Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1896-08-17
charges have been satisfied the stockholders

charges have been satisfied. the stockholders
must bear the burden of hard times
Salaries in business occupations depend upon
business conditions, and the gold standard both
neneR Of sncb sanres o oa Salaries
the salaries of those who hold ONCE for life,
must in the long run be adjusted to the condi-
lions of those who pay taxes. and If the pres
ent financial policy continues we must expect
the contest between the taxpayer and the tax
eater to increase in bitterness
The professional classes-in the main-receive
their support from the producing classes and can
only enjoy prosperity when there is prosperity
among those who create wealth.
/ have not attempted to describe the effect of
the gold standard upon all classes; in fact,
have only had time to mention few: but each
person will be able to apply the principles to
that it is the desire of people generally to con-
vert their earnings into real or personal prop
porary advantage which may come from sys-
tenn under which the dollar rises in its pur-
chasing power it must not be forgotten that the
dollar cannot buy more than formerly unless
property sells for less than formerly. Hence.
it will be seen that large portion of those
who may find some pecuniary advantage in a
gold standard will discover that their losses ex-
coed their gains
bank belongs to the debtor class but this
is not true Of any solvent bank. Every state
the assets exceed the liability. That is to say.
while the bank owes large amount of money
to and notes to pa nas its
ors, but in addition thereto, has enough to cover
its capital I. and s surplus banR the he DOLLAR
short time LOANS and by taking good security
avoid oss; but when prices are falling rapidly.
the bank is apt to lose more because of bad
debts than it gain by the increase in the
purchasing power of it's capital and surplus. 1t
must be admitted however, that some bankers
combine the business of a bond broker with the
ordinary banking business, and these may make
enough i'll the negotiation of loans to offset the
losses arising in legitimate banking business.
AS long, as human nature remains as It IS
strained by the public opinion or legal enact
ment, those who see pecun1ary profit for them
temptation to bring about that condition. JEFF
ferson has stated that one of the main duties
If government is to prevent men from injuring
one or another. and never was that duty more i'm
portant than it is to-day. It is not strange that
those who have made profit nv furnishing gold
favor a financial policy which will keep the
government dependent upon them ! believe,
vast majority of the people of the United States
when 1 say that a wise financial policy, ad-
make our government Independent of any COM
bination of fnanciers. foreign or domestic
Quotes Sherman and Blaine.
Let me say a word now in regard to certain
persons who pecuniarly benefited by gold
trespass upon the rights of others, but because
the circumstances which surround them blind
others l shall ask you to consider the language
of two gentlemen whose long public service and
high standing in the party to- which they belong
onnonents. In 1869 Senator Sherman said: ''The
Of the fban + far d
own ard other nations have gone through that
operation before. 1t is not possible to take that
VOYAGE without the sorest distress. To every
person except a capitalist out of debt. or q
salaried officer or annuitant it is a period of
suspension of enterprise, bankruptcy and disaster
It means ruin to ali dealers whose debts are
than their actual property. 1t means the fall of
all agricultural production without any great re-
to build house. a railroad factory a
barn with this certain fact before him. As !
be the whose salary is fixed for life. and not
the man whose salary depends upon business con-
ditions When Mr.. Sherman describes cont-ac-
tion of the currency as disastrous to all the peo-
pie except the capitalist out of debt and those
who stand f we6 s b to ms 70 ee
person who will give the matter careful considera-
of the contraction of the volume of paper cur
rency, but the principle which he set forth APP
plies if there is a contraction OF the volume OF
the standard money of the world.
Mr.. Blaine discussed the same principle in con-
nection with the demonstration of silver. Speak
ing in the house OF representatives on the 18th OF
February, 1878, he said: Il believe the struggle
now going in this country and other countries
for a single gold standard would, if successful,
produce widespread disaster throughout the COM
mercal world. The destruction of silver rs money
and the establishing of gold the sole unit of
value must have ruinous effect on all forms of
property except those investments which yield
a fixed return in money. These would be enor-
mously enhanced in value and would gain a dis
proportionate and unfair advantage over every
other species Of property.
Is it strange that the ''holders of investments
which yield fixed return in money can regard
the destruction of silver with complacency? May
we not expect the holders of other forms of
property to protest against giving to money a
disproportionate and unfair advantage over
every other species of property.
If the relatively few whose wealth consists
largely in fixed investments have right right to use
ments, have nGt th.; resi- OF the people the
right to use the ballot to protect themselves
diGacf nj piSjn no
standard? The people who must purchase
money with the products of toll stand in /!
those who earn money receive fixed in
come. The well being of the nation-aye, of
of the masses.
Investments and Loans.
What shall it profit us to have dollar which
grows more valuable every day if such dollar
lowers the standard Of CIVILIZATION and brings
if, in trying to raise our credit by increasing
the purchasing power of our dollar, we destroy
p py o@ergg the pay Of the prod
ducts with which those debts must be paid: 1t
the Is god standard viii enable US to
more money from abroad reply that the res
between money and property. and thus permit
an ga o1 prosperity wnicn VIII enabe the
American people to become loaners Of money
sire to borrow. how long can we continue Dor
rowing under system which. by lowering the
which credit rests?
Even the holders of fixed Investments though
they gain an advantage from the appreciation
IF the dollar, certainly the injustice of the
legislation which gives them this advantage
those whose incomes depend upon the value
of property and products If the holders OF fixed
investments will not listen to arguments based
upon justice and equity, appeal to them to con-
slider the interests of posterity. We do. not
live for ourselves alone; our labor. our self de-
NAL and our anxious care-all these are for
those who to after us as much as for
ourselves: But. we cannot protect our children
beyond the period of lives. Let those who
are now reaping advantage from vicious finan-
ciaI system remember that in the years to come
their own children and their children's children
may, through the operation of this same system.
be made to pay tribute to the descendants OF
those who wronged to-day
Power of Gold and silver.
AS against the maintenance of gold standard,
either permanently until other nations can
be united for it's overthrow, the Chicago plat
form presents clear and emphatic demand for
the immediate restoration of the free and I'M
limited coinage of silver and gold at the pres
ent legal ratio of 16 to 1, without waiting for
the aid consent of any other nation. We are
not asking that a new experiment be tried; we
insisting upon a return to financial policy
approved by the experience of history and sup
ported by all the prominent statesmen of our ma
tiOn from the days of the first president down