The advocate., 1890-06-11

the fact everywhere existing VI falling prices,
caused by shrnkago Ia lhe volume Of money
(page 1871.
Again;
Money IN shrinking volume, becomes ihe para
mount object OF commerce instead OF Its bench.
cent instrument Instead Of mOblllzlng indus.
Try II poIsOns and dries up the lifo current II rs
the fruitful source Of political and social disturb.
anco. II iOments strife between labor and other
forms Of capital, while Itself hidden away In NO.
curity gorgea on both. II rewards olOse.hsted
lenders and nlcheB from and bankupts enter
prlalng borrowers. II Circulates freely IN tho
stock exchange II has In all ages been the worst
enemy with which society has had tO contend.
The great and stl continuing iAll VI prices In
the United States has proved Che most disastrous
10 nearly every industrial enterprise. (Pago 5J).
Mr.. Gurney, member OF the British
parliament says
The contraction OF the paper circulation Of the
British empire from tho results Of the act mpOa-
Ing the resumption Of specie payment on the
Bank Of England and 23O county banks, was a re- d.
ductlOn from cOOOOO,OOO during tho years Of the
[NapOleOnIcl war 10 little more than half chat
amount Such was the calamity, and 10 exten.
aIvo the distress that followed that II peryadod
every part Of the country. The landed prOpro.
tors could get no rent, the manufacturers no
market, tho lRbOrers no employment Bank
ruptcy WAS universal Fluctuations In prices
were irighlf,il, descending 70 per cent.
Professor Walker says:
That prices viii fall or rise as the values Of
money be increased or diminished, IL law as
unalterablo as any law Of nature.
Abraham Lincoln said;
Ifa government contracted debt with a GER
tain amount OF money In circulation, and then
contracted the money volume before the debt
was paid, II ls the most henlOus crime govern
ment could commit against the people.
This is precisely whRt our govern
ment has done, and, doing so has COM
mitted that most heinious of crimes
against the people. Authorities
might be multiplied upon this subject
were il necessary Enough has been
introduced, however, to show that our
present condition is TO DO legitimately
attributed 10 the contraction of our
currency as It's chief cause. Who is
responsible for thisl Most assuredly
our national congress- Tothis source
may we look for the cause Of all our
disasters.
Senator Bowen says:
The path OF contraction Is the path Of gloom
and dspair, whore nothing Gourlshes, where
there Is neither fruit nor blossom Of hope
Senator Plumb says:
appeal from tho word Of the senator from
Vermont 10 the record Of his committee. ap
peal 10 the action Of that committee ON the floor
whenever that question has come up. ] SOY that
chat committee, with all the determination Of lts
able and determined chairman, with all tho de-
termination Of the former secretary Of the treas.
ury, now member Of the committee, with Rll
the determination Of that influence which has
controlled the financial policy Of the country for
the last thirty years, and controls II yet, the con-
troll Of bondhOldors and money lenders, has re-
solved that nothing shall be done which shall
operate 10 make the burdens OF the people lighter
by increasing the volume OF the currency or even
by preventing further contraction.
We have now given our friend
space fox two communications, and
we have shown the utter fallacy Of
his arguments in each. We believe
IL he will use the time he devOtes 10
writing, in reading the financial his
tory Of the past thirty years he will
change his mind upon many ques-