St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-03-02
SILVER CERTIFICATES.
A GREAT FALL OF PRICES.

contraction it has been shown must be fol-
lowed by esa
GREAT FALL OF PRICES.
What, would not gold flow here as tides
flow! Surely it would come as fast as the
ships could bring it. What would those who
have been boarding gold do with it then!
Labor, the letter says, which is already greatly
depressed, would suffer still further depres-
sion by the scaling down of the purchasing
power in every so-called dollar paid into the
hand of toll. Here, in one sentence, we
have gold boarded, unprecedented contrac-
ton, fall of prices, and the scaling down of
the purchasing power of the dollar; that is,
when these impending calamitics 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 as the other goes down. Usually as
commodities become cheaper, money be-
comes relatively dearer, and vice versa.
Usually contraction of the money volume
RESULTS IN RISE
in the value of money and not in fall. The
contradictions involved in this paragraph of
the letter are hardly calculated to carry con-
viction to those, who have ever studied
money questions at all, or to awaken in them
any sense of alarm at our approaching ca
lamities from such causes. In one thing all
will agree, and that is in the importance to
the whole country, and especially to the
laboring classes now struggling with want
of the revival of business and the reaction
of prosperity. The one condition essential
to this is to stop contraction of currency. No
country ever did thrive and never can
while its money is undergoing con-
traction. Business cannot be secured,
when its foundation is constantly giving
way Stability in favor of money is the one
essential requisite 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 be-
low its consumption in arts, and that there
is no probability of any new gold for money
supply for centuries TO come. With this
condition of things as to gold, shut off silver,
as is nov proposed, and where is
THE MONEY SUPPLY,
even for keeping up the stock OF coin low in
the hands of the world to come froml As
aggravating this state of affairs in this country
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 Lon
don economist, prices have fallen more than
30 per cent That is, money has appre-
ciated in that ratio. In a quarter of q cen-
tury following the gold discoveries the Cali
fornia and Australia stock of precious metals
in use as money was increased by nearly 40
per cent The trade and commerce of Great
Britain aud the United States during the
same period increased more than four fold
aud the wealth pr Dortionally.
Reverse these conditions. Shut off all the
money supply and what room for hope is
there for mankind except for those whose in
comes are surea With the appreciation Of
| money all debts appreciate. When It is re-
membered that such debts run into the tens
| Of biilions-more than the entire present
wealth of the United Staies-the vast conse-
quences of the appreciation of money are
seen. The control of feudal lords over the
earth in the middle ages vas insignificant
compared with the control of the
modern creditor. or kings and lords who
through legislation can secure an increase in
the value Of money. It can be shown that
Il viii take more labor or more of the pro-
duce of labor to pay what remains of our
own national debt now than it would have
taken to pay it all ct the close Of
the war. Eighteen million bales Of
cotton we're equivalent in value to the
entire iuterest-beaung debt in 1865, but it
viii take IS, 900 900 bales at the price Of cot
ton now to pay The remainder Of the debt
TEenty-fve million tons Of bar iron would
have paid the whole debt in 1865 Ii will
take 35, 000, 900 tons 10 pay what remains af-
ter all that has been paid as principal and in
terest-
Silver ueser should Be separated from It's
rel..ion 20 the whole currency question and
acted uponiby itself The currency question
is believed 81 the present time to overshadoS
all other questions, and ali its friends have
asked is that the president-elect shoaId give
Il fall consideration and hear both sides be-