The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1898-06-24
The Currency Question.
CONTRAC TON OF CURRENCY.
Cause bankruptcies and Disaster
Three Glasses Benefited

Let me give you an extract from q
speech made by the ex-secretary or
state-John sherman, then member
of the United States senate. He was
speaking of the contraction OF the cur
rency. and he said that it was very
serious thing, more serious than gem
orally supposed.
He said the nation could not take the
voyage without the sorest distress. lie
said that 10 everyone, except the cap
italist out of debt, the annuitant, and
the salaried officer, the contraction OF
the currency would result in the sus-
pension of all enterprise, bankruptcies
and disaster. These things would fol-
low contraction, and there were GER
tain persons who would be exempt
the capitalist out Of debt, the salaried
officer and the annuitant.
WHY the capitalist out of debt ex-
empt? Because his property is money,
and as money rose his money would
buy more. and therefore he would not
only he exempt from the sufferings
which would come to others, but he
would actually profit by those suffer
ings. And how about the salaried Of
fcer? Why, to the extent in which the
salary is fixed, he profits by rising
dollar.
If man has a position for life at a
fixed salary, the more the dollar rises
the larger his salary is. The great
trouble is so few people have fixed sal
aries. Most Of the people have salaries
or incomes dependent upon business
conditions. But il man had salary
fixed for life, the bigger the dollar be-
came the richer he would be and the
bigger would be his salary. If he re-
ceived a thousand dollars year at a
time when dollar would buy certain
amount of goods, and the dollar rose in
value until it would buy twice as much
his salary would. in effect. be $1,000.
And If the dollar kept rising until the
dollar would buy ten times as much
his salary would be, in effect, $4,000
And how about the annuitant? He II
in the same position, because he re
ceives a fixed amount per year for life
and as dollars rise in value his income
! or annuity increases in its value Z
him.
why, il was on this theory that pee
pie were warned last year-warne'
: against having q system that woul'
: lessen the purchasing power of the dol
> lar and life insurance companies fel
IL their duty 10 notify their policy hold
ers what terrible calamity woul'
!, come upon them II the dollars fell !
purchasing power.
But the policy holders, as ruiz
. knew enough TO know that the insul
ance company receives every year NOR
money than it pays out. and II receive
, the same kind of money that il pays ou
;" and therefore, just as long as ii is so
!, vent company, ii is more interested
having the dollars which il receives ris
than it is in having its policy holder
lose anything by cheap dollars.
IS But here are the three classes d.
: scribed by Senator Sherman. the cap
J. talist out of debt, the salaried office
,e and the annuitant. l have sometime
IS thought that if we paid our salaries
,r commodities instead of dollars, salarie
II officers would be more watchful abo'
y commodities and less watchful abo,
n dollars. If. for instance, we paid II
a president of the United States 5000
70 i'm cotton. he would be trying to fir
,e out why cotton is two cents pour
n. lower, with confidence restored, than
n was before the election.-Wm. J. Brya
tn -