Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1886-03-02

not redundancy OF money. Consequent
| " n no more paper IS issued, silver coins
win not dcprcciatc But as matter OF
fact, the volume Of national bank notes *
being reduced almost daily
A THREATENED SCARCITY on GOLD.
The peril, then, Is plainly 10 come not
from oyer-supply Of silver, but from
scarcity Of gold, or from contraction Of
the mCney volume relative TO population.
The important problem before us is not
how TO yet rid Of money, but how best 30
keep the supply even with growing pOpu-
latlon and wealth. Tho element In this
problem which Is calculated 10 excite the
greatest apprehension IL the future sup
ply OF gold. u Is generally admitted
that the annual supply u gold
from the mines now no more
than meets the demand for this
metal for the arts, dentistry, etc. In
other words there is no new gold for
money, and no hope ~ any for the cen
turtles 10 come, II silver is abandoned,
whore Is the money. supply TO come from
This Is the question chat cOnfronts Us,
and it Is the most significant question OF
the age Fools may scorn silver, but
without silver, who will tell us how
money for 80, 900, 900 OF people who, In
thirty years, will be- added to our popn.
lation, Is tu be supplIedi
strange notion seems to have taken
possession Of the public mind, and OF the
minds even OF some professors OF polit.
zeal economy, and that Is that somehow,
one of these days gold is going TO
premium and that silver dollars will
then suddenly tall 10 the level Of
the bullion value Of the metal. IL Is ad.
mlttcd that II gold goes TO q premium 10
VIII 20 out OF circulation. In that case
the result must be contraction and
not nm expansion OF the money volume.
III there IL contraction there certainly
cannot be depreciation Mt the same time
Of what Is left. Contraction and deprecia-
lion never go together. They cannot ex-
ISL together my more than yard meas
urc can be made longer and at the same
time measure less Gold will only 10 TO
premium when the currency, other than
gold, IL made so redundant az 10 raise
prices above the gold or international
level OF prices
CONTRACTION AND DEPRECIATION NirossI-
nLE TOGETHER
Gold moves only on the tide of high
prices. Prices might rise high enough.
under the influence OF an expanding cur.
rency Chat IL, II IL expanded faster than
population took IL up) to send all of our
gold out OF the country, but II would not
follow then that the silver and paper left
would fall 20per cent, or to the level of
silver bullion. That would depend on
the ccteRt Cfthe mddt,oM If there was
Imitation enough TO raise prices but 8 per
cent. above the gold level, thon gold
would stand al but per cent. premium;
10 other words, silver coins, and paper
rcdecmablc In silver, would fall
o per cent below gold. Only when
prices generally had risen 20 per
cent. above gold, would silver fall rs
much below. our gold meantime
would, most of II, have been added to
the gold supply OF other countries, which
would have the effect Of keeping down
the gold level OF prices.
The bare statement Of the case Is sul-
ncicni to show that contraction Of The
money volume and depreciation cannot
take place simultaneously. And In any
event silver and paper will fall only rs Ear
below gold as prices in general rise above
II, and prices viii rise above the gold
level only when our currency, other tbnn
gold, Increases beyond our dIstrbntiyr
share Of the worlds money.
Such thing then as sudden eXpul-
,,,,,,a,, 49,, - o"'t"N'''h VI NV
" Wv aII;, ,V,ulII, an', simultaneous fall
hn Iinof a',u pupel 70 inc lcYel OF silver
nate, - on eSono'nlc llll,ossloility, no
w',s',,s WV Wv, NAM ','' suou prtuiellohs'
"I n", ~ e. ,S'umEp nf SILVER MONEY.
r,apt o ,"e ,ninoiaolese excuse OF all Tor
in,ornst , nf u' uonlei ~ tnat ~ IS IN The
-, ~ ~, y, "a Poor Inoorer asthoughi
q, as snv su'uc 'linc, uollar could be made
as -o''''noui,'us ana Tess iaDori
u, s , ,n"msn wnscS goulu DC raised by mere
:, .nf NaIue % money II this
", "Vio so, .nen ali l'at would be necessary
~, ~ '',uaIpse "osus Wouia DC To increase
' vn' mD,sna Vi CONS, or u any other way
n,'',. mion1y inoteValuaoie' Butare wages
''T pn ,%r,eo w., ~ WIS way
,,oid Wy iasl ten years IN which Time
5crn bn, M IS,, ',".l, appIteeleU mere has
, 49, NV .lltio change IN modes Of pro-
" u,'d aI IN any department OF Industry,
~ ,h a', a'n ''onc ~ au IN the production
90 corn .no S na "sIlcultural staples wheat,
n,pr m, ~u oa topacco, cotton, etc, but
gIyen for dosta poh,noallles must he
hi'Nh w hDilhf l0hn ten NpnTg aUp