The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1896-08-14
THE GOLD STANDARD.
Something 10 Regard to Those Benefited
by It..

by It..
Let me say a word now in regard to
certain persons who are pccuniarily bene-
fitted by IA gold standard, and who favor
it, 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
public service and high standing in the
party to which they belong will protect
them from adverse criticism by our Oppo-
nents. In 1869 S-nator Sherman said:
The contraction Of the currency is Il far
more distressing operation h senators
suppose. Our own and 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
a salaried officer or %annuitant, it Is a
period of loss, danger, lasSitude of trade,
fall OF wages, suspension of enterprise,
bankruptcy and disaster. 1t means ruin
to all dealers whose debt are twice their
business capital, though one-third less
than their actual property. 1t means the
fall of all agricultural production without
any great reduction of taxes. What pru-
dent man would dare to build a house, IA
railroad, a factory, or a barn with this
certain fact before him."
Endorses Senator Sherman.
As I nave said before, the salaricd off
Ger referred to must be the man whose
salary is fixed for life, and not the man
whose salary depends upon business CON
ditiOn. When Mr.. Sherman describes
contraction of the currency as disastrous
to all the people except the capitalist out
of debt and those who stand in a position
similar to his, he is stating a truth that
must be apparent to every person who will
give the matter careful consideration. Mr..
Sherman was at that time speaking of the
contraction of the volume Of PAL or cur
rency, but the principle which he set forth
applies if there is a contraction of the vol.
ume of standard money of the world.
Mr.. Blaine discussed the same principle
in connection with the decentralization OF
silver. Speaking in the house of repre-.
s%entatives on the eth day of February,
1878. He said: Il believe the struggle
now going or in this country and other
countries for a single gold standard
would, if successful, produce widespread
disaster in and throughout the CONNER
cial world. The destruction of silver as
money and the establishing of gold as tine
sole unit of value must have a ruinous IF
feet 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 ev
cry other species of property"
Is 1t strange that the "holders Of invest
ments which yield "A fixed return ir
money" can regard the destruction of sill
yer with competency. We may not ex
pect the holders of other forms of property
to protest against giving to money n dis
proportionate and unfair advantage over
every other species of property"
The Masses Must Prosper.
If the relatively few whose wealth con
sists largely in fixed investments nave {
right to use the ballot to enhance tn,
value of their investments, have not tn,
rest Of the people the right to use the bal
lot to protect themselves from the disas
trous consequences of a rising standard
The people who must purchase money
with the products Of the soil stand in
position entirely different from the posi-
ton Of those who own money or receive
fxed income. The well being of the ia
tion-aye, of civilization itsclf-depend
upon the prosperity Of the masses.
What shall 1t profit us to have a dolla,
which grows more valuable every day i
such a dollar lowers the standard of civil
ization and brings distress to the people
What shall it profit us If, in trying t.
raise our credit by increasing the purchas
ing power Of our dollar we destroy on
ability to pay the debts already CONTRACTED
by lowering the purchasing power of tn,
products with which those debts must b.
paid? If 1t is asserted, as it constantly il
asserted, that the gold standard will on
able us to borrow more money from
abroad, l reply that the restoration of bi
metallism will restore the parity between
money and property and thus permit al
era Of prosperity which will enable thu
American people to become loaners o
money instead of perpetual borrowers.