The advocate., 1890-07-09

statesmen Of the republican party, dur
ing the debate pending the passage OF
the bill, said
l wish TO show, as we are governed In great
measure by example, that the proposition made
by the committee on finance, IL In exact AccOr'
dance with the course that has been passed In
England, (seo Hazard circular, Led on by Eng.
land'(, from 1919 10 1922 u Is not possible to
take this passage without the sOrcst distress.
To every person, except capitalist, out ~
debt, or q salnrled officer or annultant, u II a
period Oi loss danger, lasstude Of trade, fnll OF
wages, suspension OF enterprise, bankruptcy and
disaster. What prudent man would dare 10 build
house, u railroad, q factory, or a barn, with the
certain fact before him that the greenb0cks he
puts Into his Improvement Will, In two years be
worth 80 per cent more than his Improvement Is
worth.
When that day comes MI enterprise will be slls.
pended every bank will have contracted los cur.
renOy tO the lowest limit, and the debtor CONF
PEELED ~ meet IN coin debt contracted In cur
renCy He will find the coin boarded In the treas
uIy, % adequate representation Of coin IN Crcll,
lntl0n, ms property shnnk not only 70 the extent
Of the depreciation Of the currency, but still more
by the ARTIFICIAL scarcity made by the holders OF
gold
1oNttempt this task by surprise on our peO.
pie by aTrestlng them In the midst NJ our lawful
to their property without any reduction ~ their
debts or giving them any opportunity ~ com
pound with their creditors or tO distribute their
losses, would be nm net Of folly without an eX-
ample OF evil In modern times.
Speaking Of It's effects in England, he
said
Small Traders debtors and laborcrs are re-
duoed tO the sOreSt distress.
Had John Sherman been diyinely in
splred he could not have more truthiully
pictured he deplOr0hle results Of that
infamous act o-.
All established authorities agree that
contraction of the currency results in
financial disaster, prostration Of enter
prise, bankruptcy, distress and poverty.
This is all caused by low prices which
contracting Of tho circulating medium
produces.
David Hume, in his essay on money,
says:
We ind that In every kingdom Into which
money begins ~ flow In greater abundance than
formerly everything takes new face; labor and
industry gain Iife merchants become more enter.
prislng, the manufacturers more dlllgent and
slillful, and the farmer follows his plOW with
greater attention and alacrty. The good policy
Of the government consists Of keeping II, n pos
siDe stll increasing, as long rs there IL an unde
YelOped resource or room for new emigTant,
because by that means ls kept alive q spirit
OF industry In the nation, which Increases the
stock OF labor, In which COnlsls al real power and
riches. A nation whose money decreases, IN
actually weaker and more miserable than other
nations, which possess less money but are ON an
increasing hand.
Prof. Walker says:
That prices will fall or rise as the volume OF
money be increased or diminished, s a law that
Is as unalterable as any law OF nature.
John Stuart Mill says:
n the whole volume Of money in circulation
were doubled, prices would double. II Il WAS
only Increased One.f0urth prices would rise one
fourth.
M. Ricardo says:
That commodities will rise and fall In price I'm
proportion 10 the increase or dlmlnutlOn OF
money assume az fact that Is lncOnlrOveTti.
bic. That such would be the ease the most cole
brated writer's on political economy are agreed.
Mr.. GurDey, member Of the British
parliament, says:
The contraction OF the paper circuIatiOn Of the
British empire from the results Of the act imp0s.
Ing the resumption Of specie payments ON the
Bank OF England and 900 county banks, was re-