The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-08-13

know that employment is less peTma
nent. loss of work more probable and
accomplishment less certain.
The gold standard encourages tbs
( boarding OF money, because money is
raising. Il. also discourages enterpris,
and paralyzes industry. On the othel
hand the restoration Of bimetaIiism vii
discourage boarding, because wher
prices are steady or raising, money can
not afford to lie idle in bank vaults
! Farmers and wage earners together cor
stitute considerable majority of the
people of the country. Why should tneil
interests be ignored in considering Il.
nancial legislation? A monetary sys
tenn which is peculiarly advanta geous
to few syndicates has far less TO com.
mend it than system which would
give hope and encouragement to those
| VINO create the nations wealth. Our
opponents have made a special appeal
TO those who hold fire and life Insurance.
policies but these poiicy-holders know
that since the total premiums received
exceed the total losses paid, a rising
standard must be of more benefit to d
company than TO it's policy-holders.
Much solicitude has been expressed
by our opponents for the depositors in
| savings banks. They consctantiy PAR
ade before these depositors theaivan-
tages Of the gold standard. but these
appeals will be in vain, because savings
bank depositorS know that under the
gold standard there is an increasing
danger that they will lose their de-
posits because Of the inability of the
banks to collect their assets, and they
still further know that if the gold star
dard is to continue indefinitely they
may be compelled TO withdraw their de-
posts in order to pay living expenses.
1t is only necessary to note the in
creasing number of failures in order to
know that the gold standard is ruin
Gus to merchants and manufacturers.
These business men do not make their
profits from people from whOmthey
borrow money but from people to whom
they sell their goods. II people cannot
buy, retailers cannot sell; and if re-
Tailers cannot sell, wholesalers and
manufacturers must go into bank
ruptcy.
Those who hold as a permanent ;n-
vestment the stock of railroads and of
other enterprises q do not include those
who speculate in stocks or use holdings
as means of obtaining an inside sd-
vantage in construction contracts), are
injured by the gold standard. The ris-
ing dollar destroys the earning power
of these enterprises without reducing
the liabilities, and the dividends cannot
be paid until salaries and fixed charges
have been satisfied, stockholders must
bear the burden of hard times. Salaries
in business occupations depend upon
business conditions and the gold STAN
dard lessons both the amount and the
nor 1f To- -, T.
cial salaries, except salaries of those
who hold office for life, must in the long
run be adjusted to the conditions of
those who pay the taxes aud If The pres
ent financial policy continues we must
expect a contest between tax payers
and tax eaters to increase in bitterness.
The professional class, in the main, de-
rive their support from the producing
classes and can only enjoy prosperity
when there is prosperity among those
who create wealth.
l have not attempted to describe the
effect of the gold standard upon all
classes, in fact l have only had time to
mention few, but each person should
be able to apply the principle to be act
ed upon.
1t must be remembered that It Is
the desire Of people generally to con-
vert their earnings into real or personal
property. This being true, considering
any temporary advantage which may
come from a system under which the
dollar rises in its purchasing power,
it must not be forgotten that the dollar
canot buy more than formerly unless
properdty sells for less than formerly.
1t has been seen that large portion of
these who may find some advantage in
the gold standard will discover that
their losses exceed their gains. 1t is
sometimes asserted by our opponents
that bank belongs to the debtor class
Dut this IS not true of any solvent bank.
Every statement published by a sol
vent bank shows that assets exceed La
bilities; that is TO say, while the bank
owes large amount of money TO its lie.
positOrs il not only has enough or hand
N money and notes to pay its deposit
tors, bat in addition thereto has enough
II cover its capita; and surplus. When
doialr is rising ~ value slowly the
bank may. by making short time loans
and taking god security, avoid losses,
but wnen prices are falling rapidly the
bank is APT 70 lose more becaus- OF
bad debts than it can gain by the in
crea.- purchasing porcr of its Capita.
and surplus. u nIdst be admitta1,
however. that some bankers combine
she bushes Of the bond broker with the
ordinary hSnhinS business and chase
may make enough III negotiations of
loans 10 effect losses arising in thar
legitimate banking business. As long
es human nature remain as t &C there
will always be danger Ciore or less rA-
strained by public opinion or legal eu-
actment. that those who Sc a pa.uniqry
profit fer themselves in a certain -on-
ditI"n may yield to the temptation 10
bring about that condition.
Jefferson has stated that one of .:.e
main duties Of a government IS 10 pre-
vent men from iLiUrins one ano1,:--,
and never was that duty more import
ant than it is today. 1t is no strange
thing that those who have made a
profit by furnishing gold TO the gov