The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-09-17

Y To the Editor OF the IntcllgCnccr,
IN Sllt;--lt "a q common argument by
persons not well informed, that they
Y oppose the gold standard for no other
/ cause than that tho capitalists and
banking interests OF the country are
Tor Il, This argument IS encouraged
Y and propagated by MIR. Bryan In his
many speeches throughout the eoun-
n.y.. II Is without reason or logic. be-
i Ing founded entirely upon prejudice
and relies for Its effect upon a sentl-
u inent OF hostility supposed to txist be-
tween capltnleand labor
\ The interests OF employer and en-
ployed are generally identical. When
times are good and the mills are maxi
Ing fair returns TO the capitalist, the
slaborer has employment and wages.
When conditions are such that there Is
\ little demand for the products OF man
ufacturyr.i mIll-owners and laborers
suffer alike.
81 Lack of demand lessons the number
OF the employed; lessenng the number
I. employed increases competition and re-
Ssalts In lower wages.
II seems plain that opposition 10 the
interests OF capital Is opposition TO
e theA interests OF worklngmen. II times
{ are such that capital Will not invest
y the greatest sufferer Is the unempl0y-
\ ed laborer. II there Is demand FOR
capitnl, there IS n demand for labor. II
mills are paying, mills are running;
= tf LAY. uF,A Npnrlstntv Ia hArau "a
learning.
The election OF William Mckinley
q would result In Immediate and unusual
demand for labor of all kinds. Why2
! For the simple reason that from low
tariff laws and uncertainty of future
stvalues all business has been stopped;
!. the stream OF commerce has been
damned up and only awaits the as
y surlnce OF higher values and our pre-
sent system OF montes,to tear the bar
5 rlers down and let loose the Hood of
trade.
Builders OF railroads and structural
work OF all kinds knowing the result Of
4 atcEinley's policy OF high tartft md
high wages would make haste to buy
= and build before the highest tariff
would go Into effect.
Whit would be the resuleof the cleo
= tlon OF Dir. Bryant He declares for
} lower tariffs, and deprecated money.
Z Now. could trade revive by his cleo
tion? All values would be unsettled
. and It would be many months before
contract could be made with any
Certainty Of value. Utter stRGnation
would be the result. The mills would
remain closed and the capitalist owner
would lose his deserved returns on his
Investments. The laborer would be
without employment and his family
without the neceSsaries OF life. The in
( terests OF The mill owners and the In
z terests OF the mill worker. are, In gen.
a eral, the samc-leglslatlon that effects
the one affects the other.
- Opposition 10 the banking interests
{ Is unjustIEable. Next after state and
municipal corporations and railroads.
q banks are the greatest debtors. Their
;in,erests arc chiefly with the debtor
class, Without the aid OF the banks
: nine tenthS OF the commercial and
Industrial world would be bankrupt.
There is a mistaken idea concerning
the advantages OF national banks in
b regard to profits on capital invested. 1t
Il said the banks are paid double In
terest. as they receive currency for
nine teaths of the government. bonds
+ deposited as security for their clrcula-
ton This currency Is loaned out and
the bonds deposited are drawing inter-
! est, also. This seems like a double
interest and valuable concession In
favor OF national banks. That II Is
not considered a valuable privilege
may be Inferred from the fact that
Out OF total bank capitalization OF
4 over six hundred millions of dollars In
the United States, and privilege OF
issuing six hundred millions OF dollars
Z there Is an Issue OF only two hundred
millions. ~
81 II the. banks are so highly favored by
~ the system-of issuing 90 per cent cur
Z rency on the deposit OF reserve bonds,
why do they not issue the full amount
authorized instead OF one-thlrd the
amount? There are several causes
why larger issues are not profitable.
Among others the high premium on
bonds, the deposit required for the re-.
demption fund, and the tax of one
per cent on circulation. Instead Of the
profits OF banking being exorbitant to
2. degree that should excite tho peoples
opposition to tira system. It Is u fact
that few commercial undertakings pay
less average percentage, 80.
81 The comptr0llers report for the last
year shows the average profit of the
4 national banks to be only five per cent.
\ Whit other business Involving so large
e
Z are convenience and Il necessity.
q without which large commerce and
manufacture Is impossible. II
" commcrce and manufacture give
employment to our workmen, why
should they oppose a system emil
Z nently favorable to better their cond!-
tIon?,
a 1.-THE opposition to wealth now being
4 cultivated by the free silver party iB
foreign plant. Il will not thrive on
z these shores. Where poverty Is the re-
snlt OF long continued systems of leg
lslatlve oppression, or where hercdi-
tary wealth IL In the hands OF the few.
j then the discomfort OF the hopeless but
I. ambitious poor bcScts natural fa-
Z tired OF the wealthy classes. Here we
have no such conditions as these. The
poorb Oy OF to-day IS the wealthy capt.
talist OF the future.
1t Is true that q large majority Of
4 our wealthy men began life In poverty.
K Nowhere are opportunities so great for
the acquisition OF wealth, nowhere arc
the causes for opposition to wealth
with so little foundation. ms In our own
3 country CLARENCE WILSON.
Wheeling Sent 16