The Progress., 1896-09-17

.ors know that under gold standard
there is inascasing danger that they
will lose tHx-.' deposits because OF the
inability of the banks to collect thell
assets, and they still further know that
if the gold standard Is to continue In
definitely they may be compelled te
withdraw their deposits in order to pay
living expenses,
Gold Means Ruin to Merchants
1T Is only necessary to note the In
creasing number Of failures in ord@
to know that gold standard is ruin
GUS to merchants and manufacturers
If the people cannot buy, retailers can
not sell, and, if the retailers cannot
sell, wholesale merchants and manu-
facturers must go into bankruptcy.
"Those who hold, as permanent In
vestment, the stock of railroads and Of
other enterprises, are injured by golo
standard. The rising dollar destroys
the earning power Of those enterprises
without reducing their liabilities, and
as dividends cannot be paid until sal
aries and fixed charges have been sat-
isfied, the stockholders must bear tns
burden of hard times.
Salaries in business occupations de-
pend upon business conditions, and tht
gold standard both lessons the amount
IL \
salaries.
Its Effect Upon All Glasses.
II have not attempted to describe the
effect of the gold standard upon all
classes-in fact, I have only had time
to mention a few-but each person
will be able to apply the principles ac'
| cordinE to his own occupation IL
must not be forgotten that the dollar
cannot buy more than formerly unless
property sells for less than formerly
Hence, it will be seen that a large por.
ton Of those who may find some Pc
cuniary advantage in gold standard
will discover that their losses exceed
their gains.
BRYAN Attacks the Gold Bugs"
I'm 1859 Senator Sherman said: THE
contraction of the currency is fa1
more distressing operation than sena'
tors suppose To every person, except
a capitalist out OF debt or salariec
officer or annuitant, it is a period o.
loss, danger, lassitude of trade, fall O
wages, suspension of enterprise, bank
ruptcy and disaster. 1t means ruin t.
all dealers whose debts are twice thei
business capital, though one-third les
than their actual property. 1t mean
a the fall Of all agricultural productio
n without any great reduction OF taxes
A Mr.. Sherman was at that time speaB
g ing of the contraction Of the volum
= of paper currency, but the principl
T. which ne set forth applies If there
It a contraction of the volume OF tn
y standard money of the world.
~ Blaine Was for silver.
I "Mr. Blaine discussed the same pril
II ciple in connection with the demon
y. tization Of silver. Speaking IN II
al house Of representatives on Feb.
!" 1878, he said I believe the strugg
y, now going on in this country and 9th
AZ countries for single gold standa
u. would, II successful, produce wild
u spread disaster in and throughout t
commercial world. The destruction
ie silver as money and the establishil
~ of gold as the sole unit Of value mt
". have a ruinous effect upon all forl
" of property, except those invest
which yield a fixed return In none
Is 1t strange that the holders OF inve
MI ments which yield fixed return
lze money can regard the destruction
10 silver with complacency? II the re
AN lively few whose wealth consists lar
icy " in fixed investments have right
leu use the ballot to enhance the value
oiu their investments, have Tot the rest
l nu' the people the right to use the bal
lne to protect themselves from the dis
az trous consequences Of a rising sta
teu ard? What shall it profit US to hav
fn- dollar which grows more valua
i.s, every day If such dollar lowers
'ola standard Of civilization and brings {
A' tress to the people? i it Is asser
as it constantly Is asserted, that
:, gold standard will enable US to Dor
5olu more money from abroad, reply
10 the restoration Of bimetallism Will
sale store that parity between money
iolo property, and thus permit an era
.es, prosperity which will enable the AL
mo, ,,s lean people to become loaners OF me
ne, instead Of perpetual borrowers.
Must Stop Borrowing.
to Even II we desire to borrow,
nav long can we continue borrowing VI
o system which, by lowering the V
me, Of property, weakens the founda
d 70 upon which credit rests? Even
70 AZ holders Of fixed investments, thu
dol. they gain an advantage from the
Rail- probation Of the dollar, certainly
d to the injustice Of the legislation w
be. gives them this advantage over t
more whose incomes depend upon the