The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1885-03-12

Traction. tall Of priosA snd scaling down Of.
tho purchasing power Of the dollar. That In,
when these impending calamtties come prices
money SeccnIs less Valuable 81 the same time
That In. both aides Of the balance 20 down to-
gether. Usually one side goes MP a. the other
cheaper money becomes relatively dearer and
vice versa: usually . contraction OF the money
volume results In rise In the value OF money,
In this paragraph Of the letter are hardly cal
culated t0'carry conviction 10 those who have
ever studied the money questions 1t all. or 20
awaken In them any sense Of alarm 1t our APP
preaching calamities from spch causes.
In one thing all will agree. and that In In the
Importance to the whole country. and especially
want. OF the revival OF business and the reaction
OF prosperi y. The one condition essential to
this is TO stop the contraction of currency. No
money was undergoing contraction Business
can not be secure when its foundation IL con-
stantly giving way. Stability In the volume of
money Is the one essential TO safe and prosper
Of the world to- day? Are we not brought face
to face with the startling fact that the gold pro-
auotlSn OF =, the re world has fallen below Its con
ability. of any new gold for the money sup
ply for centuries to come? With this
condition OF things as to gold, shut of
money supply, even for keeping mp the stock of
coin now in the hands OF the world, to come
from? As aggravartng to this state of affairs In
this country, the paper currency Is undergoing
contraction by the surrender of bank notes. IL
this state OF things IL to laa upon what is there
to build the hope OF returning prosperity? In the
hat three years, according to the London Econ
omist, prices have fallen more than 20 per cent.
that Is, money has appreciated In that ratio
In the quarter century following the gold dis
coveries OF California and Australia, the stock
or precious metal In use as money was increased
by nearly 30 per cent. The trade and commerce
OF Great Britain and the United States during
fha
and wealth propo-tionately.
Reverse these conditions. shut of 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 1t 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 insight
hcant compared with the control the modern
creditor kings and lords, who, through legisla-
ton, can secure an: increase in the value1 of
money. 1t can be shown that 1t will take more
labor, or more OF the produce OF labor, to pay
than 1t 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 interest bearing debt in 1865 but 1t
will take 35,oO0.o0o bales at the price of cottnn
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 5000, 900
tons to pay what remains. after all that has
been paid as principal and interest
In view or 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 it's relation
TO the whole currency question and acted upon
by itself The currency question, 1t is believed.
at the present time overshadews all other ques-
tons, and'a all the friends Of silver have asked is
that the President elect should give it full con-
sideration and hear both sides before commit
ting his administration to any particular view
respecting il