Little Falls weekly transcript. (Little Falls, Morrison Co., Minn.) 1894-19??, 1896-08-14

believe, however, that speak the sentf
ment of the vast majority Of the people OF
of the United States when say that
wise financial policy administered In b.
half of all the people would make our
government Independent Of any combina-
ton of flnanciers, foreign or domestic.
THE GOLD STANDARD.
Something IN Regard i to Those Ben. fitted
By It.
Let me say word now in regard to
certain persons who are pecuniarlly bene-
fitted by gold standard, and who favor
it, not from desire to trespass upon the
rights of others, but because the circuln-
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 to which they belong will protect
them from adverse criticism by our oppo-
nents. In 1869 Senator Sherman said:
s'The contraction of the currency Is o far
more distressing operation than senators
suppose. Our own and other nations
have gone through that operation before.
1t is not possible to take that voyage
without the sorest distress. 10 every
person except a capitalist out of debt, or
a salaried officer or annuitant, it is
period of loss, danger, lassitude of trade,
fall of wages, suspension OF enterprise,
bankruptcy and disaster. 1t means ruin
to all dealers whose debts are twice their
business capital, though one-third less
than their actual property. 1t means the
fall of all agricultural production without
any great reduction of taxes What pru-
dent man would dare to build house, a
railroad q factory, or barn with this
certain fact before himp"
Endorses Senator Sherman.
AS l 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-
dition When MIR. Sherman describes
contraction of the currency as disastrous
to all the people except the capitalist out
of debt and those who stand in a position
similar to his he is stating a truth that
must be apparent to every person who will
give the matter careful consideration. Mr..
Sherman was at that time speaking of the
contraction of the volume of paper cur
rency, but the principle which he set forth
applies if there is a contraction OF the vol
u1ne of standard money Of the world.
Mr. Blaine discussed the same principle
!! in connection with the demonstration of
silver Speaking in the house Of repre-
sentatives on the 9TH day of February,
1878. He said: II believe the struggle
now going on in this country and other
countries for single gold standard
would, if successful, produce widespread
disaster in and throughout the CONNER
cial world. The destruction Of silver as
money and the establishing of gold as tn.
sole unit Of value must have ruinous ef-
feet on all forms of property except those
invested which yield fixed return in
money. These would be enormously en-.
HANGED in value and would gain a dispro.
portionate and unfair advantage over ev-
cry other species Of property"
Is it strange that the "holders Of invest
ments which yield a fixed return in
money" can regard the destruction of sill.
yer with complacency. We may not ex-
pect the holders of other forms of property
to protest against giving to money dis
proportionate and unfair advantage over
every other species of property"
The Masses Must Prosper.
II the relatively few whose wealth con.
sists largely in fixed Investments have a
right to use the ballot to enhance the
value Of their Investments, have not the
rest Of the people the right to use the BAL
lot to protect themselves from the disas.
trous consequences Of a. rising standard.
Tho paople who must purchase money
with the products Of the soil stand in q
position entirely different from the posi-.
ton Of those who own money or receive .
1xed income. The well being Of tho ma
tion-aye, of civilization itself-depends
upon the prosperity Of the masses.
What shall it profit us to have dollar
which grows more valuable every day If
such dollar lowers the standard Of civil
ization and brings distress to the peopleY
What shall it profit W II, in trying to
raise our credit by increasing the purchas.
ing power Of our dollar we destroy our
ability to pay the debts already contracted
by lowering the purchasing power Of the
products with which those debts must be
peidp II 1t is asserted, as 1t constantly Is
asserted, that the gold standard will en-
able us to borrow more money from
abroad, I reply that the restoration of BIZ
metallism will restore the parity between
money and property and thus permit an
era of prosperity which will enable the
American people to become loaners Of
money instead of perpetual borrowers.
FREE COINAGE OF SILVER.
Chicaxo Platform Presents An Emphatic
Demand for Its Restoration.
As against the maintenance of gold
standard, either permanently or until
other nations can be united for it's over