The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1896-08-21

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the greatest good to the greatest number.
Inc farmers are opposed 70 the gold stan
dard because they have felt its effects.
since they sell at wholesale aad buy at re-
/ tai, they have lost more than they have
gained by falling prices, and, besides this,
they have found that certain fixed charges
I nave not fallen at all, Taxes have not been
pefcepuDly decreased, although IL requires
more farm products now than formerly TO
secure the money with which 10 pay taxes.
Debts have not fallen. The farmer VINO
/ owed Sl,OO9 is still compelled to pay sl,Go9,
alLnough u may be twice as difficult as
formerly TO obtain the dollar with which
70 pay the debt. Railroad rates have not
| Deen reduced 70 keep pace with falling
I prices, and besides these items there are
many more. The farmer has thus found
complaint against the gOl6 standard.
The Wage-earners have been injured by
[ gold standard and have expressed them
/ selves upon the subject with great empha-
SIS. In February, 1880, petition ASKING
I for the immediate restoration Of the Tree
/ and unlimited coinage Of gold and silver az
/ is to I was signed by the representatives OF
/ all or nearly all the leading labor organlza-
I tons, and presented to Congress;
( 'Wage-eaTneTs knew that while gold
/ standard raises the purchasing power OF me
| dollar it also makes it more oifncult 10 OF
I tain possession of the dollar. They knew
I that employment is less permanent, loss OF
I work more probable and Unemployment less
t certain. gold standard encourages Ine
boarding Of money, because money Is tlslH6,
/ It also discOurages enterprise and paTalyzes
/ industry.
con the other hand, the restoration Of BIZ
metailism viii discourage boarding, pc
/ cause when prices are steady or Ilslu55
/ money can not afford 10 lie idle IN the ballA
/ vaults. The farmers and Wage-eafheIs ~
/ gether constitute q considerable ndgJIIIy
/ of the people Of the country. why shouIl
their interests be ignored IN cohSIueL4-S
I financial legislation? A monetary sys
/ which is pecUniarily advantageous 70 q lev
/ syndicates has far less TO commend II tI'll
.g-L- erHurs
! enlargement TO those who create lhe nd
/ TONS wealth. o,
! our opponents have made a special appeal
] to those who hold dTe and LIE insure ilCG
| since the total premiums received eAceeQ
! the total losses paid, a rising standaIq mus
/ be of more benefit to the companies IMAM "
( its policy holders. .5 bz
our opponents for the depOsitors IN savings
| banks. They constantly parade DeIOIe lLeS9
l deDOsitOTs the advantages or gOlu Slailu-
l ard, but these appeals will be IN VdlLli De
/ cause savings bank depositors known tilat
| under a gold standard there is lhcIeasIil5
/ danger that they will lose thelf deposits
! because Of the inability or the Dalhs "
/ collect their assets; and they sun IuItneI
| know that if the gold standard IS 10 con-
tinue indefinitely, they may be compelled
to withdraw their deposits IN order 10 pay
| living expenses.
ut is only necessary to note the increasing
I
! a gold standard is ruinOus to merchants
and manufacturers. These business men
don't make their profits from the people
from whom they borrow money, put from
the people to whom they sell their goOos;
If the people can not buy, retailers can not
sell and, if retailers can not SELL whole
sale merchants and manufacturers must 20
into bankruptcy. Those who mold as a per-
manent investment, the stock of railroads
and Of other enteTpTiseS-l do not lncluue
those who speculate in stocks or use STOCK
holdings as means Of obtaining an Inside
advantage in construction contracts, are
injured by a gold standard. The rising
dollar destroys the earning power Oh these
! enterprises without reducing their laDill-
ties and as dividends can not be paid until
salaries and fixed charges nave Deen Salls-
fed, the stockholders must bear the bur
den of hard times. Salaries in business Oc-
equations depend upon business conditions
ana the gold standard both lessons the
amount and the greatest permanency OF
such salaries.
"Finincial salaries, except the salaries Of
those who hold Office for life, must in the
long run, be adjusted to the conditions or
those VINO pay the taxes, ana II the pres
ent financial policy continues We must eH-
pect the contest between the taxpayer ana
the tsX-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, nave not attempted 70 aescrlne
I
| classes-in fact, I have only had time to
mention a feW-but each person viii be able
to apply the principles to his own 0ccupa-
tion. 1t must also be remembered that it
! is the desire of people generally to convert
I their earning into real or personal property.
This being true, in considering any tenn
pOTary advantage which may come from a
system under which the dollar rises in its
purchasing power it must not be forgotten
that the dollar can not buy more than for
meTly, unless prosperity sells for less than
formerly. 1t will be seen that large
portion of those who may find some pecuni-
airy advantage in gold standard Will dis
cover that their losses exceed their gains
Banks Are Not Debtors,
SIT is sometimes asserted by our Opp0n-
ents that a bank belongs to the debtor
class, but TINS Is not true Of any solvent
bank Every state
/ The WelI-Deing OF ment published by a
the nation, aye of solvent bank shows
| efvfIfznffoa itself that the assets eX-
.5,,,e,,,5s mon tbo coed the liabilities,
that is to say, while
prosperity VI 'He the bank owes q
masse8' large amount of
money to its de-
pOsitOTs ii not only has enough on
/ hand in money and notes to pay its depOs-
/ itOrs. but in addition thereto has enough to
/ cover it's capital and surplus. When the
dollar is rising in value slowly, bank may,
by making short time loans and taking
good security, avoids losses, but when
/ prices are falling rapidly, the bank is apt
to lose more because of bad debts than it
can gain by the increased purchasing
power Of its capital and surplus.
TT 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 onset the losses arising in
legitimate banking business. As long as
human nature remains as it is there will
/ always be danger, more or less restrained
by the public opinion or legal enactment.
/ Those who see 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 1njuring one another, and never was
that duty more important than Ii is today.
1t is not strange that those who have made
! a profit by furnishing gold to the govern
ment in the hour OF its extremity, favor
financial policy which will keep the gov
/ eminent dependent upon them. I believe
however, that / speak the sentiment OF the
vast majority Of the people of the United
States when ] say that wise financial
policy administered in behalf Of all the
people would make our government indie
pendent OF any combination Of fnanciers.
foreign or domestic.
Let me say a word now in regard to
cerfatn persons Who are PecuniaTily bene-
flied by a gold standard, and who favor it,
not from a desire to tTespass upon the
I rights Of others, but because their circum-
I stances which surround them blind them TO
the effect of the gold standard upon others
shall ask you to consider the language
Of the gentlemen whose long public service
and high standing in the party to which
they belong will protect them from ad-
verse criticism by our opponents. In 1859
Senator Sherman said: The contraction
of the currency is q far more distressing
operation than Senators suppose. Our own
and other nations have gone through that
operation before. It is not possible TO take
that step without the sorest distress. To
eli
OF a salaTied officer or anuUitant il is q
period of loss, danger, lassitude OF trade,
fail Of wages, 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. 1t means the fan
of al agricultural production without any
great reduction Of taxes. What prudent
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