The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1874-10-10

GeiVesfh price paid AZ LlfeIppnli lts'
the cost OF transportation ana the pro-
lits of the Intermediate operators WIN
The premium on gold added, lipt the
price OF those staples Ia the lorelgn
market are measured by tho specie
standard prevailing there ana not
driven up by any paper Imitation ana
they arc also depressed 10y the eonlpe'
iiiiOn OF other agricultural countries
While thus receiving comparatively
low prices for what no sells lle has
under our currency fysleml .oolnpaIA'
lively high prices % pay lof every
thing he buys, Ia clothing, shoes, gro
oerieh. household aud farming utensils,
on 80 on. Why Is this SOP The value
VI an irredesmable paper currency con.
stantly fuctuates The importer OF
goods, the merchants, the lnanulhe-
lurer, when Offering their articles
for sale, first ndd ~ tho price,
NJ which they would sou
under specie payments, lhe premium
on gold, hut they know also that they
run tho risk Of tho lucllatlon
aud possible depreciation Of tho paper
money they get for theirgoods, 10 that,
II they sell on time, the sum OF paper
money they receive IN payment, wiell
the purchaser pays his note may not
represent the same gold value which
tho same nominal sum represented
when the sale was made. The mer'
chant or manufacturer protects him
self against hIs risk Of l0hs 10y making
another addition 10 the price Of the
goods he sells, Usually tde goods pnsH
through several hands, those OF the
johhor, the western Or southern Whole
sale dealer aud thereafter, holofo lhey
reach the consumer, Each one Of these
Intermediates runs the same RISK ol
tho depreciation OF the paper currency
aud protects himself by making ali0lh-
or addition 10 the price on Ills part
And who has 10 pay tho three or four
additions 10 the price made ny The
iradora for their own protection
against the fluctuations Of paper
money? or course the consumer In
this ease the farmer. The price OF cy-
orythlng he has to buy, therefore, has
been run up not only by the premium
on gold, but far beyond that, by the nd
dllional percentage covering the risk
OF three or four intermediate trhders'
All this IL owing TO the nature Of our
currency.
but does not the risk OF currency
llucluntlOn affect also the price OF the
products the farmef has 10 sellY Yes,
II does; but In the opposite way The
tradesman who buys tho farmers
wheat and ships II to 81, Louis or Chi
cagO, the grain merchant who ships II
to New York, runs the same risk Of
currency iluclutation also, and try TO
protect themselves But they cannot
put II upon tho prlceof the wheat they
have bought, for the reason that the
price of that wheat In New York and
Liverpool Is determined by the market
there, which market IL controlled by
the competition Of all the agricultural
countries OF the civilized world. How
do these traders then protect them
selves? by deducting thr percentage
necessary to cover their risk from the
price they pay to the farmer, The
farmer flatters himself that II gold
goes up he gets for his products the
benefits Of the higher premium of
gold. But the risk of the tradesman
who buys from him being deducted, he
gets u considerable percentage less than
the full premium; while on the price
Of the goods he buys the risk
of the tradesman Is added TO
the premium and the farmer has
to pay very considerable percentage
over and above that premium. Thus
the farmers candle burns ut both ends.
The character Of our paper currency,
IN consequence Of It's initiation, blows
up the prices of everything the farmer
has to buy and the same thing runs
down the price of all he has TO sell.
When he buys thing the risk of cur
rency imitation is against him and be
has to pay for 1t. When he sells his
products, the risk Of currency imitation
Is against him, for II is deducted from
the price he gets. Even under favora-
bic circumstances the farmer does not
penses. But under such system of
currency he makes still less, if any
thing. No wonder, therefore, the far
mer does not flourish.
Now it is evident, the more such
currency IL inflated the more 1t will
tluctuate, the greater the risk to cover,
and the heavier the burden on the
farmer 1t is, indeed, pretended that
farmers who are In debt, who have
mortgages on their lands, would be
benefited by imitation, in so far as in
flation would depreciate the currency
and the debtor would be enabled to pay
in dollars Of less value. Leaving the
morality of this argument out of the
question, 1t Is easy to show that this
would in the long run not benefit the
farmer at all.