McCook weekly tribune. (McCook, Neb.) 188?-1886, 1885-03-19

price Of silver bullion and gradually to appre-
ciate the value Of gold the world over. The
difficulties In the way OF establishing an inter-
national ratio, SO much desired, or OF the read
justment OF the relative value to gold here
would thereby be iLcreased. How II Is possible
for such things to take place as are predicted
In the last paragraph Of the letter 1t Is
difficult to see. Gold Is to be withdrawn to Its
boarding places, followed by an unprecedented
contraction In the actual volume OF our cur
rency. Such contraction, 1t has been shown,
What then9 Would not gold flow here as
tides fiowa Surely it would come as fast as
ships could briug 1t. What would those who
have been boarding gold do with 1t tbeni
Labor, the letter says, already greatly de-
pressed, would suffer still further depression
OF every so-called dollar paid into the hand
toll. Here In one sense we have gold boarded,
unprecedented contraction, fall Of prices, and
scaling down of the purchasing power Of the
dollar. That is, when these impending
calamities come, prices are to fall, everything
becomes cheaper, and money becomes less
valuable at the same time. That is. both
sides of the balance go down together. Usually
one side goes up and the other down; usually
the commodities become cheaper, money be-
somes relatively dearer aud vice versa; usually
contraction OF the money volume results In
rise in the value Of money and not in fall.
of the letter are hardly calculated to carry
conviction to those who have ever studied the
money question at all, or to awaken in them
any sense of alarm at our approaching
calamities fro such causes.
In one thing all will agree, and that is in the
Importance to the whole country, and especial
ly to the laboring classes now struggling with
want of the revival of business and the re-
action of prosperity. The one condition es-
sential to this is to stop the contraction OF
currency. No country ever did thrive. and
never can, while its money was under
going contraction. Business cannot be secure
when its foundation is constantly giving way
Stability in the volume of money is the one
essential to safe and prosperous business.
What is the monetary condition of the world
to-day! Are we not brought face to face with
the startling fact that the gold production Of
the world has fallen below its consumption in
the arts, and that there is no probability of
any new gold for the money supply for CEN
turtles to comea With this condition of things
as to gold, shut of silver, as is now proposed,
and where is the money supply, even for keep
ing up the stock of coin now in the hands of
he world to come from! As aggravating to
this state Of affairs in this country, the paper
currency is undergoing contraction by
the surrender of bank notes. If this
state of things is to last, upon what is there
to build the hope of returning prosperity? In
the last three years, according to the London
Economist prices have fallen more than 90 per
cent.-that is, money has appreciated in that
ratio. In the quarter century following the
gold discoveries of California and Australia,
the stock of precious metal in use as money
was increased nearly 40 per cent. The trade
and commerce of Great Britain and the United
States during the same period increased more
than four fold, and wealth proportionately.
Reverse these conditions, shut Off all money
supply, and what room for hope is there for
mankind, except for those whose incomes are
sure! With the appreciation OF money all
debts appreciate. When it is remembered
that such debts run into tens of billions
more than the entire present wealth of the
United States-the vast consequences OF the
appreciation of money are seen. The control
of feudal lords over the earth in the middle
ages was Insignificant compared with the con-
troll the modern kings and lords, who through
legislation, can secure an increase in the value
of money. 1t can be shown that it will take
more labor, or more of the produce of labor.
to pay what remains of our own national debt
now than it would have taken to pay it all at
the close of the war. Eighteen million bales
Of cotton were equivalent in value to the entire
30, 600, 600 bales at the price Of cotton now to
pay the remainder of the debt. twenty-five
million tons of bar iron would have paid the
whole debt in 1865. 1t will take $4,000, 600
tons to pay what remains, after all that has
been paid as principal and interest
In view of the vast interests involved the
friends of silver did not think it too much to
ask that the question of stopping the coinage
of silver should not be separated from its rela-
ton to the whole currency question and acted
upon by itself. The currency question, it is
believed, at the present time overshadows all
other questions, and all the friends of silver
have asked is that the president elect should
give it full consideration and hear both sides
before committing his administration to any
particular view respecting it.