Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1896-08-22
SPEECH OF ACCEPTANCE
IContinued from second page

Inko They constantly parade before
.Soso depositors the advan' yes of the
la standard, but their appeals were IN
pin because the savings bank depostors
now that under the god standard there
!. increasing danger that they lose their
sonosits because of the inability of the
honts to collect their assets; and they
s,,u further know that if rne gold stand
ard s to continue indefinitely they may
no compelled to withdraw in order to pay
living expenses.
RuinOus to Investors.
at Is only necessary to note the IN
oraasng failures in order to know that
tho gold standard is ruinous to merchants
,nd manufacturers. Those who hold as
permanent investments the stocks of rail
roads and of other enterprises are injured
nv the gold standard. The rising dol
lar destroys the earning power of these
enterprises without reducing their lia5il-
tiles. Salaries in business occupations de-
pend upon business conditions, and the
gold standard both lessons the amount
and the permanency of such salaries. FL
pancial salaries, except the salaries of
those who hold office for life, must. in he
long run, be adjusted to the conditions
of those who pay the taxes, and if the
present financial policy continues, we
must expect the contest between the tax
payer and the tax-eater to increase in
bitterness. The professional classes in
the main receive their support from the
producing classes, and only enjoy pros
perty when there is prosperity among
those who create wealth.
1T is sometimes asserted by our op-
ponents that the banks belong to the la
Dor classes, but this is not true Of any
solvent bank. Every statement published
by the solvent banks shows the assets to
exceed the liabilities; that is to say, while
the bank owes large amounts of money TO
its depositors, it has not only enough
money in notes to pay It's depostors, but
in addition thereto has enough to cover
its capital and surplus.
ut is not strange that those who have
made a profit by furnishing gold TO the
government in the hour of it's extremity
favor that financial policy which keeps
the government dependent upon mem.
| believe, however, that I speak the senu-
ment of a 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 gov
eminent Independent of any combination
Of financiers, foreign or domestic.
Sherman's Prediction.
Let me say a word now in regard to
tertain persons VINO are pecuniarily ben
shted by the goiu standard, and who ia
Vor it, not for the desire to trespass upon
Inc rights of others, but because the cir
eumstances which surround them Blind
Iem to the effect of the gold standard
upon others. l shall ask you to consider
the language Of two gentlemen whose
nng public service and high standing in
the party to which they belong will pro-
'ect them from adverse criticism by our
opponents.
In 1869 Senator Sherman said: Con
traction Of the currency is a far more
distressing operation than the senators
supposed Our own and other nations
rave gone through that operation be-
Aele' 1t is not possible to take that &C
"oh without serious distress to every per-
"on' except the capitalist out of debt,
VI Tue salaried officer or annuitant. 1t is
" period Of loss. danger, lassitude OF
""ue' tall of wages, of suspension OF
enterprise, bankruptcy and disaster. 1t
-'eahs ruin to all dealers whose debts
are twice their business capital, though
V"e-thlrd less than their actual property.
- means fall of all agricultural produc-
~ nun without any great reduction of taxes.
"Hat prudent man would dare to Duild
" mousse railroad, factory or barn With
'Dls certain fact before him?
>, "heh sherman describes the contrac-
w" oI the currency as disastrous TO ell
poopie except the capitalist out of debt,
"u those who stand in a position similar
y MS he is stating a truth which must
s, apparent to every person who will
O. eve the matter careful consideration
=, "erInan was at that time speaking of