San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1896-07-26
SOUND SENSE FROM A sAyeRIre.
Congressman Towne's Admission That .
Policy Which Injuries Capital WIN Strike
Down Labor.

/
Policy Which Injuries Capital WIN Strike
Down Labor.
Representative Towne of Minnesota
is an ardent advocate of free silver who
argues plausibly from basis of facts
which exist only in his Imagination.
But while he is mistaken in his theories
as to the need of cheap money, he is en-.
tirely correct in his statement of the
mutual dependence of all classes ON the
maintenance of stable monetary
standard. That he believes in free
coinage law which would put this
country ON a fuctuating silver basis
does not lessen the importance of his
assertion that: 1.-THE laboring mans
interests are precisely the same as the
manufacturer 5, the bridesmaids and the
farmers, and the policy that is sure
to wreck all employers in productive
industry if continued cannot fail to
ruin also the men who work for them.
Profits cannot disappear and leave
wages untouched When men that hire
labor become bankrupt, the man who
works is very apt to be ont of job.
Truth, golden truth. Yet it cones
from a man who is doing his best to
strike a blow at manufacturers, rer-
chants and other employers Of labor
which would throw trade and industry
into hopeless confusion, and bring ruin
and bankruptcy to the business interests
of the country. What is the chief aim
and object of the silverite agitators? 1t
is to attack capital and capitalists by
making it possible for the man who has
borrowed money to pay his debts with
dollars worth but one-half of those that
were loaned to him. The free coinage
and Populist papers and the speeches of
the 10 to senators and representatives
are filled with denunciations of the
wicked capitalists and bankers who are
said to be robbing the people, and who
will find the value of their money cut
in two under free silver Reputation
of debts and confscation of the property
of creditors are openly preached by the
prophets of the cheap money gospel.
Suppose that the United States should
adopt free coinage, what would be the
absolutely necessary to carry on the
great manufacturing and other produc-
tive industries of the country? 1t is GER
tain that long before a 16 to / law
could be put on the statute book the
fact that president and congress favor
able to its enactment had been elected
would cause the calling in of hundreds
of millions Of dollars. Timid creditors
would insist ON getting back their
money, and no new loans would be
forthcoming. No sensible man would
invest in any enterprise if he knew that
he might get back only one-half of his
capital. Banks would refuse to aid the
hundreds of thousands of business men
now dependent on them, and the mills
and factories would be shut down. The
millions of men forced into idieness by
the closed industries could not buy the
farmers products. Business stagnation
and widespread poverty and depression
would inevitably be the results of law
which made doubtful the ownership or
security of capital.
American workingmen who have been
deluded by the silverite and socialist
outcry against capital should remember
that when men who hire labor become
bankrupt the man who works is very
apt to be out of job" And the Amer.
icar farmers would do we'll to bear in
mind that q man permanently out of
job cannot buy the things they have to
sell.