Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1889-12-27

crease in amount of RAILROAD stocks s7Ir5 bonds ~
per cent; increase IN capital stock OF Rev Heng-
amount receivedeOn life Insurance policies 81 psr
cent: increase in acres of public lands fizeT
Y per cent; increased cost of public schools y
peTTCent; increased receipts of DOstoffiCs Geu5rt
Ine6t 81 Der cent: increase irl ce1sTTr-15551 ~
wheat 2 per cent; corn and corn meal q Der Cents
sugar, 30; liquors, .. The gross annual receipIs
OF railroads; geiegraphs, postal department and
receipts on life insurance policies for each yss-
from 1879 to 1883 absorbed but u per cent Of ca
gross annual circulation, while for each year nom
1884 to 1883 the absorption was % Der cent. From
1874 to 1873, a period of shrinking currency, Ouz
annual volume OF money was Is per cent Of the
1879 to 1883 It was lS per cent, and nom 1884 to
The increase in the foregoing staples of the
farm, the mine, the factory. transportation com
nunlcatlon, consumption and lines OF business
compared with the five years ending with the
close OF 1855 make an average increase OF p to .
volume of production and business for the prsvi-
Gus five years. and to meet this Is per cent growth
In business We have but q per cent increase in
circulation over the volume OF circulation Of the
previous period of five years.
Is 1t not plain from these figures that the in-
crease IN the volume OF the currency curing the
same time, while coming about up to the growth
OF population, falls far short of the increased de
mands OF the present larger production, con-
sumption and commercial transaction?
In the DEVELOPMENT OF production and trade We
nave 1LIs1Al uisulllcILVeLS american PO-lcs OF
protection TO our industries, while in monetary
matters We have been without a definite policy,
anu LCt want o5 one we nave Deel uri5Glny IN Un5
line of England's monetary system. We are pro
uUC4QB IdIll staples according TO the American
STANDARD OF IaDor values ana selllng them IN the
markets measured by the European standard of
values. While we have protected American labor
and production, Europe has been applying her
standard of values in measurement of the price Of
farm staples, She IS both shOp-keeper and bank
9r ana as we Go not permit her to enter our mar
kets with her cheap goods, why accept her single
monetary standard in measurement of the price
of our products? Why protect labor in the shop
and permit our rival to price labor in the field,
thereby In degree paralyzing the effects of pro
uecUlOnE IL Is like fencing the held to Keep stock
out and then leave the gate open through which
the whole herd may pass. would not pull down
the fence, but close up all the gaps and make pro
lection complete, measure the products of farm
labor as well as all other with an American stan
dard.
A standard of values restricted to gold gives
Great Britain large control of the labor and prod
ucts of all countries with which she has estab-
hshed commercial relations. Such standard
making up In cheap products of the field the loss
her shops sustain where shut out of the markets
of raw material producing countries such COun-
tries selling her their surplus staples weighed on
British scales adjusted to British interests rather
The increasing purchasing power of gold is the
secret of Great BrifaiD's success as Tnsrrlfactlr
er, as 1t gives her the surplus food and raw ma
above that paid her own labor. The effect being
the impOvershment of labor whether it be sold
Indirectly IN the products of the soil or directly
for stipulated per diem, by transferring prod
uctS from producing to nOn-prOGuCing classes at
prices scarcely above the requirements for sub
sistence The crv of distress going M from labor
throughout the world Is the result OF deprIVlng It'd
of its fair share of labOrs profits due to the short
standard of measurement applied In valuation OF
The ability to determine the price implies the
ability to destroy the value of labor and naming
the standard by which labOrs' products are meas
UTed is equivalent to fixing the price An ap-
preach even IN part to the single standard OF re-
stricted currency invites bankruptcy to agricu4-
tqre, poverty to labor and stagnatlon 70 business
Hence the monopoly of gold In measuring prices
shoq1d Pe PrO7en' and WINE we cnhog 40 II AZ
we should lead IN the move looking, 70 none
taTy congress of all those countries that produce
surplus food and raw materials, that a standard
OF values may be established conIoT1751ng 20 INC
increased requirements of the worlds growing
production and business
Among all civilized peoples the United States
is foremost IN wealth production, standing pre-
emlnently as the great producer or bread ana
meats our entire structure resting upon the pros
pending upon the cOntentment and loyalty OF the
laboring millions; therefore we cannot afford to
allow the labor of shop or field deprived OF it's
Just rewards. Our prosperity lies IN the increased
value OF property and not in an enhancement of
the purchasing power of money, hence we should
have the largest volume OF money consistent with
sound currency.
MonO-metaliists say we must adhere to the Eng
hsh system, the interests of foreign trade. But
fine DTinciDle of American protection is to care
first for home; and as our home projection, trade
and commerce is estimated annually about $780,
O0O,OGO,COO, against foreign trade aggregatng
about S1,5OO, 100000 or but Ons-twenteth of the
home trade; does 1t not seem poor economy to
/ take care of the inferior at the expense Of the
But, it is asked, where is the difference if agri
! culture receives less for its products and buys
more for its money? The difference lies IN this
/ that the farmer sells more than he buys, hence
| with an enlarged standard of values and cheap
short standard OF measurement ialls WlJn CRUSH
ing weight upon the producer, the dealer suffer
ing mainly in the loss of trade when the producer
/ becomes crippled.
! Consistent then with the American idea, pro
| Uecton should be extended to the standard py
which the product is measured as Euily as 70 pro
/ ductiOn. The basis upon which trade and com
/ merce rests should have equal protection Wlth
trade and commerce Inc single STANDARD BRUSH
policy of finance is too narrow, too restricted 20
afford a sufficient foundation for the magnificent
industrial and commercial structure We are rear t
ing. The base at present Is 50 CONTRACTED thaJ
the structure, like inverted pyramid is top
heavy. We need DrOalief Dltse a larger 5t4l'ls-lA
of values to avoid topping over. Our business IS
OutgrOWing our money the credit SIDE OF the aC-
count Is becoming TOO large lLOr CsIl topping
over is threatened in the spectre OF financial crlss
/ in the east when the money comes west 70 move
crops, and it appears IN monetary deaEGn IN Inc
west when the money is sent east to pay coupons
and to purchase the products OF factory and shop
We see it is threatened in diminishing prices for
| our surplus products consumed by Great Britain
LAST five wears We see it in the steady departure
trade the result in part OF the increasing purchas-
ING power of gold the standard applied to our eE-
port, bread and meat, and which IN turn measures
the entire product consumed at home
This country should have a domestic currency
to meet an expanding domestic production and
trade allowing the gold to take care of the foreign
without however Gripping the greater volume of
domestic commerce and the many new helds OF
industry steadily calling Tor an increase above
From whence5is the increase to come? Our gold
product is already being utilized annually while
national bank circulation rs growing less silver
and treasury notes constitute our only resources.
Silver is an American product, and should unite
to enlarge the standard, and treasury notes should
constitute our circulating money. The govern
ment having assumed the responsibility OF issuing
and experimenting the circulation, 1T is the duty
of congress to provide for such information as
viii from time to time tend to show the growing
demand for currency and then to provide the nee
essary volume.
The present conditions are very similar to those
that attained in 1873, and relief came then with
large increase in the volume of money By Ee5TIIl]
ton; a similar increase is needed at this time.
The full coinage of silver with our goid coin
age would no more than keep pace with our grow
ing business, leaving the present shortage un2To-
Vided for An issue of treasury notes 70 the extent
OF 5000 600 Ot5 would do more than restore the
volume of money at once to where business
0uires it. There should be no further delay in Is
ts45Iighing permanent monetary system and as u
IS plain that paper must of necessity constitutes
Usrt of or currency. Who has better paper &c