Savannah morning news. [volume] (Savannah) 1868-1887, 1885-03-02

and money become 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 commodi-
dearer and vice versa. Usually a contraction
of the money volume results in a rise in the
value Of money and not in its fall
The contradictions involved in this para
graph 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
calamltles from such causes. In one thing ali
will agree, and that is in the importance to
the whole country. and especially to the Ia
boring lasses now struggling with want, of a
revival OF business and the return of pros
perty. One condition essential to this Is to
stop the contraction of the currency No
country ever dld thrive and never can while
lts money Is undergoing contraction. Bust
ness cannot be secure When its foundation is
constantly giving way. Stability in the vol
ume OF money Is one essential requisite 10
safe and prosperous business. What is the
monetary condition of the world to-dav2
Are we not brought face to face with the start
ling 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 the centuries
10 come. With this condition of things as to
gold, smut on silver, as is now proposed and
where is the money supply even for keeping
world to come from?
5 aggravating this state of affairs in this
country, the paper currency is undergoing
contraction by the surrender of bank notes.
II TINS state OF things is to last, upon what is
there to build hope of returning prosperity?
In the last year, according to the London
Ec0n0mfSt, ices have fallen more than 20
per cent. That Is, money has Appreciated in
that ratio. In the quarter of a century fol-
lowing the gold discoveries of California and
Australia, the stock of precious metals in use
as money was increased by nearly 40 per cent.
The trade and commerce of Great Britain
and the United States during the same period
increased more than four 70 q. and the wealth
prOpOrtlonately. Reverse these conditions
shut on all the money supply, and what room
Tor nope Is there for mankind, except for
those whose incomes are sure? With the ap-
preclatlOn of money all debts appreciate.
When 1t Is remembered that such debts run
INTO tens OF billions more than the present
wealth of the United States, the vast coBse-
quence5 OF the appreciation OF money are
seen. The control of tn feudal lords over
the earth, in the middle ages. was insipnI6-
cant compared with the control of the modern
creditor kings and lords, who, through leg
lslatlon, can secure an increase in tie value
of money.
1t can be shown that it will take more labor
or more OF the produce of labor to pay what
remains or our national debt now than it
would have taken TO pay it all at the close of
the war. Eighteen million bales OF cotton
were equivaieut ~ value to the entire inter
est bearing drbt IN 1865. But il will take
35,UOO.OuO Da!cS at prices of cotton now 10 paw
the remainder of the debt. Twenty i've
million tons OF bar iron would have paid the
whole debt in 1865. 1t will take 35 600, 600
tons to pay what remain s, 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 TIE question Of stopping the coinage
OF silver should not be separated from its re-
latlon TO the whole currency question and
acted upon by Itself. The currency question,
IL Is believed, at the present time overshadows
all other questions. and ali the friends of sill
yer nave asked Is that the President elect
shOnld give 1t full consideration and hear
both sides before committing his administra-
ton 10 any particular view respecting it.