Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1896-08-22

couragement to those who create the ma
ti0n's wealth.
Ruinous to Merchants and Manufacturers
Mfr. Bryan said It wal only necessary I
note the Increasing number Of failures 1!
order 10 show that q gold standard is ruin
U to merchants and manufacturers. sSi
aries in business occupations, he salu' &c
pend upon business conditions ana IN
gold standard both lessons the amoan
and threatens a permanency OF sueh s"i
aries
Dangerous for Others.
Our opponents have made a special Up
neal to those who hold fire n lie insur'
ance policies, but these policy holder
/ i. owth"t, since the totalpremiums received
exceed the 10 Hoses paid, rising stahuaiN
must he Of more benefit to the eom9a"i''
than 10 the policy holders. =.
Much solicitude has been expressed ~
| our opponents for the depositors IN Saving
banks. They constantly parade peloi
these deposiiors the advantages OF a S9!t
standard, hut these appeals VIII be IN Eean
! because savings bank depositors Know va.
under a gold standard there Is Increasing
! danger that they viii lose their deposits ne
I cause of the inability of the banks to c9lleg.
their assets: and they still further Know
that. If the gold standard is to continue N
! definitely. they may be compelled 10 Win
draw their deposits in order to pay nNHle
Those who hold. as a permanent invest
ment, the stock of railroads or other en-
terprlses-I do not include those who spec,
ulate in stocks or use stock holdings as U
means of obtaining an inside advantage II
construction cuntracts-are injured D! U
! gold standard. The rising dollar destroys
the earning power Of these enterprise
| without reducing their liabilities, and, as
| dividends cannot he paid until salaries and
fixed charges have been satisfied. US
stockholders must bear the burden of marc
| times. Salaries In business occupations Ge'
| pend upon the business conditions, ana ths
gold standard both lessons the amount 1lu
threatens the ~permanency OF such salaries.
Official salaries, except the salaries 81
those who hold offices for life, must III tht
long run be adjusted 10 the conditions OF
those who pay the taxes, and IL the presen!
| tinutlcial policy continues we must eS!ect
the contest between the taxpayer ana tht
taxeater 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 VINO ere
ate wealth
Mr.. BRYAN said that the assertion Of the
opposition that Il bank belongs to the
debtor class is not true Of any solvent
bank. Every statement published by q
solvent bank shows that the assets eX'
coed the liabilities, and, he continued, Whei
a dollar Is rising in value slowly a nanF
may, by making short-time loans and tax
ine good security, avoid loss; but, when
prices are falling rapidly, the bank is APT
10 lose more because of bad debts than II
can gain by the increase in the purchasing
power of its capital and surplus
BeneiiciaricS of IL Gold Standard
Passing briefly over this point, MIR. Bryan
said: Let me say a word now in regard
to certain persons who are peculiarly ben
Gifted by a gold standard and who favor 1t,
not from Il desire TO trespass upon the
rights of others, but because the circum-
stances which surround them blind them
to the effect of the gold standard upon
others, l shall ask you to consider, the
language of two gentlemen whose long
pubic service n high standing in the
party TO which they belong will protect
them from adverse criticism by our op-
ponents. In 1863 Senator Sherman said.
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 IN the negOtia-
ton of loans to offset the losses arising in
legitimate banking business. AS long as
human nature remains as il Is, there will
always be danger that, unless restrained
by the public opinion or legal enactment,
those who see q pecuniary profit for them
selves in a certain condition may yield to
the temptation to bring about that condi-
ton. jefferson has stated that one of the
main duties of government is TO prevent
men from injuring one another, and never
was that duty more important than 1t IL
to-day. 1t Is not strange that those who
have made a profit by furnishing gold to
the government in the hour of it's eXtremi-
ty favor a financial policy which will keep
the government dependent upon them. |
believe. however, that speak the senti-
ment or the vast majority of the people Of
the United States when ! say that a wise
financial policy administered in behalf Of
all the people would make our government
l"nnHnHndGnt nt nnN nnnnIfnuIinn Of tinnp-
cters. foreign or domestic.
what Sherman Said.
THE contraction of the currency Is a far
more distressing operation than senators
suppose. Our own and other nations nave
gone through that operation before. 1t
- not possible to take that voyage without
the sorest distress. To every person, eX-
cept a capitalist out Of debt. or Il salaried
9iiicer or an=nniiant; it. Is a period Of loss,
suspension OF enterprise. bankruptcy and
disaster. 1t means ruin TO all dealers whose
debts are twice their business capital,
though one-third less than their actual
property. IT means the fall of all agricul-
tlral production without any great reduc-
ton of taxes. What prudent man would
care to build a house, a railroad, a factory
or q barn with this certain fact before
him?"
Mr.. Bryan continued: AS | have said
ltItIN, tilt SdldlIt'l Olll'tT referred TO must
be the MAJ whose salary is fixed for life,
and not the man whose salary depends
upon business conditions. When Mr.. Sher-
man describes contraction of The currency
as disastrous to al the people except the
In a position similar to his, he is stating n
truth which must be apparent to every ner-
son who will give the matter careful con
Mr.; Sherman was at that time
speaking Of the contraction Of the VOL
iInq Df nDnpr Ci1rrpnpp hut thu yri,at,Io
which he set forth applies. II there Is A
contraction of the volume Of standard
money Of the world.
Elaine's View.
Mr.. Blame discussed the same principle
IN connection with the decentralization of
Speaking IN the house of represents
atives on the 18th Of February. 1878, he said:
believe the struggle o going on In this
and other countries for a slnglo
gold standard would, it successful, produce
disaster in and throughout the
commercial world. The destruction OF Sill
YER as money, and the establishing of gold
as the sole unit Of value must have a ruin
Gus effect on all forms of property, except
those invested which yield a fixed return
In money. These would be enormously on
HANGED IN value and would gain a dispro-
portionate and unfair advantage over
every other species of property"
Is 1t strange thai the holders OF invest
nents which yield a fixed return in money"
can regard the destruction of silver with
complacency? May we not expect the hold
Frs of other forms of property TO protest
against giving to money a 'd~isproportion-
81. ecies Of pr"nrEsH'?" II the relatba!,few
T3hse wealth consists largely in fixeu.. N. =,
stments have a right to use the ballot to
nance the value of their investments,
I've not the rest OF the people the right TO
10 the ballot to protect themselves from
G disastrous consequences Of a rising
andard?
Dollars That Grow Not Wanted.
What shall It profit us to have a dollar
hich grows more valuable every day, e
ch a dollar lowers the standard Of cir
cation and brings distress to the people? ,
hat shall It profit us II, In trying to raise
If credit by increasing the purchasing
iwer Of one dollar, we destroy our ability
pay the debts already contracted by low
ing the purchasing power Of the prod
'ts with which these debts must be paid? :
Will No Longer BE borrowers.
Il 1t Is asserted, as 1t constantly Is as
rted, that the gold standard will enable
to borrow more money from abroad, |
ply that the restoration of bime,allism
restore the parity between money and
operty, and thus permit an era of pros
itty which will enable the American peo-
Q to become loaners of money instead
perpetual borrowers.
Even the holders OF fixed Investment. :
ough they gain an advantage from the ,
probation of the dollar, certainly see the :
Justice of the Legislation which gives
EN- this advantage over those whose in
mes depend upon. the value of property :,
ID products. If the holders OF fixed IN,
will not listen to arguments
.sed upon justice and equity, I appeal to :
EN- to consider the interests of posterity. ,
o do not live for ourselves alone, our .
Dor, our self-denial, and our anxious care !
these are for those who are to come
ter us as much as for ourselves, but we
mot protect our children beyond the be-
I'd Of our lives. Let those who arc now
stem remember that in the years to come