The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1885-03-20

price of silver bullion and gradually to appre-
ciate the value OF gold the woria over. me
difficulties in the way Of establishing an inter-
" national ratio, so much desired, or Of the read
!. iustment of the relative value to gold here
r ! would thereby beiLcreased. How 1t is possible
for such things to take place as are predicted
. in the last paragraph OF tue ietter IL "a, 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 Gold is to be withdrawn to Its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 a contraction, it has been shown,
must be followed by great fall OF prices.
What then! Would not gold flow here as
tides flow! Surely it would come as fast as
ships could briug 1t. What would those who
have been boarding gold do with 1t thens
Labor, the letter says, already greatly de-
pressed, would suffer still further depression
by the scaling down OF the purchasing power
OF every so-called dollar paid into the hand of
toll. Here in one sense we have gold boarded,
unprecedented co traction, 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 aud the other down; usually
| the commodities become cheaper, money be-
somes relatively dearer aud vice versa; usually
contraction of the money volume results in a
rise in the value of money and not in a fall.
The contradictions involved in this paragraph
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 from 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
w nat is the monetary condition OF the world
to-dayf Are we not brought face to lace 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 comel With this condition of things
as to gold, shut off 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 froml AS aggravating to
this state of affairs in this country, the paper
currency is undergoing contraction by I
the surrender of bank notes. II this
state OF things is to last, upon what is there
o build the hope of returning prosperity In
he last three years, according to the London {
economist, prices have fallen more than 20 per :
ent-that Is, money has appreciated in that s
alto. In the quarter century following the 4
old discoveries of California and Australia, q
be stock OF precious metal in use as money s
7as increased nearly 40 per cent. The trade ;
nd commerce of Great Britain and the United G
tates during the same period increased more D
han four fold, and wealth proportlonately. +,
Reverse these conditions, shut off all money o
apply, and what room for hope is there for p,
lankind, except for those whose incomes are HI
Ire! With the appreciation of money all n,
eDts appreciate. When it is remembered C
lat such debts run into tens of bill, MS +
ore than the entire present wealth of the r.
nited States-the vast consequences of the re
)preclation OF money are seen. The control
feudal lords over the earth in the middle
res was Insignificant compared with the con- n,
OIL the modern kings and lords, who, through nj
glslation, can secure an increase in the value n
money. 1t can be shown that it will take | In
ore labor, or more Of the produce of labor, r.
pay what remains OF our own national debt mr.
w IMAM u would have taken to pay it all at mr.
e close OF the war. Eighteen million balls to
cotton were equivalent in value to the entire "a
erest-bearng debt in 1875, but it will take nv
UO0,0o0 bales at the price Of cotton now to he
the remainder of the debt. twenty-five
llion tons of bar iron would have paid the nm
ole debt in 1865. 1t will take 35,0OoOo0 Sc
is to pay what remains, after all that has ma
IN paid as principal and interest. 70,
n view OF the vast interests involved the pr
ends OF silver did not think it too much to ve
: that the question of stopping the coinage In
silver should not be separated from its rela- in,
n TO the whole currency question and acted m,
IN by itself The currency question, it is ne
ieved, at the present time overshadows all In,
er questions, and all the friends of silver III
&c asked is that the president elect should Of
e it full C nsideration and hear both sides ssT
ore committing his administration to any rol
ticular view respecting it. ! dol