The Indianapolis sentinel. [volume] (Indianapolis, Ind.) 1880-1904, 1885-05-20


the value of money is increasing the value OF
each dollar Is increasing in corresponding
ratio, and property isfalliDg in price. Those
who have contracted to pay money find IL
constantly becoming more difficult to meet
their engagements. Productive enterprises
are discouraged and crippled, becauss the
cost of producing to day will rot be covered
| by the prices obtainable tomorrow Trade
| becomes sluggish because those who have
money will not part with it beyond necessary
requirements, tor the reason that money
alone is increasing IN value, while every
| thing else is declining in price.
Ii is natural for men TO cling to whatever
| is rising in value and to decline 10 invest in
| that which is falling. Failing prices an nj.
hilate profits and it is only the expectation
OF gain which stimulates the investment OF
| capital III business enterprises inadeu uate
who sreempIoyed can only be so upon the
| condition of diminished weges-heuce labor
strikes arise. 1t is falling prices thai robs la
Dor OF empl 1yment and precipitstes a con.
fict between it and money capital, and il
| also renders the contest an UNEQUAL one, Civ
ing capital a decisive advantage, because,
even unemployed money under these condi-
tons increases in value by the mere lapse of
time, while the lsborer grows poorer. and is
coerced by his necessities to submit to what
ever exactions may be imposed.
The single gold standard means demone-
supply of metallic money and correspond
ing reduction in the volume Of paper money
| convertible into coin. 1t means an increase
In the value OF money, or In its purchasing
| power, to twice or three times its present
vslDe or what is the same thing reduction
| in the wages of labor and the value of prop.
| erty to one bsf or one third of the present
prices, and at the same time increase the
value of the bondholder's bond and all other
forms of paper demanding money. Each
debtor must do two or three times
| as much work or part with
three times as much property to pay
| any existing debt, under the proposed
| change, as is required under present condi-
| tiors.
| Senator Voorhees,. in one of his great
| speeches on this question, said: THE worst
| effect, however economically considered, of
| falling prices is not upon existing property
| nor upon debtors, but upon laborers, whom
| it deprives Of employment and consigns to
| poverty, and upon society. which it deprives
| of that vast sum of wealth which resides
| potentially in the vigorous arms of tue idle
workman. shrinking volume OF money
transfers existing. property unjustly and
| causes concentration and diminution of
| wealth" Again ne says: "In the
entire catalogue of crime against humsn go
| ciety not one can be found so awfu. in all
| its conse quences, both immediate and re-
| mote, as u government commits whsn it de.
libeIately destroys the money OF its own
| citizens"
Leon Fanchet,in his Researches upon Gold
and Silver, says: IF all the nations OF
| Europe adopted the system o. Grea. Britain.
the price of gold would be raised beyond
measure, and We should see produced ia
| Europe result lamentable enough"
In 1869 N. Wonlowski said before French
Monetary Conventions: IF by q stroke of
the pen they suppress one of these metals in
| the monetary service. they doable the de-
mand for tho other metal, to the ruin OF all
| creditors
Baron Rothschild, at the same convention,
| said: The suppression or silver woGld
amount to veritable destruction of values
| without any compensation"
| Thssa men are known the world over as
great financiers, possessing business brains
equal to any whom the gentleman can pro-
duce.
Our ablest statesmen also held this view.
| In 1871, Alexander Hamilton said: 40
| annul the use of either of the metals as
money is to bridge the quantity OF circulat-
| ing medium, and is liable to all the objec-
tons which arise from q comparison of The
| benefits CT a full with the evils of q scaaty
| circulation"
Jefferson in o letter to Hamilton (1792)
| said:
II concur with you that the unit must
| stspd Oh both metals"
K. M. I. Hunter in a report (1852) ID the
! United States Senate, said: 'The mischief
| would be great, indeed, if all the world were
to adopt but one OF the precious metals as
| the stan dard OF values"
| But Mr.. Reeve does not seem to have a
! very high opinion of the judgment of our
| Republican and Democratic statesmen who
| hold these views SO / will quote from Eng.
| iish authority OF the best business" brand.
The Westminster Review (Jan. 1876 said /:
"One OF the things involved we hold TO be
the probable appreciation of gold; in other
| words, an increase OF its purchasing power;
and that consequently, unless fresh discov.
cries are made, prices have seen their highest
| for many long day, ard that debts con.
tracted in gold will by reason OF this move.
| ment tend TO press more heavily on the Dor
rowers. and that twill be well if this pressure
| do not become so intolerable as TO suggest
| by way of solution something like universal
reputation"
| The President of the Liverpool. England
Chamber of Commerce said in 1879 at
| will practically beggsr all Nations that
have borrowed in silver and have
| to pay in gold. No doubt, IL such
state OF things were TO happen, soma
countries would have to pass into liquida
! ton and make a compromise with their
| creditors, and ultimately matters would set.
tie down everywhere, after excessive suffer-
ing and confusion, into q universal system
| OF gcld paYmepts bus the necessary result
would be that the metallic basis on which the
butiness Of the world was done would be
| immensely reduced. IL would be as If the
mines were shut up for several years. =
No doubt at last the process would be
| accomplished, and after a century or so, the
| world could trade rs well on gold alone az
| gold and silver combined. But why have
| the immediate chaos IL il can be avoided?''
| The London Economist, the special organ
| 81 British fnanciol opinion (Ssptember
| 1876 said; The United States might take
be single gold standard like ourselves. and
| this is what till very lately every Euglish
economist would have advised them to do.
| The evils of this plan mad not then been
| SEEM
Even Chevalier, the great apostle of de-