The weekly intelligencer. [volume] (Lexington, Mo.) 1891-1901, 1896-08-15

scented to congress. Wage earners knew tina {
while n gold standard raises the purchasing
power of the dollar, it also makes IL more diff
cult to obtain possession of the dollar; they knew
that employment is less permanent, loss Of
work more probable and unemployment less
certain. A gold standard encourages the
boarding of money. because money is rising it
also discourages enterprise and paralyzes in
dustry. On the other hand, the restoration of
bimetaliism will discourage boarding,
because when prices are steady
or rising money cannot afford
to lie idle in the bank vaults. The farmers
and wage earners together constitute a con-
siderable majority of the people of the coun-
try. Why should their interests be ignored in
considering financial legislation? a monetary
system which Is pecuniarily advantageous to a
few syndicates has far less to commend it than
q system which would give hope and encour-
a8ement to those who create the nations
wealth.
Gold standard Ruinous to Traders.
Our opponents have made a special appeal to
those who hold fire and life insurance policies,
but these same policy holders know that, since
the total premiums received exceed the total
losses paid. a rising standard must be of more
benefit to the company than to the policy
holders. Much solicitude has been expressed
by our opponents for the depositors of saw
ingS banks They constantly parade be-
fore these depositors the advantages Of
a gold standard, but these appeals will
be in vain, because savings banks depositors
know that under a gold standard there is
increasing danger that they will lose their
deposits because of the inability OF the banks
to collect their assets; and they still further
know that if the gold standard is to continue
indefinitely. they may be compelled to with
draw their deposits in order to pay living ex-
penses- 1t is only necessary to note the in
creaSing number OF failures in order to know
that u gold standard is ruinouS to merchants
and manufacturers. These business men don't
make their profits from the people from whom
they borrow money, but from the people to
whom they sell their goods. II the people
cannot buy, retailers cannot sell. and IL retail
ers cannot sell, wholesale merchants and
manufacturer must go into bankruptcy.
How Capitalists Suffer by Gold Standard.
Those who hold as a permanent Investment
the stock of railroads and Of other enterprises
Il do not include those who speculate in
stocks or use stockholdings as a means of OBJ
tanning an inside advantage in construction
contracts-are injured by a gold standard.
The rising dollar destroys the earning power
of these enterprises without reducing their
liabilities, and as dividends cannot be paid I'M
til salaries and liked charges have been salts
fled. the stockholders must bear the burden of
hard times.
Salaries in business occupations depend
upon business conditions. and the gold stand
ard both lessons the amount and the greatest
permanency Of such salaries. Financial sal
aries, except the salaries of those who hold
office for life. must, in the long run, be adjust
ed to the conditions of those who pay the
taxes, and il the present financial policy con-
tinues we must expect the contest between the
taxpayer and the taxeater to increase In Bit
terness. The professional classes, in the main,
receive their support from the producing
classes, and can only enjoy prosperity when
there is prosperity among those who create
wealth.
have not emp to describe the effects
OF the gold standard upon all c!asses-tn fact, 1
have only had time to mention a few-but each
person will be ably to apply the principles
stated to his own occupation. 1t must also be
that it is the desire of the people
generally to convert their earnings into real
or personal property. This being true, in con-
sidering any temporary advantage which may
come from q system under which the dollar
rises In its purchasing power, it must not be
forgotten that the dollar cannot buy more than
formerly unless property sells for less than
formerly. 1t will be seen that a large portion
OF those who may find some pecuniary advan-
tnge in a gold standard will discover that their
losses exceed their gains.
Banks Affected.
II Is sometimes asserted by our opponents
that n bank belongs to the debtor class, but
this is not true of any solvent bank. Every
statement published by a solvent bank shows
that the assets exceed the liabilities; that is
to say, while the bank owes a large
amount of money to its depositors.
it not only has enough on hand in
but in addition thereto has enough to cover its
capital stock and u surplus When the dollar
is rising in value slowly, o bank may, by max
ing short time loans and taking good security,
F
idly, the bank is apt to lose more because of
bad debts than it can gain by the increased
purchasing power OF its capital and surplus.
1t must be admitted, however, that some
bankers combine the business OF u bond
broker with the ordinary banking business,
and these may make enough in the negotiation
Of loans to Offset the losses arising in legiti-
mate banking business.
AS long as human nature remains as it is,
there will always be danger, more or less re-
strained by the public opinion or legal enact
ment, that those who see n pecuniary profit for
themselves in a certain condition may yield to
the temptation to bring about that condition.
Jefferson has stated that one OF the main duties
of government Is to prevent men from injur-
ing one another, and never was that duty
more important than it is to-day. 1t is not
strange that those who have made n profit
by furnishing gold to the government in the
hour OF its extremity favor n financial policy
which will keep the government dependent
upon them. Ibelfeve, however, that l speak the
sentiment of the vast majority OF the people of
the United States when 1 say that u wise tinan-
cial policy, administered in behalf OF all the
people. would make our government independ-
emit of any combination OF financiers, foreign or
domestic.
The Holders of Fixed Investments.
II 1t is asserted, as it constantly Is asser ted,
that the gold standard will enable us to bor-
row more money from abroad. ! reply that
the restoration of bimetatllism 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 a system which, by lowering
the value OF property, weakens the found ltion
upon which credit rests? Even the holders of
fixed investments, though they gain an adj
vantage from the appreciation OF the dollar,
certainly see the injustice OF the legislation
which gives them this advantage over those
whose incomes depend upon the value of
property and products. II the holders of
fixed investments will not listen 10
based upon justice and equity, 1 appeal to
them to consider the interests OF prosperity.
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 ourselves: but we cannot protect
our children beyond the period of our lives.
Let those who are now reaping advantage from
a vicious hnlncill system remember that in
the years to come their own children and their
children's children may. through the opera
tions of this same system, be made to pay trib-
ute to the descendants OF those who are
wronged to-day.
Free Coinage No New Experiment..
AS against the maintenance of u gold stand
ard, either permanently or until other nations
can be united for its overthrow, the Chicago
platform pre- -ents u clear and emphatic de-
mand for the immediate restoration of the
free and unlimited coinage Of silver and gold
at the present legal ratio of sixteen Ito one
without waiting for the aid or consent of any
other nation. We are not asking that a new
experiment be tried; we are insisting up
on a return to IA financial policy APP
proved by the experience of history
and supported by all the prominent
statesmen of our nation from the days OF
the first president down to 1873. When WI ask
that our mints be opened to the free and I'M
limited coinage Of silver into full legal tender
money, we are simply asking that the same
mint privileges be accorded TO silver that are
now accorded to gold, When we ask that this
coinage be at the ratio of sixteen to one, We
simply ask that our gold coins and the stand
ard silver dollar which, be it remembered. con-
tains the same amount of pure silver as the
first silver dollar coined ut our mints, retain
their present weight and hnenesS-