The people's journal. (Pickens, S.C.) 1891-1903, 1896-08-27

offset the losses arising in lcritimutc
banking business. AS long AS hur,,n
nature remains as it is thur, will nj.
ways be danger that. unless restrained
ny lhe puo,ic opinion on legal enact.
mcpo. those who see IL pccuniury profit
ior themselves in certain condition
may yield to the temptation to brinm
about that condition. jefferson has
stated that one Of the main duties Of
government is 10 prevent men from in.
luring one another. and never was that
uuly moro important than il is to-day.
II Is not strange that those who have
made u profit W furnishing gold To
The government in She hunr OF its cy.
t:CmiSN, favor Il financial policy which
VIII keep the government dependent
upon them. bclicvc however, that
spoaN tho sentiment Il tnc vast INA.
lority OF the people OF the United
3tuteS Whcn SAY that q wise financial
policy administered in behalf OF all
thr people would make our govern
mcnt independent OF any combination
ol tnancicrs, foreign or domestic
FALLS BACK On SHERMAN.
Let me say word now in regard to
certain persons who are pccuniarily
benefited by gold standard and who
favor it, not from Il desire to trespass
upon the rights o! others, but because
The circumstances which surround
them bind them TO the elect Of Che
gold standard upon others. shall ask
you to consider the language Of two
gentlemen whose long public service
and higl standing in the party to
which tncy belong will project them
from adverse criticism by oar oppo.
nCntS.
In 1869 Senator Sherman said "Thc
contraction of the currency is far
Morc distressing operation that Sun;.-
tors suppose. Our own and other na.
tons have gone through that operation
before. 1t is not possible 10 take that
voyage without the sorcst distress.
10 every person, except Il capitalist.
out Ol debt, or Il SalariCd officer or an
nultant, 1t Is period OF loss, danger.
lasSltudc OF trade, fall OF wages. srS.
pension OF enterprise, bankruptcy ana
disaster. 1t means ruin to all dealers
whose debls are twice thui;. capital.
though Onc-third less than thor actua!
property. 1t means the fail Of all agr-
cultural production without any great
reduction Of taxes. What prudent
man would dare to hui Ill & house, !. rail
road, factory or i barn with this |
certain fact before him - AS | have |
SAID before. the sulariru officer referred |
TO must Dn the man whose salary is |
tiNcd for life ana not the man whose |
salary depends upon business cnndi- |
tiOns. When Mr.. Sherman describes, |
contraction Of the currency us disus- |
trous to all the people except the capi- |
talists out OF debt and those who stand |
in position similar to his, he is stat
ing truth which must be apparent
to every porson who will give the mat
l,,l
man was at that time speaking OF the
Of the volume Of paper cur
rcncy, but the principle which hc set
forth applies, if there Ia ~ contraction
OF the Volume Of the standard money
OF the world.
MIR. BLAINE QUOTED.
MIR. Blaine discussed the same prin.
ciplc in connection with the demOncti-
lution Of silver. Speaking in the House
Of Representative, on the 7th of Febru-
AIRY, 1873, ho said II believe the
now going on in this country
and other countries for IL single gold
standard would, If successful. produce
widespread disastcr in and throughout
the commercial world. The dcstruc-
JtOn OF silver as money, and the cstab-
fishing OF gold us the sole unit Of
value must have u ruinous effect on all
forms OF property, except those invest
cd which yield IL fixed return in money.
These would be enormously enhanced
in value, and would gain Il lispropor-
tlonatc and unfair advantage over
every other species Of propcrty.'
Is it strange that tho "h0ldcrs Of
investments which yield a fixed return
silver with complaccncy ?" We may
n hnl1nnS # nih
OF money to protest against giving
to money "a disproportionatc and
unfair advantage over every other
species OF property" II tho rcla-
lively few whose wealth consists
largely in fixed investments have Il
right to use the ballot to enhance
the value OF their investments, havc
not the rest OF the people tho right
to use the ballot to protect them
selves from the disastrous consequences
OF rising standard The people who
must purchase money with the pro-
ducts Of toll stand in aposition entirely |
different from tho position Of those
who own money or receive a fixed in |
como. The well being OF the nation
aye, Of civilization itsclf-dcpcnds |
lpOn the prosperity Of tho masses.
What shall il profit us to have a dollar
|hich grows more valuable every day,
( such IL dollar lowers the standard OF |
and brings distress to the |
people? What shall it profit Us if in |
rying to raise our credit by increasing |
he purchasing power OF our dollar we |
Icstroy our ability to pay the debt al
eady contracted by lowering the pur-
hasing power Of the products with |
which these debts must be paid l.? If it |
y asserted that the gold standard will |
enable us to borrow more money from
lbroad, ] reply that the restoration Of
will restore tho parity be-
tween money and property, ana thus
permit an era OF prosperity which will
enable the American people to become
cndcrs Of money instead OF perpetual
borrowers. Even if we desire to boz
'ow, how long can we continue borrow
ng under " system which by lowering
he value Of property wealicns the
foundation upon which credit rest?
HOLDERS or FIXED INVESTMENTS.
Even the holders Of fixed investments
though they gain an advantage from
the appreciation on the dollar, certain
ly see the injustice OF the legislation
which gives them advantage over those
" bose incomes depend upon tho value