The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-08-13


them. believe. however. that 1 speak
the sentiment or vast majority or the
people of the United States when say
that this financial policy administered IN
behalf OF al people would make our gov
eminent independent OF any combination
of financ.ers. foreign or domestic.
lie. me say a Word now in regard TO
certain persons who are pecnniarily hene-
flied by the gold standard. and who favor
II. not from any desire to trespass upon
the rights OF others. but because circ1m-
stances which surround them blind 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 20 which they belong Will protect
them from adverse criticism by our OPP
penents. In 1859 Senator Sherman said:
Contraction OF tho currency is a far more
distressing operation than the senator's
suppose Our own and other nations
have gone through that operation before
1t is not possible to take that action
without the sorest distress 10 every per-
son except the capitalist out OF debt or
the salaried officer or annuiiant. IL II a
period of loss. danger. iassltude of trade,
fall OF wages, suspension OF enterprise,
Bankruptcy and disaster. Tt mears ruin
TO all debtors whose debts are twice their
business capital though one-third less
than their actual property. 1t means
the fall OF all agricultural products with
out any great reduction OF taxes. What
prudent man would dare build house.
railroad. factory or barn with this certain
fact before him? As | have sad before,
the salaried officer referred to must be a
man whose salary Is fixed for life. and
not the man whose salary depends upon
business conditions When Mr. Sherman
describes the contraction OF the currency
IS disastrous 20 all people except the
capitalist out OF debt and those who stand
In a position similar TO this, he is stating
the truth, which must be apparent 10
every person who Will give the matter
careful consideration. Mr. Sherman was
at that time speaking OF the contraction
OF the volume of paper currency, bat The
precepts which he sets forth apply II
there Is a contraction OF the volume of
the standard money OF the world
mfr. Blaine discussed the same prin-
ciple In connection with the demonetlsa-
ton OF silver. Speaking In the house of
representatives on the 7th OF February
1878. he said: The struggle now going on
In this and other countries for single
gold standard would. II successful, pro-
duce wide distress throughout the commer-
cial world. The destruction of silver as
money and the establishing OF gold az the
sole unit OF value must have a rulnous
effect on all forms OF property except
those invested which yield fixed returns
in money. Those would be enormously
enhanced In value and would gain dis
proportioaats and unfair advantage over
every sort Of property
at IL strange that the holders OF invest
ments which yield fixed return in money
can regard the destruction OF silver with
complacency. We may not expect the
holders OF other forms Of property TO pro-
test against giving 10 money dispropor-
Tomato and unfair advantage over other
species OF property. The relatively few
whose wealth consists largely IN fixed in
vestments have the right 10 use the ballot
10 enhance the value OF their investments.
Have not the rest OF the people the right
TO use the ballot TO protect themselves
from the disastrous consequences OF ris-
ing Standard People who must purchase
money with the products OF toll stand IA a
position entirely different from the posi-
ton OF those who own money or receive
fixed incomes
THE wellbeing OF the nation, aye, OF
clviliza ton Itself. depends m the prosper
tty OF the masses. what shall Il pront us
20 have a dollar which grows more vaiia-
BILE every day. n such a dollar lowers the
standard CT civilization and brings distress
20 the people7 What shall II profit us. IL
IN trying 10 raise our credit by Increasing Z
the purchasing power OF our dollars we
destroy our ability 20 pay the debts
already contracted by lowering the pur-
chasing power OF the products with which
those debts must be paid7 II. as II IL con-
stantly asserted. the gold standard win en-
abie M 20 borrow that money from abroad,
I reply that the restoration OF blmetalllsm
win restore the parity between money and
property. and thus permit an era OF pros
peFIty which viii enable thu American
peopie 20 become lenders OF money instead
Of perpetual borrowers. Then, II ws de-
sire 20 borrow, how long can we continue
borrowing under system which by lower
ing the value Of property weakens the
foundation upon which our credit rests7
Fixed investments. though they gain
an advantage from the appreciation Of the
dollar. certainly see the injustice Of ieg-
isIatien which gives them this advantage
over those whose incomes depend upon the
value OF property and products. IL hold
ers Of fixed investments will not listen 10
arguments based Upon justice and equity.
I appeal 20 them TO consider the interests
Of postersTy We 90 rot live for ourselves
alone. Our labor. our sslf-deniai and or
anxious care. all these are for those who
are 20 coma after us as much az for our
selves, but We cannot protect our children
beyond tbe period OF our lives. Let those
who are nov reapirr the advantage from
the various financial systems reEnern bsr
that IL years 20 come their own children
and their cniidren's children may, through
ire operations % tais same system. be
made 70 pay tribute 70 the descendants
OF those who are wreng>d today.
AS against the maintenance OF the gold
standard. either permanently or until 9TH
er nations can Dc united for its overthrow.
the Chicago platform presents q clear
and emphatic demand for the immediate
restoration OF the free and unliraste9 coin