Telegram-herald., 1890-02-20

= iszs ....... - 1F.a18 439ooJoo
Z ls7s . - 5s3og8 zso54ao
ss-eS-ai &zz@zEen = d-rocte1 hy &c 'yaetv-@ry
ef she lr~e-aTy - - Fcla-11e ~ Eso1sS = lsse
~-1 = loss. 1@e Ec-EzZe fex So : -s's-- - "a
slos-s. "A. - ~ L-ere<Ss s1zoe lsle - sssr~@a
- : 1lch n IS s-1izzso = a. llcrsSse y eA1ess
" l-croAss q lo2l--tss1- asd Cd tie ISIS ~
u-eney ss-sn-s L1srs sh94l1 lave 3ss1 r-se
Aa1 aos = fa- - ps1ees. Bag L1 tAs nrsl E-~oe
40 ALe~snoe = u21s Ter loss - groeni4s - o7
y @Ill-al o2-< Ietss. S1-1a Ca 6sr1-f -S -osz
Tor oolh 2-2ds q eurrelcy thAn ) PER ee1- q
she ~noie, o. E<s.ooO.ooo, sEd msy oe H-eh
mere.
T11en IL stating tae gola IN circslsf-co N TIE
fora u oo-1 ~ certificates, g. s4sz. 9Na ~. u 4
= 9GestSon ~hetAer sU1c1enI sllos saco las
eeeC 1.ce fox tie gold carried out q tle eoaA-
NY D. persons Isyelfng abTcsa n ne ten years
TOR tnese t-o ttsS1s s-oRs. q would not seen
a. oseresttnsto 70 allow snJ0 uO. lICs AAa tnis
Is sustained oy TIE fact that shfe osnk notes,
sreenbeoks and eer1;ne.tes sre coEstEntiy net
With IN circulation. solt cOta Il seldom seen
DetacstEg sloo. .oo 90 and ve have le,t, Is The
sctaAl volume N circulation Tor l5ss, bct u
Sc,on Oon and this, u IS c,lisye1 = . fuli IS
innate Bat the chief error les IN taking TIE
volume OF is7s for osnpsr.scn With that ot iSs9.
TIE yesr ISIS vas The ysar Of koLesss Gr.ees Do
tween 1873 and 1851. std d lie smallest volume
Of money.
Prices as stated above, were los0rr 700, II tss
Uaasss sGfss haa ~ ksyops. caused by he
boarding OF gold for resumption.
Nov, marx The movement of prices and tie
rapid increase Ia the volume Of noney. Be
aides The absorption Of our Own production Of
gold, the net imports Of gold nom isEs 10 lsSl
were slTo, ,0Oo. .ooo ard the money volume rose 10
u OK. 0oaeso oy October, 1880. and IN October,
1881, the volume was g. l47. SD Is, or a. in
crease In TWO and half years of Sf, ,Os6 o2s.
By his time the equilibrium OF prices was TO
stored, as shown by rise IN prices IN the
United States
Prom 1881 to 1889. eight years the gain IN ne
money volume. according 20 Treasury reports,
was but s257 1880, at the rate of about 81,
0DUo year. instead OF g., 600 zoo, as given by
the Secretary FOR the whole period Indeed. II
proper allowances were made for loss OF paper
currency and loss OF gold by people travelling
abroad and In other wayt the actual increase
would rot amount. probably, 10 ee5,oooo
year, or less than per cent, while population
Increases AZ the ra,e Of per cent and wealth
and commerce much faster. Hence We have
steady fan in the range of prices from 1892 10
1882. which still continues and will continue Gs
long as the money volume continues 20 con
tract. From the above statement OF facts IL
appears misleading 10 compare the money vol
urne Of 1878 With that OF 1892 and calculate an
even rate Of increase tor the whole period
~ > Dot coAtcIUCu t0ab prlCce 90 nor vary
from other causes than variations in the vol
urne Of money. Improved methods Of produc
tion multiplying commodities Of VARIOUS kinds
produce changes in prices, and prices OF given
commodities are constantly varying, one With
another. under the law Of supply and demand
But there has been little change iD fifteen years
IN the cost OF producing the great staples given
in the above table. Have landed properties SO
increased, as compared with population, ga to
FHegr d.
is there less need for houses now than then'
The farmers acres have not grown smaller. but
they will not sell for as much. No, prices Of
single things may and 90 vary from many
causes, but the general range OF prices. the
value OF al things, change only with q chrlge
IN the measure There is no other explanation
The measure has been changed II has been
changed from both gold and silver, supple
mented by large issues OF paper, 10 gold alone
II has been changed from volume OF both
metals and the annual supply OF both TO gold
and the annual supply OF gold only, which, as
we shall see further on Is very little more than
required for the arts. Here IS Terd covsG, and
1t were Idle 20 look for any other.
II Is quite true that when money volume IL
lowest idle money viii accumulate in money
centcrs, with the appearance OF plethora Of
money, and interest on good securities range
very loT. This has been the case in late years
abundance OF scarcity OF money is not measured
hy the rate o. interest at which it can be Dor
rowed on good security, but by the commodities
required 20 purchase money. Money volume,
prices profits and interest always bear cert ain
relations 10 one another, as cause and eject
The relations may be stated as follows:
Shrinking volume Of noney-falling prices
and uncertain profits, investments unsafe in
tcrest low, idle money Eccumulates.
STahla uuOupv-rriCpS stable (ovcer+
ticns under tho law Of supply and demand,
profits fair and reasonably certain. invesf rlcuts
safe, interest steady, sharing in REGULAR profits
There never IS a time when there is not a de
mand FOR money in EXCHANGE for commodities
The wealth Of the world always stands as Of.
fered against money But q demand ,or money
FOR investment. to be returned with interest, iq
another thing. The demand for money for that
purpose depends upon the conditions above
stated.
NATIONAL DEBTS
While 70 prices have fallen below the level
Of 1851, dc5ts have not diminished. Nr. Ney
marck gives national debts OF the principal na-
tious for isSa ss se3,i3O,0oOO00, with annual in.
terest 8iOd0, 10000. No estimate OF other kinds
Of Indebtedness approdnating correctness can
be made but Il IS within safe bounds 10 say
that the aggregated Indebtedness OF nations
amounts 10 a larger percentage Of the entire
landed property Of the civilized world, 10 pay
which requires, on the 1verage. one half more
lahor-or one half more cf the product 90 labor
than whrn thc debts we're created. or. IS one
writer states 81. che spoliaton ot One-thir6 81
the ass~ssable valrc Of al other property for
tAe benefit Ok money"
The interest bearing debt a. the Gated
States when 81 is highest point IA 1853 was
s2.3si .531e52 Il has been reduced 20 $50 80
0c3, but q viii take more corn. more cotton
more nails. more wool 20 pay the remaining
debt thln wo-ld have been sufficient 10 paw if
all IN 80, n the currency prices then prevail
Ing. n other words. it would require now. Of
the products Of farm and plantation OF loom
and forge, As much 10 pay the remnant as IL
would 90 have paid the whole sun seventeen
year. ago. when tho sponsfiou began
This shows the bounty our unfortunate coin
age legislation gave to the creditor class who
hold securities payable IN gold. aud the load %
Increased debt. With decreased values 70 pay
With. which IL the Inheritance Of The rest OF the
people.
A. debts have ircr-sse. "a = burden. 40 have
tsTes and the cost ~ government, absorbing a
larger AID larger share OF Industrial earnings.
Such Is the r~sulS q tho deep Isid piot 70
gather the wealth Of the world il fev hands.
II the Intention bad been % make cebts per
petusl Ard % psrsiTzs industry by a. sct II
unparalleled AID never cadirz spohstion, 20
more sinister scheme could have beer oeTisel
he change IN the measure = valves ~ he
ceuo1etization Il silver came, however ia such
en inpeRetrahle disxnise tksf fsT f--esaT -
consequences. Bat the-s we're those Who ID
So Il and ~ho pred cted With uneTri5g scc1-
rscy the Consequences hat you'd a1E from g.
Among thcse were WoioTssf La~e -Ts al
uis-aeiL vhose predictions have been often
Quoted A fcr in this oouftrr. asa sarlT .sv
81 protested asatcsi ihs -Tonz ~ femonst
ra-ion How long tais great rro-.z shsli g an
rishtsd -st TIE people say
TIE raI5. ~ IKE PRJcz or sTL-uR