The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1888-05-10
4 WTHERING INDICTMENT.
The Banking Lords Who Have Been Hand
ling Our Currency 10 Their Own Interest
and Against That Of the People
Are Invited to Reply.
Has Money Decreased In the United States
In Proportion 10 Production.
LAST ARTICLE.

Written by the President OF the National FarnerS'
Alliance Of America for the Farmers Voice.
In seeking for a correct answer to
the above question let us glance at some
figures showing progress in production.
In 1870 there were in this country
$40. 900 invested in cotton manu-
facture. with an annual product Of $l77,-
100000. In 1880 the capital invested
was $2l9, ,O00,OO0-annual product.
$21O,OOo,0OO. In Touring and grist
mill products in 1870, capital, $15l,-
O0O. O.O0O--prodnct $444, 100000.
In manufacture Of machinery in 1870
capital, $l0l, 900, ,OOO-product, $685.
100000. In 1880, capital, $154,OOO,-
600, product. $2l4, 100000. In silk
goods in 1873, capital, $4,000, 600
product, $12, 100000. In 1880, capital
$4,000, ,00O-product, $il, 100000.
In 1870 our production OF cotton
was little over 100000 bales. In
1880 il was 6,50O,OOO bales.
The sugar crop of Louisiana was
li4,OOo hogshead in 1870 and 21S.OOO
in 1880. In 1870 our production of
wool was 100000 pounds. In
1884 it was 800, 600, 900 pounds.
In 1870 we had $4,000 miles of rail-
road in operation; in 1880, 5000 miles,
and in 1886. 10000 miles.
In 1870 our agricultural exports
were 39l. 100000. In 1880 they were
CSC, 100000.
In 1870 our production of corn was
76l. .00O,O 900 bushels. In 1880 it was
l,754, 100000. In 1870 our production
of wheat was 2S7, ,0OO.OOO bushels. In
1880 it was 459,OO0,000 bushels. And
so on, ad infinitum.
In 1870 our population was 38.00O,-
900. In 1880 1t was 50,O00,O00 and ut
the same ratio Of increase it is now
nearly or quite 6O.OOO.0O0.
The above figures show IN enormous
and rapid increase of mechanical and
agricultural production and an unpre-
ccdented increase in population. The
only Office of money being to exchange
products, it would seem that there
should be corresponding increase in
the volume Of money, in order to en-
able it to accommoplish the increased
work to be done.
But instead of IN increase there has
been since 1866 an absolute decrease of
many millions of dollars and a relative
decrease that cannot be measured by
millions.
In 1865 the most conservative esti-
mates place the volume of currency
available for circulation at about &l.-
900, 100000. In 1888 the most liberal
estimates cannot place it over 81 &c.,
100000. But of this last sum about
5000, 100000 are locked up in the Uni
ted States Treasury.
Deducting from the balance
the amounts usually in the
banks, say about 5000. 900. 900 and only
| $500. 100000 would be actually in the
hands OF the people. This is fair
showing and probably as near the ac-
tual facts at the present time as can be
| got.
Let us note the contrast between 1865
and 1888.
In 1865 business was being conduct
ed on a cash basis labor was all EN-
ployed, the people were out of debt,
and everybody was happy.
In 1888 labor is only partially employ.
cd many mills are shut down or running
only part of the time. the credit sys-
tenn is universally used, everybody is in
debt and everybody is miserable.
The universal debt of the country
illustrates the situation better than any
other thing. Not only the farms of
the country, but the chattels of the
farmers are almost universally mort
gagged.
The mortgaged lands of Kansas and
Nebraska would not to-day sell for
enough to lift the mortgages. And in
addition to this the volume of city,
county, precinct and school district
bonds, which are based upon the pro
duction of the lands, is simply appal-
ling.
This condition of affairs has been
brought about by contraction of the
currency in proportion to production
aud this contraction has been both ab.
solutc and relative.
If there is any other cause sufficient.
ly great to produce such an effect,
should be glad to have it demonstrated.
Suppose o physician or guardian
should have absolute control over the
| physical development of 4 young man
and should say to him, "Now, young
man, you can have only just so many
ounces of blood with which to perfect
your physical manhood And sup
pose this empiric, not knowing just
what amount mi ght be required, placed
the number of ounces too low.
Imagine the result. 1t is not neces.
sary to describe it. But money is jus,
as essentially the vital elixir and life oi
our Nation, as tho red blood that flow.
in our veins is of our physical bodies
and the maintenance of an exact pro
portion relative to our national growth
is as important as the preserving anG
supplying the vital fluid in the econo
my of the young man.
With this constantly increasing dis
proportion between the medium of ex
change and the products to be ex
changed. what have we seen?
The panic of '73 was undoubtedl,
caused by the rapid shrinkage of value.
Il. @. priees)-producel by a con
traction of the volume of money.
Since that time, doUn. down, d0Un
have gone prices, the number of com
mercial failures continually increasing
debt of slavery system established
under which only money-lenders grow
rich, while the producers of the coun-
try have been growing poorer and
poorer day by day and year by year.
1t has not been my purpose in these
brief articles to discuss the differen,
kinds of money. That is anothe,
branch of the subject. l have con
sidered money simply as creation Of
law, which it is.
The powerto create money inheres
In the government. No government