The record-union., 1896-08-13
WILLIAM J. BRYAN
And ARTHUR SEWALL.
fcontinued from First Page.)

(Continued from First Page)
insurance policies. but those policy
holders know that since the total pre-
rniurns received exceed the total losses
paid rising standard must be of more
benefit to the companies than to the
po1icyholders.
much solicitude has been expressed
by our opponents for the depesitors III
savings banks. They constantly par
ade before these depositors the advant-
ages of a gold standard. But their ap-
peaIs will be in vain, because savings
banks depositors know that under
gold standard there is increasing dafl-
ger that they will lose their deposlts,
because of the inability of the banks 10
collect their assets, and they still 1ur-
1her know that if the gold STANDARD Is
to continue Indefinitely they may pe
compelled to withdraw their deposils
In order to pay living expenses.
s.It is only necessary to note the IN
creasing number of failures IN oroer u
know that gold standard is rulhous W
merchants and manufacturers. 1he9e
men do not make their profits from the
people from whom they borrow money,
brt from the people to whom they sell
retailers cannot sell, and if retailers
cannot sell. wholesale merchants ana
manufacturers must go into bank
ruptcy.
SALARIES in business occupations de-
mend upon business conditions, and the
cold standard both lessons the amount
and threatens the permanency OF such
salaries. Official salaries, except the
In11 AttlPQ
life. must in the long run be adjusted TO
the conditions of those who pay the
taxes, and if the present flnanclai poi
Icy continues, we must expect the con-
test between the taxpayer and the TAX
eater to increase in bitterness. The pro-
fessiona1 classes, in the main, derive
their support from the producing
classes, and can only enjoy prosperity
when there is prosperity among those
who create wealth.
Il have not attempted to describe the
effect of the gold standard upon all
classes. In fact, I have only had time
TO mention few, but each person VIII
be able to apply the principles stated
to his own occupation. It must also be
remembered that it is the desire OF peo-
rle generally to convert their earnings
into real or personal property. Thls De-
ing true. in considering any temporary
advantage which may come from sys-
tenn under which the dollar rises In It's
purchasing power, it must not be for
gotten that the dollar cannot buy more
than formerly, unless property sells Tor
less than formerly. Hence it Will be
seen that large portion of those who
may find some pecuniary advantage in
q gold standard will discover that their
losses exceed their gains.
Let me say a word now in regard to
certain persons who are pecuniarlly
benefited by a gold standard, and who
favor it, not from desire to trespass
upon the rights of others, but because
the circumstances which surround them
blind them to the effect of the gold
standard upon others. / shall ask you
TO consider the language of two gentle
men whose long public service and high
standing in the party to which they be-
long will protect them from adverse
criticism by our opponents.
In 1869 Senator Sherman said: The
contraction of the currency is a far
more distressing operation than Sem
ators suppose. Our own and other ma
before. It is not possible to take that
voyage without the sorest distress. To
every person, except a capitalist out Of
debt or salaried officer or annuitant, it
is a period Of loss, danger, lassitude of
trade, fall of wages, suspension of en-
terprise, bankruptcy and disaster. 1t
means ruin to all dealers whose debts
are twice their business capital, though
one-third less than their actual prop
erty. It means the fall of all agricult
ural production without any great re
duction Of taxes. What prudent man
would dare to build a house a railroad,
q factory or a barn with this certain
fact before him.?
when Mr.. Sherman describes con-
traction of the currency as disastrous to
all the people except the capitalist out
of debt, and those who stand in po-
sition similar to his, he is stating a
truth which must be apparent to every
person who will give the matter care
ful consideration. Mr. Sherman was at
that time speaking of contraction of
volume of paper currency, but the prin-
ciple which he set forth applies if there
is a contraction of volume of the stand
ard money Of the world
Mr.. Blaine discussed the same prin-
ciple in connection with the demonetiza-
ton of silver. Speaking in the House
of Representatives on the 7th of Feb
ruary, 1873, he said: I believe the
struggle now going on in this country