People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1896-09-03
may come from a system under-whIs6T Che

may come from a system underwater The
dollar rises in +, its purchasing power, IL
must not be forgotten that the dollar can.
not buy any more than formerly. unless
property sells Tor less than formerly, IL
s. ~ Ds seen that large portion OF thos5
who may ind seine pecuniary adyaa1 ! "a
In me gold standard will discover that
their losses exceed their gains. -
Banks Not In the Debtor Class. = u'9'
IL Is sometimes asserted by our oppo-
nen,s that a bank belongs 10 the debtor
class, but this is not true of any solvent
bank. Every statement published by a
| solvent bank shows a-sets exceeding The
liabilities; that Is TO say, while the bank
owes large amount of money to its de-
positors it not only has enough on hand
IN money and notes to pay its depo itors,
but IN addition thereto has enough to
cover Its capital and surplus. When the
dollar is rising in value slowly a bank
may, by making short title loans and
taking good security, avoid losses, but
when prices are falling rapidly bank is
apt to lose more because Of bad debts than
IL can gain by the increased purchasing
power OF its capital and surplus.
IL must be admi ted however, that
some bankers combine the business of
bond broker with ordinary banking bust
ness, and these may make enough In ne
gotiation of loans to offset 10 SEES ari ing
IN the legitimate banking business. So
long as human nature remains as it is
there Will always be danger, more or less
re,trained by public opinion or legal en-
actment. that those who may see a pecun-
larry profit for themselves in certain con.
dltion, may yield TO temptation to bring
about that condition. Jefferson has stated
that one Of the main duties of govern.
| ment Is topreyent men from injuring one
another, and never was that duty mora
important than it is today. 1t Is no strange
thlng that those who have made a profit
by furnishing gold TO the government in
the hour of its extremity favor financial
policy which will keep the government
dependent upon them. / believe, how
ever, that speak the sentiment Of vast
majority Of the people Of the United States
4 when l say that wise financial policy
administered in behalf of the people would
not make our government dependent upon
any combination of fnanciers, foreign or
| domestic.
Let me say word now in regard to GER
tain persons who are pecuniarily benefited
by the gold standard and who favorit, not
from de ire TO trespaSs upon the rights OF
Others, but because circumstances which
surround them blind them to the effect of
the gold standard upon others. | ghall ask
you to consider the language Of two n
tlemen whose long public service and high
standing In the party to which they belong
will protect them from adver q criticism
by our opponents.
Sherman on Currency Contraction.
In 1859 Senator Sherman said: Con.
traction Of the currency is far more dis
treSslng operation than the senators sup
pIse. Our own and other nations have
gone through that operation before. 1t is
not possible to take that action without
sorest distress. To every person except
capitalists out Of debt, or salaried officer
or annuitant it is period of loss, danger.
lassitude Of trade, fall of wages, suspen-
sion OF enterprise bankruptcy and dis
q ter. 1t means ruin TO all dealers whose
debts are twice their business capital,
though onethird less than their &C .ual
property. lsmeans fall of all agricultural
production without any greater reduction
OF taxes. What prudent man would dare
to build a house, railIoad, factory or barn
with this certain fact before him"
As have said before the salaried officer
referred to must be man whose salary
depends upon business conditions. When
Sherman describes contraction of cur
rency as disastrous to all people except
the capitalist out of Of debt and those who
stand in position similar to his, he Is
stating truth which must be apparent to
every person who will give the matter
careful consideration. Sherman was at
that time speaking Of the contraction Of
the volume of paper currency, but the pre-
cept which he sets forth applies If there is
contraction Of the volume Of the standard
money Of the world Mr.. Blaine discussed
the same principle In connection with the
decentralization of silver. Speaking In
the house Of representatives on the 18th Of
February, 1878, he said: II believe the
struggle now going on in this country and
other countries for the single gold stand
ard would, If successful, produce wide
spread disaster in and throughout the
commercial world. Destruction Of silver
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
enhanced in vslue and would gain dispro-
portionate and unfair advantage over
every other species OF property. Is it
strange that holders Of investments which
yield fixed return In money can regard
the destruction Of silver with complac.
encyf May we not expect the holders OF
other forms NJ property to protest against
giving to money disproportionate and
unfair advantage over other species Of
property"
II the relatively few whose wealth con-
sists largely In fixed investments 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 bal
lot to protect themselves from the disss-
trous consequences Of a rising standard.
People who must purchase money with
products Of toll stand In a position en-.
tirely different from the position Of those
who own money or receive fixed income.
The well being Of the nation, of civlliza-
ton itself, depends upon the prosperity Of
the masses.
Loaners Instead Of Borrowers.
What shall 1t profit US to have a dollar
which grows more profitable every day II
such dollar lowers the standard Of oiyili-
cation and brings distress to the people'
What shall 1t profit US II In trying to raise
our credit by increasing the purchasing
power OF our dollar, we destroy our ability
TO pay debts already contracted by lower
ing the purchasing price Of products with
which these debts must be paidS
II 1t Is asserted, as 1t constantly Is as
serted, that the gold standard will enable
US to borrow more money from abroad, |
reply that restoration Of bimetallism will
restore the parity between money
promptly and thus permit an era Of pros
perity which will enable the American
people to become loaners Of money instead
Of perpetual borrowers. Even II we desire
to borrow, how long can we continue Dor
rowing under system which by lowering
the value Of property weakens the founda-
ton upon which our credit rests. Even