The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1890-02-28

~ the Intention had bern 70 mako debts per
prsuai and 10 paralyxc Industry BY N act q
unparalleled and ncvcrrnding spolsasion, no
more sinister scheme could have been devised
The change In tho measure Of values BY the
demonstixatIon u silver came. however. In sncS
an impenefrable disguise that few forcsaw lis
consequcnc<A But there scrc those who did
ree u aud vt.o predicted With rnerfIng accu-
raey the consequences that would flow from u.
Among these wcre Wolowski- Laveieye and
Disracii, who's predictions have been often
quoted few IN this country. also early saw
and protested AGAINST the wrong Of demo1ctk-
zasion- How long this great wrDug shall 60 ~
righted let The people say.
TIE FALL IN THE PRICE or gu.vER
Thus far We have referred only 70 the fall Of
prices and the rise Of gold which II really but
the statement u one and the same economic
fact. The fall In the price Of silver, IS ex-
pressed In gold. Is also but another statement
81 the same thing Gold has risen with refer
ence 70 silver and commodities Silver and
commodities have fallen with references 20 gold
But on comparing silver with commodities we
see that there has been marked separation
between them Uncolncd silver will buy IS
much food ard more Of merchandise now than
IN LII Cold will buy far more than them. An
examination 81 any table ~ prices will show
that the gcacral range 81 prices has been all
| along at about the level OF silver bullion. The
| relation Of wheat cotton and other products OF
which they stood before silver characterization
Silver, therefore. notwithstanding its dcaonet.
ix.tion BY Western nations. has proved the
more stable Of the two metals azd the stealest
measure o. The value a. commodities.
THE PURCHASE or ssoDOvo WORTH or SILVER
A MONTH.
We hear constantly that the purchase OF a.
GOOD worth o. silver month has not main
tanned the price OF silver. and often the claim j.
made that II has had no eject IN maintaining
the price Of silver. II Is quite tr,e that the
purchase OF ss,000.Oy0 Of silver q month has not
kept tAcprices up 10 the advancing level Of gold
but who Will contend that the purchase Of $50.
D0D.0O0 OF silver since 1873 has not operated 70
prevent further falls Who shall say that hal
| the maximum OF 100000 q month been pur-
chased, that silver would not be now at par with
gold. az the ratio OF 10 tot
or the production OF 1853 the United States
| took for coinage -. soO0O India took ssa00o
| co. other countries sf50oo.o0o. Did not the
consumption BY the United States have the
| same effect on the price OF silver As the con-
sumption OF . like amount By Inliaor any other
country And il the United States had not
coined saeWW0 would the price have re-
manned al the same lcvcls On the other hand.
suppose the United States had coined sjs,0o.-
0DO instead OF t 0oO0O. Is Il not clear that less
would have been left for other countries and
| that the price would have risen under the in
| creased demandr Is Il not clear enough that
l the purchase OF t.0OoOO month could not
long 20 on, production remaining as now, with
out carrying silver TO par with Colds
| The ST. Louis convention has asked that this
experiment. which the present law authorizes.
be tried. An addition OF tf0oo.0Jo TO our mon
| ey volume this year will not be enough 70 MI
| the void caused by the cancellation Of bank
notes and supply the needs Of m increasing
1 population. and nothing short OF this will stay
| the downward tendency OF prices.
-fr fsf.r>r 4ftr 4r xrrV
The average advocate OF gold monornc. allissn
shrinks in terror ~ the suggestion OF restoring
free coinage to silver and cries -che1p money =,
"e.ghtv-ccnt dollars and declares that he
knows il viii Immediately expei gold and bring
on cire caiamties-
This is what Mr.. Cleveland predicted in 1854
would take place IL the coinage o. s..ooA0D a
month was not stopped. and Is what others
have continually predicted since ISIS Andnow
they say. although the coinage OF e.. o0O0o) has
not VT expelled gold, It uiu srpsi II. notwith-
standing the fact that since the act OF ISIS was
passed requiring the coinage Of s2-oOm
month. this country has gained $50. uOo,oO OF
gold.
But let US examine the foundations OF these
predictions Why has not gold been expellcds
Simply because the coinage Of t.ooQ0D .
month was not such an addition 70 our money
volume Is 70 raise prices above the gold, Or In
tcrnafional level Of prices
why has our stock OF gold increaseds Simply
because the coinage Of 100000 . month was
not sufncient addition 20 our money volume
20 take the place Of ,ank notes retired and sup
ply the needs Of an Increasing population, and
consequently gold came here 20 preserve the
equilibrium OF prices. II there Is any one prin-
ciple in economic science accepted BY all econ
ornists, it Is this. All predictions that the
coinage OF 100000 . month would expel our
gold have been made in ignorance or disregard
OF the plaincst principles Of economic science
Mr.. Cleveland. In his celebrated letter, went
further and predicted that At one and the same
time gold would 50 out ~ the country. tho vol
ume Of money would be reduced TO tho silver
and paper. that II would then derreciate 70
the level Of silver bullion and. strangest 81 ALL
rs money deprecated prices would fall OF
course these predictions have all failed. Is all
predictions based on such calculations must.
When will the coinage OF silver begin 10 drive
out golds Not until the coinage Is sufi.cient-
First. To take the place OF bank notes re-
tired
Second. To supply the needs OF increased
population and wealth. which. 10 maintain the
present relation Of money volume 70 population
would not be less than s5oO-ooo year.
Third To supply the requirements OF in
creased industries. which would be sure 10 fol-
low stability OF prices
The cancellation Of bank notes in $50
amounted 10 I'll .0po0D and will probably not be
much less this year. This. added TO the as
OpuoO needed for increase OF population. and
we have s%WOO as the quantity actually
needed 10 ~ iias0is liability Of money roinsa<,
AID nothing else VIII arrest the fall Of prices.
Even should some part OF the bank notes sur
rendered be taken up byn banks. hardly less
than s7s.om0O will be required 70 keep up the
money volume. Until this void. so 20 speak
made by the cancellation OF bank notes and in
crcasing population. Is filled. there can be 40
expulsion OF gold
Gresham's law is q law Of displacement and
nothing else.
Prices must be raised above the information.
nj level OF prices before fow Of gold either
way, sets in.
FREE COINAGE or SILVER.
The main question has now been reached.
What will be the effect Of the free coinage OF
silver,
n First II will be admitted on all sides that
with free coinage the difference in the value Of
coined and uncoincd silver will Immediately
disappear For when A can have his silver
made into money free Of charge. n the ratio Of
10 10 l. he will let no one else have IL ut less
rate. How much silver. then. under free coin.
age would 70 70 our minis and be added to our
volume OF money!
II was arrccd by the royal commission that
there are no great stocks OF silver in the world
20 draw from. II will be agreed. too. BY all
who have studied the question at all that the
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