The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-08-13


cmphnslH In February, 1895, II petition
nskinE for tho Immediate restoration Of
the FREQ una unlimited coinage OF silver
ut 10 to ]. ana signed bv tho representa-
tlvea or all, or nearly ~, the leading or
HaNlIatloNS WES presented 10 Congress.
WnEC.earncrS know that whIlcn gold
standard raises the purchasing power OF
the lollnr 1t also makes Il more difficult
to obtain possession ot the dollar; they
know that employment IS less pcrma-
merit: losS OF work more probable and
unemployment less certain. A gold
standard encourages the boarding OF
money because money Is rising; II also
liSconragcs enterprise and parnlyzcs IN
dustry.
On the other hand. tho restoration OF
bl-nctalllsm will discourage boarding,
because, when prices arc steady or r!s-
ing, money cannot afford to lie idle In
the bank vaults. The farmers aud wage
clrnerS together constitute n conSldcrn-
Bile majority OF the people Of the country.
Why should their interests be ignored
In considering financial legislation? a
monetary system which IL pccunlarlly
advantageous to n few syndIcatcs has
far less to commend 1t than a system
which would give hope and encourage
mcnt to those who create the nations
wealth.
our opponents have made n special mp
peal to those who hold fire and life in
surnnce policies. but thcge policy hold
crs know that, slnpa the total premiums
received exceed the total losses paid, q
rising sttnd0rl must be OF more benefit
to the companies than TO the policy hold
ers.
Savings Hank Drpositors.
Much sollcitudc has been expressed by
our opponents for the dcpositors In saw
ings banks. They constantly parade be-
fore these dcpOsitors the advantages Of
gold standard, but these appeals will
bc In vain, because savings bank depos!-
tors know that under gold standard
there IS increasing danger that they will
lose their deposits because OF the lnubll-
ity OF the banks to collect their assets;
and they Etill further know that. II the
gold standard Is TO continue indefinitely.
they may be compelled to withdraw
their deposits In order to pay living ex-
penSe.
1t is only necessary to note the in
creasIng number OF failures In order to
know that gold standard is rulnOus TO
merchants and manufacturers. These
business men 10 not make their profits
from the people from whom they borrow
money, but from the people TO whom
they sell goods. II the people cannot
buy. retailers cannot sell, and, II retail
Crs Cunn0t sell. wholesale merchants and
manufacturers must so into bankruptcy.
Salaries In business occupations de-
pend upon business conditions and the
gold standard both lessons the amount
and threatens the permancncy OF such
salaries.
Official salaries. except the salaries OF
those who hold office for life. must, In
the long run, be adjusted to the condl-
tons OF those who pay taxes. and II the
present financial policy continues We
must expect the contest between thS
tax payer and the tax cater 20 Increase
In bitterness
The professional clnsses-in the main
derive their support from the produc
inS classes and can only enjoy prosper
ity among those who create wealth.
have not attempted to describe the cf-
feet OF the gold standard upon all classes
in fAct, l have only had time to men
tlon fcw-but each person will be abls
to apply the principles stated to his own
occupation.
1t must MISC b.. remembered tina; Il Is
IA be, iesirs GF tts+ 9te1lr generally TO con-
vert tkeir earnings kTto'reai or pcr5or
Property. This being true. In consider
ing any temporary advantage which
may cGmc from n system under which
the dollar CIscs In It's purchasing power,
it must not be forgotten that the dollar
cannot buy more than formerly, unless
property sells for less than formerly.
Hence, Il will be seen that 4 large por
tlOn of those who may find some pecunI-
ary advantage in gold standard will
discover that their losses exceed their
gains
1t Is not strange that those who have
made profit by furnishing gold 20 the
government in the hour OF It's extremity.
favor financial policy which will keep
the government dependent upon them.
believe. howcver,\ that speak the sem
tlmcnt OF the vast majority Of the people
OF the United States when say that q
wise financial policy administered In be-
half OF all the people would make our
government independent Of any combi-
nation Of !lnanc!crs. foreign or domcs-
tic.
Garblrs Sherman mud ltlniue.
III 1850 Senator Sherman said THE
contraction Of the currency Is far
mqrc distressing operation than senators
suppose Our own and other nations
have gone through that operation be-
l'llf, II - ll'lS li'lFSIbfs W Nlht lIlAk Wy
age without the BOrCSt distress. TO
every person except Il capitalist out Of
debt, or n salnried officer or annultnnt. It
is period OF loss. danger, lasSitudc OF
trade. fall OF wages. suspension OF enter
prise, bankruptcy nn1 disaster. 1t
means ruin to all dealers Whose debts
are twice their business capital though
one third lcsS than their actual proper
ty. 1t means the fall Of all agricultural
productions without any great reduction
Of taxes What prudent man would de-
clare 10 build n house, 4 railroad, fac.
tory or barn with this certain fate be-
fore him."
Mr. Sherman was Mt that time speak
InE OF the contraction 0f the volume OF
paper currency, but the principle which
lie set forth applies ir there IL Il con-
traction uf the volume OF the standard
money OF the world.
Mr. Blaine discussed the same princI-
PIE In connection with the dcm0netIzu-
t!on of silver. Speaking In the house OF
representatives on the 7th of February,
1875 he said: 81 htllevh the struggle now
going on In this CJuntry and other Coun-
tries for single gold Stan1nrd, would
II successful. pruduce widespread d.sas-
ter In and throughout thH commercial
world. The destruction OF silver as
money, and tho establishing OF gold aS
| the cole INIT OF value, must have n ruin
nua effect on all forms OF property except
those Invested which yield n fixed return
In money. These wanld he enormously.
enhanced in valuG, Qrt! Would gain a
| tlispr0portionn; and unfair advantage
over every species OF property"
1t Is strange that the "holdorH Of IN
vcs,mcnts which yield a fixed return IN
money" can regard the lrgtrurtlon or
| silver with cnmplacency. We may not en-
pcCt the holders OF other forms OF prom
rrty 10 pratcst against Swing to money
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