Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1877-12-13

goods which we take with us W.
must take kind of currency that ii
current in that market, namely, golG
to pay the difference. This makes
drain on our gold, takes the founda-
ton from under our banks, anC
! makes it possible for the suspension
OF some single business house to con
vulse the nation and hurl thousands
of families into bankruptcy.
/ Another set of facts concerning
the relations between the volum,
of currency and the rate of Interest
indicates how poorly the poor mar
is served by an inflated currency
/ When there is the largest volume
OF currency it frequently command,
the most exorbitant rate Of interest
and when the volume is most con
tracted the rate of interest is otter
lowest. In 1886 we had 1850 per
head, and it commanded 80 per cent
interest. In 1s43 we had six dollar,
per head, and it wac worth only
three and three quarters per cent
interest. In 1857 we had S15.25 pei
head, Land it was worth thirty six pei
cent. interest. In 1858 we had S11.2i
per head, and was worth three
and one-half per cent. interest,
| These strange figures come out o.
| the facts. When currency Is abun
dant men rush into speculation
money seems valuable, more is want.
ed, more is issued by the, banks for
their customers, "sthings go kiting,''
business is abnormal and aintoxicat-
ing, public morals are infiamed and
debased, greed seizes most minds,
and extravaganza and loose habits
wreck many characters Then sud
denly 1888 Or 1858, or 1873 leaps
out of the sky, and whole genera.
ton of dead Spectators are carried
TO their burial to make room for
another crop.
Normal wages fell between 1886
and 1910 twenty per cent. but the
remaining eighty per cent. would
purchase thirteen per cent. more
commodities in 1910 than the whole
100 per cent. would in 1886. Nom.
inal wages in 1843 were twenty per
cent less than in 1886. But real
wages, what the days work would
buy to feed and care fo- family,
advanced about sixty per cent. In
1864 nominal wages were seventy
five per cent higher than in 1843.
Fluctuations strike the poor man all
the time. Wages go up last and
down first. At sea, two ships in a
chase, other things being equal, the
fleeing ship is sure to be captured,
because it catches the wind last and
loses it first. So labor in fluctuations
suffers most in every change. La
Dor requires stable currency.
1t does not seem possible to make
a clearer demonstration that large
volume of currency that is not load
ed down into stability by absolute
convertibility into specie is tho
worst calamity, next to humiliation
that can befall the business interests
of people. We have presented
these facts as facts, without refer
ence to whore they may hit. We
may be permitted to point out few
of the lessons taught. We are teach
ing.in the interest of the poor man
primarily, for the rich man can teach
and care for himself.
l. When the rich man loses a
large share of his fortune be is hurt
and misses his comforts, but not his
bread. When panic strikes, the
poor man soon is pressed for bread
and must fight nightly to keep his
children from starving.
2. The advance in wages follows
very far behind the advance 10 the
necessities of life, because all COM
modities have speculative value.
Once started, prices run mp on what
commodities are going to be worth.
But labor has no speculative val
ne. No man can buy and store away
1000 years of labor, and wait for
the advance Labor is last To ad-
vance, and advances at the slowest
rate.
3. The decline in wages is felt
before the decline in prices. Capital
can hold for a time for better mar
ket, but labor cannot delay. Delay
to il is loss and ruin.
4. These fluctuations strike hard
upon the farmer. His commodities
are exported, and receive their price
in different currency in--gold, the
currency of his market. Nothing can
have two prices. He sells in gold
market, and buys shoes clothes, etc.,
in paper market, and SO is COM
PEELED to stand the loss of exchange
both ways, and of delays.
5. 1t Is cheaper for the poor man
and for the debtor to add to the
claims of the creditor by elevating
those claims to a specie basis than to
be driven out to sea in the storm of
speculation.
z Let resumption alone. If Con-
gressmen must legislate, let them
legislate concerning the changes of
the thermometer.
8. The way back to resumption
and out of debt is by economy to re-
place what we were compelled to
waste.
8. Keep down the volume of the
currency, and that will keep our i'm
ports down below our exports, end
secure prosperity.
10. Cultivate our wide acres. Our
great harvests alone can settle the
problems of national prosperity.
A Curiosity.