United States when 1 say that a wise ST
.nclaI policy administered in behalf of gu
the people would make our government re
ependent Of any combination of fnan- ne
s foreign or domestic to
What sherman Said. w
ne contraction OF the currency IS a far mi
e distressing operation than Senators | or,
pose our own and other nations have | TT
InTougn tnat operation before. It as
ot possible 10 take that voyage without | du
sorest distress. To every person ex- | su
a capitalist out of debt, or salaried
,er or annuitant. it IS q period of loss
ger. lassitude of trade. fall Of wages
pension Of enterprise, bankruptcy and WI
ster. 1t means ruin 70 all dealers whose sta
s arc twice their business capftaI otl
Ugh oae-thjrd less than their actual rht