The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1896-08-20


Salaries In D,..Iness occupations aepcnu
| upon business conditions, and the gold
standard both lessons the amount and
threatens the permanency Of such sala
| ries.
| Official salaries, except the salaries OF
those who hold office for life, must, In the
| long run, be adjusted to the conditions OF
those who pay the taxes, and IL the pres
ent financial policy continues we must ex.
| pect the contest. between the taxpayer and
| unc tax esitcr 10 increase Dirtcrncss.
The professional classes--in the main
| derive their support from the producinp
| classes, and can only enjoy prosperity
when there Is prosperity among those who
create wealth.
have not attempted to describe the
effect of the gold standard upon ali
/ classes-in fact, have only time TO men
| ton few--but each person will be able
to apply the principles stated to his own
| occupation.
| the desire of people generally 20 convert
their earnings into real or personal prop
erty. This being true, in considering any
| temporary advantage which may CON
from system under which the dollar
| rises in its purchasing power, 1t must not
| be forgotten that the dollar cannot buy
more than formerly, unless property sells
for less than formerly. Hence, 1t will be
seen that large portion Of those who may
find some pccuniary advantage in Rold
standard will discover that their losses ex
oeed their gains.
1t Is sometimes asserted by our oppo
nents that bank belongs to the debtor
class, but this Is not true of any insolvent
| bank. Every statement published by q
solvent bank shows that tho assets exceed
the liabilities. That Is to say, while the
bank owes a large amount of money to its
tf huu
| In money and notes to pay Its depositors
but, in addition thereto, has enough tc
cover its capital and surplus. When th.
dollar is rising in value slowly, a ban
may, by making short timo loans AM
taking good security, avoid loss but, wher
| prices are falling rapidly, the bank is ap
| to loss more of bad debts than It can gaiI
| by the increase in the purchasing power oI
its capital and surplus.
It must De admitted, however, that
| some bankers combine the business of
bond broker with the ordinary banking
| business, and these mag make enough in
| the negotiation of loans to offset the losses
| arising in legitimate banking business
| AS long as human nature remains as it Is
| there will always be danger that, unless
| restrained by the public opinion or legal
| enactment tlose who see pecuniary
| profit for themselves in certain condi
| about that condition jefferson has stated
that one of the main dutiSs of government
| is to prevent men from i1Juring one an
| other, and never was that duty more i'm
| portant than IL is today. 1t Is not strange
| that those who have made profit by fur
nishing gold to the government in the
| hour of its extremity favor q financial pol
| icy which will keep the government dc
| pendent upon them. L believe. however,
| that speak the sentiment of the vast ma
| jority of the people of the United Statt
| when say that wise financial policy ad
| ministered in behalf of all the people
| would make our government Independent
| of any combination OF fnanciers, foreign
or domestic
Let me say word, now, in regard tc
! certain persons who arc pecuniarily bene
flied by god standard, and who favor 1t
| not from u .Gsre to trespass upon tht
| rights of others, but because the circum
| stances which surround them to the ef
feet of the gold standard upon others.
| shall ask you to consider the language ol
| two gentlemen whose long public servic,
and high standing in the party to which
they belong will protect them from ad
verse criticism by our opponents. In 1855
Senator Sherman said: 1.-The contraction
of the CURT lcy is far moro distressin.
operation than senators suppose. 1t is moi
possible to take that voyage without tn
sorest distress. 70 every person, except
or annuitant, 1t is a period of loss, danger
lassitude of trade, fall of wages, suspen
sion of enterprise, bankruptcy and disas
ter. 1t means ruin to all dealers Whose
debts are twice their business capital
though one-third less than their actual
property. IL means the fall of all agricul
tural production without any great rcduc
ton of taxes. What prudent man would
dare to build house, n railroad, a factory
or a barn with this certain fact before
him"
AS have said before, the salaried Off.
Ger referred to must be the man whose
salary is fixed for life and not the man
whose salary depends upon business con
ditions. When Mr.. Sherman describes
contraction of the currency as disastrous
to all the people except the capitalist out
Of debt and those who stand in position
similar to his, he is stating truth which
must be apparent to every person who
will give the matter careful consideration.
MIR. Sherman was at that time speaking
of the contraction of the volume of paper
currency, but the principle which he set
70" I applies II there Is IA contraction oi
the .olume of the standard money of the
world.
Mr. Blaine discussed the same principle
In connection with the. demonetization al
silver Speaking in the house of repre-,
sentatives on the 9TH of February, 1878.
he said: II believe the struggle now
going on in this country and other coun-
tries for a single gold standard would, IL
successful, produce widespread disaster in
and throughout the commercial world.
The destruction of silver as money, and
the establishing of gold as the sole unit OF
value must have ruinous effect upon all
forms OF property, except those invested
which yield fixed return in money.
These would be enormously enhanced in
value, and would gain disproportionate
and unfair advantage over every other
species of property"
Is it strange that the "holders of invest.
ments which yield fixed return in
money" can regard the destruction of sill
yer with complacency. We may not ex.
pect the holders Of other forms of prop
erty TO protest against giving to money
"disproportionate and unfair advantage
over every other species of property" III
the relatively few whose wealth consists
largely in fixed investments have right
to use the ballot to enhance the value OF
their investments, have not the rest of the
people the right to use the ballot to pro
tect themselves from the disastrous conse
quence of II rising standard
The people who must purchase money
with the products of toll stand in posi-
tion entirely different from the Position OF
those who own money or receive u fixed
income. The well bein g of the nation
aye, of civilization isself-depends upon
the prosperity of the masses. What shall
1t profit us TO have dollar which grows
more valuable every day If such a dollar
lowers the standard of civilization and
brings distress TO the peoplo2 What shall
1t profit us If IL trying to raise our credit
by increasing the purchasing power of our
dollar, we destroy our ability to pay the
debts already contracted by lowering the
purchasing power of the products with
a. Al IL
asserted as 1t constantly is asserted, that
the gold standard will enable us TO Dor.