The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-10-17
MR. BRYAN ON
THE MONEY QUESTION
BY WILLIAM j. BRYAN.

not been perceptlDiy decreased, altnOuglh II
requires more of farm products now than
formerly to secure the money to pay The
taxes. Debts have not fallen. The farmer
who owed $1,000 is still compelled to pay
81 600, although it may be twice as difficult
as formerly to obtain the dollars with
which to pay the debt. Railroad rates have
not been reduced to keep pace with the
failing prices, and besides these items there
are many more. The farmer has thus found
it more and more difficult to live Has he
not just complaint against the gold stand
ard?
The wage earners have been injured by a
gold standard, and have expressed them
selves upon the subject with great EN-
phasis. In February, 1895, a petition ask
ing for the immediate restoration of the
free and unlimited coinage of gold and
silver at Is to l was signed by the repre-
sentatives of all, or nearly all, the leading
labor organizations and presented to con-
gress Wage earners know that while a
gold standard raises the purchasing power
of the dollar it also makes 1t more difficult
to obtain possession of the dollar; they
know that employment is less permanent,
loss of wages more probable, and re-employ-
ages the boarding of money because money
is rising; 1t also dscourages enterprise and
parayzes industry. On the other hand the
restoration of bimetallism will discourage
boarding because, when prices are steady
or rising, money can not afford to lie idle
in the bank valuts. The farmers and wage
earners together constitute a considerable
majority of the people of the country. Why
should their interests be ignored in con-
ell Hro oil IaoiG A nnn
system which is pecuniariy advantageous
to few monopolies has far less to COM
mend it than system which would give
hope and encouragement to those who
create the nations wealth.
Our opponents have made a special ap-
peal to those who hold fire and life insur
ance policies, but these policy holders
know that, since the total premiums re-
ceived exceed the total losses paid. ris-
ing standard must be of more benefit to the
companies than to the policy holders.
Much solicitude has been expressed by
our opponents for the depositors in savings
banks. They constantly parade before
these depositors the advantages of a gold
standard, but these appeals will be In vain,
because savings bank 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 will further
know that, if the gold standard Is to con-
tinue indefinitely, they may be compelled
to withdraw their deposits in order to pay
living expenses.
1T is only necessary to note the increas-
ing number of failures in order to know
that a gold standard is ruinous to mer-
chants and manufacturers. These business
men do not make their profits from the
people from whom they borrow money,
but from the people to whom they sell their
goods If the people cannot buy the re-
tailers cannot sell, and if the retailers cam
not sell, wholesale merchants and manu-
facturers must go into bankruptcy.
Those who hold, as a permanent invest
ment, the stock of railroads and of other
enterpr.ses-I do not include those who
speculate in stocks or use stock holdings
as means of obtaining an inside advant-
age in construction contracts-are injured
by a gold standard. The rising dollar de-
stroys the earning power of these enter
prises without reducing their liabilities,
and as dividends can not be paid until sal
aries and fixed charges have been satls-
fed the stockholders must bear the DUR
den of hard times.
Salaries in business occupations depend
upon business conditions, and the gold
standard both lessons the amount ana
threatens the permaneney OF sueh salaries.
1t is often objected that the prices OF gold
and silver cannot Ibe fixed in relation TO
each other because eff The variation in the
relative production of the metals This ar
gument also overlooks the fact that w ene
demand for both metals at a fixed price Is
greater than the supply of both, relative
production becomes immaterial. In the
early part of THE present century the an
nuaI production of silver was worth, at
the coinage ratio, about three times as
much as the annual production of gold;
whereas, soon after 1919, the annual pro-
duction eff gold became worth about three
times a much at the coinage ratio, as the
annual production of silver; and yet, owing
RI, ma inf n of himpf
ard. these enormous changes in relative
production had but a slignt effect upon the
1ela tive values of the metals.
If it is asserted by our opponents that the
free coinage of silver is intended only for
the benefit of the mine owners. 1t must be
remembered that free coinage can not re-
store to the mine owners any more than
characterization took away, and it must
also be remembered that the loss which the
decentralization of silver has brought to the
mine owners is Insignificant compared to
the loss which this policy has brought to
the rest of the people. The restoration of
silver will bring to the people generally
many times as much advantage as the mine
owners can obtain from it. While it Is not
the purpose of free coinage to specially aid
any particular class, yet those who believe
that the restoration of silver is needed by
the whole people should not be deferred be-
cause an incidental benefit will come to the
mine owner. The erections of forts, the
deepening of harbors, the improvement of
rivers, the erection of public buildings-all
these confer incidental benefits upon indi-
viduals and communities, and yet these in
cidental benefits do not deter us from MAX
ing appropria tons fer these purposes when
ever such appropriations are necessary for
the public good.
The argument that silver dollar is heav-
Ter than a gold dollar, and that, therefore,
silver is less convenient to carry in large
Quantities is completely answered by the
silver certificate, which is as easily carried
as the gold certificate or any other kind of
paper money.
There are some who, while admitting the
benefits of bimetallism, object TO coinage at
the present ratio. If any are deceived 10y
this objection they ought to remember that
there are bimetallists who are earnest
ly endeavoring to secure it at any other
tito than 16 to l. We are opposed to any
change in the ratio for two reasons: First,
because change would produce great in
Justice; and second, because change is
not necessary A change would produce in
justice because, if effected in the manner
nSrallv cu0oasfad yyO1Id result in an