The Kootenai herald. [volume] (Kootenai, Idaho) 1891-1904, 1896-08-15

vain. because the savings bank depositors
know that under the god standard there
is increasing danger that they lose their
deposits. because OF the inability of the
banks to collect their assets; and they
still further know that If the gold stand
ard is TO continue indefinitely they may
be compelled to withdraw i'm order to pay
living expenses.
RuinOus to Investors.
1T is only necessary to note the in
creasing failures in order to know that
the gold standard is ruinous to merchants
and manufacturers. Those who hold as
permanent investments the stocks of rail-
roads and of other enterprises are injured
by 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
nancial salaries, except the salaries of
those who hold Office for life, must. i'm 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
perity when there is prosperity among
those who create wealth.
1T is sometimes asserted by our OPP
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 its depositors. but
in addition thereto has enough to cover
its capital and surplus.
1T is not strange that those who have
made a profit by furnishing gold to the
government in the hour of its extremity
favor that financial policy which keeps
the government dependent upon mem.
1 believe, however, that l speak the sent-
ment of "A vast majority of the people of
the United States when l 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.
sberman's Prediction.
Let me say a word now in regard to
certain persons who are pecuniariy ben
Gifted by the gold standard and who Ia
vor it, not for the desire to trespass upon
the rights of Others but because the cir
cumstances which surround them aiind
them TO the effect of the gold standard
upon others. | shall ask you to consider
the language of two gentlemen whose
long public service and high standing in
the party to which they belong will pro
tect them from adverse criticism by Oul
opponents.
I'm 1869 Senator Sherman said: Con
traction of the currency is far more
distressing operation than the senator.
supposed. Our own and other nations
have gone through that operation be
fore 1t is not possible to take that ac
ton without serious distress to every per
son, except the capitalist out of lebt
or the salaried officer or annuitant. 1t il
a period of loss, danger, lassitude o
trade, fall of wages of suspension G
enterprise, bankruptcy and disaster. I
means ruin to all dealers whose debt
are twice their business capital. though
one-third less than their actual property
1t means fail of all agricultural pro1uc
tion without any great reduction of taxes
What prudent man would dare to Duil,
a house, railroad, factory or barn viii
: this certain fact before him.?
when Sherman describes the contrac
ton of the currency as disastrous to al
people except the capitalist out of debt
and those who stand in a position simila
to his, he is stating a truth which mus
be apparent to every person who viii
give the matter careful considerably
Sherman was at that time speaking o
the contraction of the volume of pape
/, currency but the principle which he set
forth applies, if there is a contraction o
the volume of the standard money o
> the world.
John G. Carlisle discussed the sans
principle in connection with the demone
tzation of silver in the house of repre-
sentatives in 1878.
what Carlisle Said.
, What shall it profit us to have a do.
lar which grows more valuable every da,
if such a dollar lowers the standard D
civilization and brings distress to tn,
people? What shall it profit us in trying
, to raise credit by increasing the pur
chasing power of our dollar, if we lie
stroy our ability to pay the debts al
= ready contracted by lowering the pur
chasing power of the products will
which those debts must be paid? If /,
a is asserted. as it constantly is, that tn
gold standard will enable us to borrow
more money from abroad, l reply tina
the restoration of bimetallism will restor
e the parity between money and property
p and thus permit an era of prosperit,
f which will enable the American peopl
to become the lenders of money instea'
il of perpetual borrowers.
/ The Chicago platform presents a clca
|