The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1884-05-08

opnressor, IN ono Of the great instrnmcntalties
of commerce and Industries"
Page ~.
"steadlnesss In prices insures labor to all and
cxncts labor from all
II gives security to credit, and stability and
IL encourages largo enterprises requiring
time for their development. and crowns with
success well-mntured and carefully executed
plans
1t discourages purely speculative ventures,
and especially those based upon disaster.
III encourages actual transactions rather than
gambling I'm future prices
1t mctes out Justice 10 both debtor and cred
itor, and secures credit To those who deserve IT,
1T prevents capital from Expressing labor and
labor from depressing capital. AMI secures to
each Its just share OF the fruits VI industry and
enterprise.
1T secures q reasonable interest for its use
to he lenders Of money, and just share In tho
profits Of production to the borrower,
~ Keeps MP the distinction between mort gage
and n deed.
rather than colossal fortunes TO the few ut tile
expense VI tho many"
EFFECTS on A DECREASING VOLUME or MONEY
On page 3D. same book, We read:
While the volume OF money IL Decreasing,
even although very slowly, the value Of each unit
of money Il increasing In corresponding ratio
and property IL falling IN price.
find that 1t IL constantly becoming more difficult
for them to meet their engagements The mar
gins OF securities melt rapidly away, and tho
which they are based becomes only question Of
time.
"Allproductive enterprises are discouraged and
stagnate because the cost OF producing CON-
modities to-day will not bc covered by tho
prices ohtamable for them tomorrow. Ex-
changes become sluggish because those who
have money willnot part with It for either prop
crty or services, beyond the requirements OF nc.
tnal current necessities. for tho obvious reason
that money alone IL increasing In value, while
everything else IL declining In price,
- ho Ntrat nj ~ Srn
the channels of circulation and Its deposit In
great hoards where II can exert no influence on
prices. This boarding Of money from the nature
OF things must continue and increase, not only
until the shrinking Of its volume has actually
ceased but until capitalists are entirely satisfied
that money lying idle ON special deposit will no
longer afford them revenue, and that the lowest
level OF prices has been reached. \
II Is this boarding Of money when its volume
shrnks which causes fall III prices greater
than would be caused ~ the direct effect of u
decrease In the stock OF money.
Money In shrinking volume becomes the para
mount object Of commerce instead Of Its bench
cent instrument
Instead OF modelling industry II poisons and
dries up its lite currents. II IL the fruitful
source OF political and social disturbance.
1T foments strife between labor and other
forms OF capital, while Itself, hidden away In
security, gurges OF both
|, rewards close lenders and hlches
from o, and oankrnpts en,erpsi.iny borrowers
II circulates freely IN the stock exchange. but
avoids the labor exchange.
1T has In NIL ages been the worst enemy with
which society has had To contend.
gust, is7d and reviewed the continuing results
OF the ranie OF 1874:
The great and still-continung fall In the
prices IN tho United States has proved most dis.
aStrous to nearly every industrial enterprise.
The bitter experience Of the last faw years
has been an expensive hut most thorough
teacher.
nor loan money on such enterprises, and Just
as thoroughly has II taught business men not
To borrow for the purpose OF inaucurating or
prosecuting them.
"Of the few business enterprises now being
successfully prosecuted, the larger part are
based on monopoly secured either by patents
or exceptional conditions.
active and enterristng he Is tho better he IL OF.
The manufacturer avoids loss by dampins
down furnace fires and slowing down machin-
The miners ascend from the dark and gloomy
depths Of the mine with \ scanfv nittance called
wages 10 md In u furnishing household a gloom
that In more profound"
They await with heroic fortituae and a some
times impatient hope the advent OF another
Sir Humphrey Dayy with u lamp capable OF
shedding light on the cause OF existing evils
and OF protecting them and all Others who de-
pend on their labor for their daily bread against
a lingering misery more To he dreaded than thi
dsathly danger that turks in the treachcrous
fire damp.
SECURITIES have already become so impaired
through falling prices that iaanable capital has
fled aifri.h,ed from the newer and more
siarsely settled sections of the country, and
accumulated in large amounts in the great
financial centers, where securities are more
ample.
dividnais have generally ceas II To he available,
except at the highest rates Of interest or nj
runously low valuations.
Money can be borrowed readily only upon
securities "a bonds which are based ON the I'M
limited tax-levying power OF the Government,
or upon the bonds and stocks of nrst-elass
trunk lines OF railroad corporations, whose
freight and fare rates arc practically tax upon
the entire population and resources OF the re-
gioIs which they traverse and supply.
The competition anon. capitalists - loan
money on these more ample securities has be-
come very keen, aud such securities comm and
money ut unprecedentedly low rates,
These low and lowering rates OF interest, in
stead of denoting financial strength and indus
trial prosi Gritty. arc gauge of increasing pros
tration.
The foregoing solemn statements of eminent
men accord with the voice OF history and Of ex-
prr.nce az well, that when one~half oil the
money of 4 people or nation Il destroyed OIL
taken out of circulation the remaining rari
mus, be- in greatly Increased demand and cor
icspondingly dear. In lss1 Germany aemone-
tizcd gold, and the "hardpan advocates issued
u formidable propaganda ON the discovering oi
gold In California and Australia, claiming that
the productions Of this precious metal would
soon become so abundant as to nearly lose it,
valu. Tor purposes OF money.
/ am nnahl. tn discover how one piece of sill
Yer coin, containing si2t. grains of silver nine
| fact unless two pieces OF equal weight and fine
ness equal 81. II tho truth Il that two pieces ri
equal weiSht and fineness are aud only are, a
twice the value a. money To one such piece
what possible oblectioa Tan there be To per
miiting the free coinage al silver a. If guild
| zach party bringing his bullion to the min
| PEELED To lake AWAY the product at his own eN
penSe. and dispose NJ them a. hest he can. un
/ less there hc much in the statement that tn
| volume If dollars In circulation determines In
| large degree the commercial value or purchasin,
/ power Of each OF said dollars, and thus Affect
4 the producing class on the one hand and tn
| noaonulies OH the other
1 II can no, hc successfully denied that the ~
/ suit of this measure AS II came from the hand
| OF the committee would lie 10 restrict the vol
! nme of SILVER money within the jurisdiction q
! our Government, would oppose unlimited In
/ ftation III 1t were possibility, hut demand tina
| the volume shall be 30 adequate 10 the bushes
demands of the people that they shall not b
dependent on the within oil the money lender u
national banker.
| Rut this ill., unless the fourth section h
| stricken out. gives peculiar advantage To til
| holders of silver bullion In the shape and char
actcr oil trade dollars -and they are but >tampe
/ ballion~ over the holder OF other stamped hnl
lion in the shape and character OF silver brick
ar bars. the law passed Feb L. ISIS, chart.
| III, volume II. PAGE a.. section IL hcing ths
the holders OF silver bullion may deposit ID
same Mt any mint and have the same forme
into bars for his benefit. and thus permits u
holder Of one class OF silver ballion TO get
coined into standard dollars. bu' declaring a
holders OF another class of silver bullion Of elu
hneness from such a benefit.
| Win any one attempt 10 deny that such
| measure enacted into law would lbs special -cla'
| legislation and therefore nnssemocraiies
| The amendment which have proposed vi
| read a. 4 part III my remarks. AMI seek to shn
| that IL, incorporated in this hill, will nj lea
| dix late the special class legislative feature
the hill. il il rs follows:
| Amend section as follows
~PFoesded. horsrsr, That the Secretary
the Treasury aud all oifi.isls Of the aovernme
| shall i'm all eases receive other silver hullis
| suitable for coinage purposes In the stead
traae-anliafs 10 tine extent nj all requirement
under existing law when offered at less Fri
, than eata ffaae~do.iars are.
: regard II as worse than mere folly, rs.s
1 IN. far nj "a