The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-08-23
BRYAN'S GREAT SPEECH.
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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
our opponents. In 1869 Senator Sher-
man said, The contraction of the
currency is a far more distressing
operation than Senators suppose. Our
own and other nations have gone
through the operation before. 1t is
not possible to take that voyage with
out sorest distress. To every person,
except capitalist out of debt or a
salaried officer or annuitant, it is %
period of loss, danger, lassitude of
trade. fall of wages, suspension of en-
<ferprise, bankruptcy and disaster. 1t
means ruin to all dealers whose debts
are twice their business capital, though
one-third less than their actual prop
ertv. 1t means the fall of all agricul-
tural production without any great
reduction of taxes. What prudent man
would dare to build a house, a rail
road, factory or a barn with this GER
tain fact before him?'
s'As | have said before, the salaried
officer referred 10 must be the man
whose salary is fixed for life, and not
the man whose salary depends upon
business conditions.
"When Mr.. Sherman describes con-
traction of the currency as disastrous
to all the people except the capitalist,
those out of debt. and thosesswho stand
in position similar TO him, he is stat
ing a truth, which must be apparent to
every person who will give the matter
a careful consideration. Mr.. Sherman
was at that time speaking of the con-
traction of the volume of paper cur
rency. But the principle which he ser
forth applies, If there is eontrac-
ton of the volume of the standard
money of the world.
mfr. Blaine discussed the same prfn-
ciple in connection with the demoneti-
cation of silver. Speaking in the House
of Representatives on the 18th of Feb,
1878, he said: I 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 COM
mercial world. The destruction of sill
yer as money and the establishing OF
gold as the sole unit of value must
have a ruinous effect on all forms of
property except those invested, which
WELD fixed return in money.
IneSP would De enormously
in value, and would gain dkpropor-
-sionate and unfair advantage over ev-
~~ary other species of property"
PROSPERITY OF THE MASSES.
lis it strange that the holders of
investments which yield a fixed re-
turn in money can regard the des-
truction of silver with coIrplacency?
May we not expect the holders of
other forms of property to protest
against giving to money 'dispropor-
tionate and unfair advantage over
every other species of property" If
the relatively few whose wealth con-
sists largely of 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 ballot to protect themselves
from the disastrous consequences of
a rising standard:
THE people who must purchase
money with the products OF toll stand
in position entirely different from
the position of those who own money
or receive a fixed income. The well-be
ing of the nation--aye, of civilization it
.self-depends upon the prosperity of
the masses. What shall it profit a
man to have a dollar which grows
more valuable every day if such "a
dollar lowers the standard of civiliza-
ton and brings distress to the people?
What shall it profit us If, in trying to
raise our credit by increasing the pur-
chasing 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 paid? If it is
fa1 81 mil &c tpd
that the gold standard will enable us
to borrow money from abroad, reply
that the restoration of bi-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.
Even if we desire to borrow, how long
can we continue borrowing under
System which, by lowering the value
= OF property, weakens the foundation
upon which credit rests?
Even the holders of fixed invest
ments, though they gain an advantage
from the appreciation of the dollar,
certainly see the injustice OF the legls-
lation which gives them this advantage
over those whose incomes depend up
on the value of property and products.
If the holders OF H&ed investments
will not listen to arguments based
upon justice and equity, appeal to
them to consider the interests OF pos
terity We do not live for ourselves
alone; our labor, our self denial and
our anxious care-all these are for
those who are to come after us as much
as for ourself, but we cannot pro-
tect our condition beyond the period
of our lives Let those who are now
reaping advantage from vicious finan-
ecial system remember that in years to
come their own children and their
children's children, may, through the
operation of this same system, be made
to pay tribute to the descendants or
those who are wronged to-day.
''As against the maintenance OF gold
standard, either permanently or until
other nations can be united for it's