The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1889-12-12
Pilot Grove Correspondence.


among farmers is in regard to the ex-
listing low price OF farm products. In
the course Of such conversation we
frequently hear the word over pro-
duction' used ~ explanatory Of the
low prices of all the productions ofthe
farm. While we admit that the law
of supply and demand il u prominent
factor in the regulation of prices, we
make the positive statement that the
amount of money in circulation is al
SO a prominent factor in the control
OF prices. 1t is well established law,
recognized by all writer's on political
economy, that, all other things re-
naming the same, the volume of
money in actual circulation controls
prices.
The wicked contraction of the peo-
Piles money, during the last twenty
years, has brought prices down, down.
down. till the productions Of the farm
are sold at q price less than cost Of
production. While the farmer snf-
fers from this depreciation of his
property and productions, he finds
the price OF everything he buys kept
up by protection and trusts.
John Sherman uttered truly pro-
phetic words regarding contraction
when, in 1869, he said:
THE contraction Of the currency
is far more distressing operation
than Senators suppose. 1t is not pos
sible to take such step without the
sOrest distress to every person except
a capitalist out Of debt, or n salaried
officer or annuitant 1t is period of
loss. danger, lassitude OF trade, fall of
wages, suspension OF enterprise,
bankruptcy and disaster"
In the lengthy and instructive re-
port Of the Monetary Commission Of
1877, we find the following:
"A shrinking volume of money and
falling prices always have had al
ways must have a tendency to cOncen-
trate wealth, to enrich the few, and
to iinpoverish and degrade the many
History's pages furnish abundant
proof that Capitalization of wealth is
the mighty lever used in effecting the
downfall Of nations, and, further
more, that the most potent scheme
ever devised by the mind of man for
bringing about such Capitalization OF
wealth is by way of great and sud-
den contraction Of the peoples cur
rency.
Farmers everywhere realize the
whitening blight of the contraction
policy. and everywhere manifest an
earnest desire to find q remedy for
their unprosperous condition.
The remedy consists, mainly, In a
reverse of national, financial legisla-
ton.
The people must unite at the ballot
box in demanding the repeal of the
wicked class laws fastened upon the
country by 4 band Of financial brig.
ands, and demand the enactment oi
such laws as shall be of general good
to the greatest number.
The platform of the Union Labor
party, and the platform of the
knights of Labor, send forth al
emancipation proclamation for the
debt cursed farmers OF the United
States. In the platform OF the Tn
ion Labor party We find the follow
ing demand:
1.-THE establishment of a nationa
monetary system in the interest Of
the producer, instead of the specu
lator and Insurer. by which the circu
lating medium, In necessary quaint
ty and full legal tender, shall be il
sued directly to the people. withoul
the Intervention Of banks, or loaned
to citizens upon land security ut !,
low rate OF interest to relieve then
from extortions of usury and enabl,
them to control the money supply
The fourteenth demand of tn,
Knights of Labor is as follows:
THE establishment OF a nationa
monetary system in which q circula
ting medium in necessary quantif.
shall issue direct to the people. with
out the Intervention o: banks; tina
all the national issue shall be full
legal tender in payment of all debts
public and private; and that the Gov
eminent shall not guarantee or rec
ognize any private banks, or Great
any banking corporations.
These two planks Of these two plat
forms furnish the basis Of might
and far-reaching reforms, onl
reforms that can save our childrel
and our children's children from
condition Of tenantry and wage-sla,