The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1896-08-19


ro,, 70 consider the language of two gentle
men whose long public service and high
| standing in the party to which they belong
! will protect them from adverse criticism
/ bv our opponents. In 1869 Senator Sher-
man said: The contraction of the cur
rcncy is Il far more distressing operation
than senators suppose. Our own and
other nations have gone through that opcr-
alton before 1t is not possible to take that
voyage without the sorcst distress. To cv-
cry person, except Il capitalist out OF debt
or q s;alaried officer or annuitant, it is q
period of loss. danger, lassitude OF trade,
fall of wages. suspension OF enterprise.
bankruptcy and disaster It means ruin to
| all dealers whose debts are twice their
business capital, though onc-third less
than their actual property. 1t means the
fall Of all agricultural production without
any great reduction Of taxes. What pru-
dcrt man would dare to build q house, a
railroad, factory or {; barn with this Ger
tain fact before him. As have said be-
fore. the salaried officer referred to must
be the man whose salary is fixed for life
and not the man whose salary depends;
upon business conditions. When Mr.. Shcr-
man describes contraction of the currency
| as disastrous to all the people except the
| capitalist out of debt ard those who stand
| in a position similar to his, he is stating Il
| truth which must be apparent to every per-
son who will give the matter careful con-
| sideration. Mr.. Sherman was at that time
speaking of the contraction OF the volume
! of paper currency, but tie principle Which
| he set forth applies if there is q contrac-
ton of the volume of the standard money
of the world.
Mr. Blaine discussed the same principle
in connection with the demonetization CT
| silver. Speaking in the house of represent
atives on the 7th of February. 1878, he
said: II believe the struggle ROW going on
| in this country and other countries for a
single gold standard would, if successful,
produce widespread disaster in and
throughout the commercial world. The
| destruction of silver as money and the
establishing of gold as the sole unit OF
value must have d ruincus effect on all
forms of property except those invested
which yield a fixed return in money. These
| would be enormously enhanced III value
and would gain Il disproportionate and
| unfair advantage over every other species
| of prorertyS' Is it strange that the hold
ers of Investments which yield fixed re-
| turn in money can regard the destruction
If silver with complaccncy: May we not
expect the holders of other forms of prop
erty to protest against giving to money q
| "disproportionate and unfair advantage
over every other species of property" II
the relatively few whose wealth consists
| largely in fixed investments have right
| to use the ballot to enhance the value CT
| their investments. have not the rest OF the
people the right to use tic ballot to pro-
| tect themselves from the disastrous consc-
oucnccs of IA rising standard: The people
who must purchase mai;cy with tic prod
ucts cf toll stand in :: position entirely dit
| fercnt from the position of those WHO own
money or receive /! fixed income. The well
being Of the nation-ayc, Of civilization it
sclf-lcperds upon tie prosperity ct tic
masses. What shall it profit Is to have q
dollar which grows more valuable every
day if such dollar lowers the standard of
civilization and brings distress to the Tco-
ples What shall it Iroft us if il trying tc
raise our credit by Increasing tic purchas-
| ING power Of our dollar we destroy oUr
ability to pay the debts already contracted
by lowering the purchasing power OF the
products with which those debts must be
paid: If it is asserted, as it constantly is
asserted. that the gold standard will en-
able us to borrow more money from abroad.
| I reply that the restoration OF blmctalllsl
will restore the parity between money and
property, and thus permit an era OF pros
perity which will enable the American
pcoplc to become loancrs Of money instead
of ncrretral borrowers Even if VIC desire
TO borrow how long can VIC continue Dor
rowing under /. system which. by lower
| ing the value of property, wcakens the
foundation upon which credit rests?
Even the holders of fixed investments,
though they gain an advantage from the
| appreciation of the dollar, certainly see the
Injustice of the legislation which gives
| them this advantage over those whose IN
| comes depend upon tic value of property
and products II tic holders Of Gxed III
yest1ncnts will Tot listen to arguments
based upon justice and equity, appeal TO
them to consider. the interests of poSteTitE.
We do not live for ourselves alone. Our Il
Dor, OUT self denial ard cUr anxious c;irH,
ali these are 1Or IEoSC W 10 titI ~ S'iio t'i'
er us as much as for ourselves. t'Ut we can
not protect cur children beyond the period
Of our lives Let these who are FOX reap
ING advantage from vicious financial sys-
TEN remember that III the yeas to cc1::c
their own children ard their children :;
children may. through the o::e1;JlcE ci
this same system. kc made to r'y tribute
to the descendants Of these VINO ;Io
wronged today.
AS against tie maintenance CT & geld
standard, either permanent; or until ct!:-
cr nations can &c united fer It's overthrow.
the Chicago platform: presents clear ;'Ed
emphatic demand for tic inmcdI1t" res
toration CT the free and unlimited coinage
of silver and gold 1T the present legal ratio
Of IS to w;chcut waiting for tie "l;i or
consent Of any other naricn We arc rot
asking that 4 new experiment Ec tried. We
are insisting upon I: return TO I: financial
policy approved by the experience OF his
tory and supported by Ill the lromlnent
statesmen of our nation frc2l TIC days CT
the first president down To 1873. When we
ask that Our nlints lc opened 10 the iree
,,,d ,,D1i,oitcd ccirarc of silver into