The advocate., 1890-01-09

WIN great certainty 10 correspond Win
the volume Of issue, Any mechanic will
instantly recognize the fact that the
quickestand surest way Of destroying the
power of the lever 20 raise or lower price
is 10 remove the resistance offered by the
fulcrum- the inilexible volume of Gov
ernment issue. The power TO regulate
the volume ofmoney soas to control price
is so manipulated as to develop and apply
a potent force, for which we have in the
English language no name; but II Is the
power Of money to oppress, and isdemon-
strated as follows; In the last four
months Of the year the agricultural pro-
ducts Of the whole year having been har-
vested, they are placed on the market to
buy money. The amount Of money nee
essary to'supply this demand is equal to
many times the actual amount 10 clrcu-
lation. Nevertheless the class that con
trolls the hevolume olthe circulating medium
desire TO purchase these agricultural pro-
ducts for speculative purposes, sothey
reduce the volumeof money by boarding,
in the face Of the augmented demand,
and thereby advance the exchangeable
value Of the then inadequate volume Of
money, which is equivalent TO reducing
the price Of the agricultural products
True agriculturists should hold their pro-
ducts and not sell ht these rhnously low
prices And no doubt they wouldif they
could, but TO prevent that, practically all
debts, taxes, and interest are made to ma
ture at that time, and they being forced
to have money at a certain season when
they have the product Of their labor 70
sell, the power Of money to oppress by It's
scarcity is applied until II makes them
turn loose their products 30 low that their
labor expended does not average them
fifty cents per day. This illustrates the
power Of money to oppress; the remedy,
as before, lies in removing the power Of
the fulcrum-the nfeXible Government
issue--and supplyipga Government issue,
the volume of which, shall be increased
to correspond with the actual addition to
the wealth Of the Nation presented by
agriculture at time, and diminish
ed as such agricultural products are con
sumed. Such a tleXibillty of volume
would guarantee a stability Of price based
on cost Of production which would be
compelled to reckon the pay for agricul-
tural labor ut the same rates as other en-
ployment. Such ilexibility would rob
money Of It's most potent power-the
power to oppress- and place premium
on productive effort. Buthow may 80 de-
sirable result be secured2 Let us see
BY applying the same principles now in
force in the monetary system Of the Unit
ed States with only slight modification in
the detail of their execution. The Gov.
eminent and the people Of this country
realize that theamount of gold and silver
and the certificates based6n these metals
do not comprise ayolhme Of money sufIic.
lent to supply the wants Of The country,
aud in order to increase the volume, the
Government allows individuals tC
associate themselves into "a body
corporate, and deposit with the
Government bonds which repFe'
sent National indebtedness, which the
Government holdsih trust aId issues ia
such t6fbOtStioh paper money equal ID
6ipeey peH Ce6t cf ttlS2 2thlSS 0f tlie bonds
~, ~, S \ l IN a, =. J t,l