The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1879-05-08
WE HAVE RESUMES.

SAA
WE HAVE RESUMED.
solon Chase,s Views.
CHAsE's MILLS, MAINE, April 20, 1879.
TO the Editor of the Enquirer:
The increased value of our money is
often referred to as evidence of increas-
ed wealth.
Increasing the value of money adds
to the wealth of one man by making
another poorer. 1t is by increasing the
value of money that employment has
been taken from labor, profits from
employers, and all distinction between
a mortgage and a deed blotted out. It
is by this process the relation between
debtor and creditor has been disturbed
for decade. When money increases
in value as fast IS cattle grow, the
growth of the farmers cattle is added
annually to the value of the bankers
and sweats in the meadow from sun to
sun, while the banker lies in the shade
and takes the hay. When money is
increasing in purchasing power it's
value is in keeping and not in parting
with it. The producers losses are the
hoarder's gains. Idle labor starYes
while idle money fattens upon the
sweat and toll of industry. A decade
of falling prices is, of increasing
the value of the money-has given to
the business industries of the country
the " rest and peace'' of the tomb.
'Tis said we have now reached . gold
standard, and there is going to be re-
vivaI.
The Resumption Law has lengthen-
ed the gold standard from 30 to 40 per
cent. since the passage Of the net. It
is the sanaea though the yard measure
had been increased since 1875 to forty
eight inches. The laws of the United
States and the laws of foreign nations
have enhanced the value of the gold
dollar from 40 to 60 per cent. since 1850,
while the dollar the banker loaned the
Government would buy only half ~
much as the gold dollar in 1850. In
1860 the gold dollar would hire one
days work, now the same dollar will
buy two days labor. In 1850 the gold
dollar would buy eight pounds of pork,
now eighteen pounds Of pork have
been squeezed into that dollar. All
the increase in the purchasing power
of the dollar is added to the value Of
the bankers bond, and is that much
confiscation Of all productive property.
What reason is there to suppose that
this squeezing process is arrested The
causes of depression exist the same as
ever. The property Of the country Is
changing hands as fast as ever. The
law in the leading nations has dimin-
ished the volume of money. and prices
are adjusting themselves to that dimin-
ished volume, like water seeking
level. That level is not reached yet,
and no man can tell where the bottom
is, unless there comes relief through
Legislation. ssi.
IF you have pair Of steers, good
puIlers. and you overload them, they
get discouraged, and won't pull q
pound. The remedy is not to put in
the load, but to tighten the load. The
people are good pullers, but they are
overloaded with debts and taxes, and
are discouraged. Taxes are paid from
the savings of other years or from the
forced sales of property. Money shuns
all productive enterprises as burned
child shuns the fire. The producers of
last years crops and products have sold
their products for less than cost, and
have nothing in hand to buy the goods
that glut our markets.
The confidence that is SO much de-
sired can only come by an upward turn
of values. AS the distress has been
caused by increasing the value of the
money, relief can only come to stay by
gradually diminishing the purchasing
power of the dollar. The man who
talks about imitation" until prices
rise as high as the gold prices Of 1860 is
just as crazy as the man who talks
about issuing unlimited quantities Of
paper money! A rise in prices to the
level of gold prices of 1860 would
breathe new life into our industries
and unlock millions of hoarded capital
~
by making money valuable to its pos
SCISSOR only as he parted with it. The
banker would get coin for his bonds
the same as now, but his bond would
not buy SO much corn and hogs as now,
and the farmer would get more coin
for his hogs and corn.
A step in the right direction is the
unlimited coinage of standard silver
dollars, and pay them out for bonds.
But it is said it won't do to make
" cheap" silver dollars, and pay them
out for bonds. Such is the letter and
spirit of the contract.
Is the silver dollar /" cheap dollar?
1t will buy two days labor at Chase's
Mills, twenty yards Of calico in Boston,
five bushels of corn in Illinois, or fifty
pounds of hog in Iowa. Although
silver has been demonetized and its
coinage limited in the leading nations,
yet it has not fallen in price during the
last fifteen years, as measured by any
commodity, except gold. An ounce Of
silver will buy more Of commodities
the world over than in 1860. Eighty
three cents-what is called the bullion
value of the, silver dollar-will buy
more than one hundred cents gold
measure in 1860. Hence we see that
with all the Imitation" possible with
silver, its bullion value alone will keep
prices, lower than the gold prices of
1860. tyq t4a sissoi -8a.--. .
The standard silver dollar is full
legal tender for all debts, public and
private. John Sherman coins s., ,OOO,-
600 month .(the lowest limit of the
law, and puts them into vault. He
dare not pay them out for interest on
bankers bonds. because the banker de-
fies the law. ist-.4 SOLON CHASE.