The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1896-08-19


cause money Is T1sing; II also dlsccuf-
ages enterprise and paralyses industry.
on the other hand, the restoration OF pl-
metallism Will discourage boarding
becausc when prices are steady or riS-
ing, money cannot afford to lie idle In
the bank vaults.
our opponents have made special ap-
peal to tfnsNa who hold fire and life In
surance policies, but these policy holders
know that since the total premiums re-
ceived exceed the total Losses paid, rls-
ing standard must be of more beneht TO
the companies than TO the policy nod
Much ,olicItude has becn expressed
by our opponents for the dePoeitors In
savings banks. They constantly pa
rade before these depcsitors the al
Vantages of a gold standard, but these
appeals will be in vain, because savings
bank depositors know that under a
gold standard there is Increasing dam
ger.
GOLD STANDARD RUINoUs.
1t is only necessary to note the increas-
Ing number of failures in order to know
that a gold standard IS ruinous to meF-
chants and manufacturers. These nu nus-
Iness men do not make their prchts IRON
the people from whom they oorroM lnSn, 1'.i,,
ey. but from the people to whom thfy
seil their goods. If the peop.e canhot
buy, retailers cannot sell, and IL reta'l5
ers cannot sell, Wholesale merchants a.
ma Du6ac tureYs most go into bankrnptteyi
desire OF the people genetaiiS 70 SoIl, ~,
vert their earnings into real or PERSONS
property II us being true, In conslueI,-
ing any temporary advantage whicn
NAV come from a system under which
the dollar rises in its purchasing POW
er, 1t must not be forgotten that the
dollar cannot buy more than formerly
unless property sells for less than torH
merIv. Hence it will be seen that large
portion of those who may iind some pc
cuniary advantage In gold stahuaru
viii discover that their losses exceed
their gains.
moments that bank belongs to the
debtor class but this Is not true OF any
solvent bank Every statement pup>
lished by a solvent bank shows Tn"
the assets exceed the liabilities. That
Is to say, while the bank owes large
amount of money to Its deposltors, IL
not only has enough on hand IN money
and notes to pay its depositors, put IN
addition thereto, has enough 10 cover It's
capital and surplus.
II must be admitted, however, that
some bankers combine the business OF
a bond broker with the ordinary Daniktr Dank'
enough in the negotiation of loans 10
offset the losses arising in legitimate
banking business. AS long as human
nature remains as 1t is, there VIII al
wavs he danger that, unless restrained
by the public opinion or legal enact,
ment, those who see pecunlary proht
for themselves in certain conultioh
may yield to the temptation TO prlhs
about that condition.
Let me say word now in regard 10
certain persons who are pecuniarily
benefited by a gold standard and VINO
favor 1t. not from desire to trespass
upon the
RIGHTS OF OTHERS,
but because the circumstances which
surround them bind them to the enect OF
the gold standard upon others. shall
ask you to consider the language OF Two
gentlemen whose long public service
and high standing In the party to wnlch
they belong will protect them from ad-
verse criticism by our opponents.
When Mr. Sherman describes contrac.
ton of the currency as disastrous 20 az az
the people ,xcapt the capitalist out OF
debt and those who stand In position
similar to his, he is stating a truth
which must be apparent to every person
who will give the matter careful con-
sIderation.
Is II strange that the "holders of in
vestments which yield a fixed return In
money can regard the destruction OF
silver with complacency?" We may not
expect the holders of other forms of
property to protest against giving money
a "d!spICportionnte and unfair adEah-
tage over every other species OF prop
crtY?" If the relatively few whose
wealth consists largely In fixed invest
ments have "a right to use the ballot to
enhance the value of their investments,
have not the rest of the people the right
to use the ballot to protect themselves
from the disastrous consequences of a
rising standard?
The well-being of the nation, aye, OF
civilization itself depends upon the
prosperity of the masses. What shall It
profit us to have a dollar which grows
more valuable every day If such a dollar
LOWERS THE STANDARD
OF civilization and brings distress to the
people? What shall it profit us If in try
ing TO raise our credit by increasing the
purchasing power of our dollar we de-
stroy our ability to pay the debts al
ready contracted by lowering the pur-
chasing power of the products with
which these debts must be paid?
Even if tine holders of fixed invest
ments though they gain an advantage
from the appreciation on the dollar, G. r.
talnly see tile injustice of the legislation
which gives them this advantage ov>.'
those whose incomes depend upon Ie
value of property and products.
We are MT asking that a new expert
ment he tried. We are insisting upo!- a
return tC financial policy approved
by the exr trience of history and $ -
ported by all the prominent BtatesmeG
of our nation from the days of the first
president down to 1873. When we ask
that our mintS be opened to the free ana
unlimited coinage of silver into full legal
tender money, we are simply asking
that the same mint privileges be ac-
corded to silver that are now accorded
to gold.
If there are two kinds OF money the
option must rest either with the debtor
or with the creditor. Society is inter-
ested in having the option exercised by
the debtor. Indeed, there can be no
such thing as real ime:aliism unless the
option is exercised by the debtor.
During the last twentythree years Leg
islation has been creating an additional
DEMAND FOR GOLD
and this law-created demand has result
ed in increasing the purchasing power of
each ounce of gold. The restoration of bI
metalllsm in the United States will take
away from gold just so much of its pur-
chasing power will be added to 1t
by the demonstration of silver by the
United States.
Corn. wheat. manufactured products.
etc, can be produced almost without
limit, provided they can be sold at a
price sufficient to stimulate production;
but gold and silver are called precious
metals because they are found not pro-
duced. These metals have been the OBJ
jects of anxious search as far back as
history runs, yet according to Mr.. Har-
vey's calculation. all the gold coin of the