The advocate., 1891-07-08

being equal, is determined by the num-
Der of units in circulation. The only
possible way of maintaining q fXity
of the value of money is to keep
constant supply equal to the demand. If
the supply and demand for money were
constantly the same, its value would never
change.
COMMERCE., COMMODITIES AND MONEY
Senator Stewart tries to explain to this
boasting teacher something concerning
"fOreign balances" as follows:
The exchange of the money of one country
to that of another is not commerce. Com
merce consists in the interchange of COM
modities. Money is for use at home. Com
modities are for sale in all markets. No
country should buy more commodities than
it can pay for in its own productions. II it
exports its money it creates contraction,
stagnation and prevents production. For
eign balances are,not settled in money, but
in commodities. Money itself, when trans
ported out of the jurisdiction where it was
created, is commodity. Foreign balances
are settled by well l-estsblished system Of
exchange It is the duty of the banker to
know the value of the money of every
country, which is determined by it's pur-
chasing power in that country. Such know
ledge enables him to exchange the money
of one country for that of another for the
benefit of commerce. All that is needed to
secure prosperity is an adequate supply of
money for domestic trade and commerce.
Foreign commerce will take care of itself.
NO UNIVERSAL CURRENCY.
There never was universal currency, and
never can be. There ls no reason why there
should be. Plenty of money at home will
increase enterprise and production. If we
could be freed from contraction we would
sell more than we would buy, and the peo-
pie would prosper.
The people of the United States have no
fetch worship for gold. If it cannot be
obtained for use as money without reducing
them to poverty and starvation they will
use something ,else. They will not be re-
duced to the level of the poverty stricken
people of Egypt, Italy or of any other part
of Europe where the demands of the rich
are Unsuitable and despotism has power to
enslave. If the mona-chs of the Old World
are determined to enslave their people to
buy gold to augment the acCumulations of
the rich we will not follow their example.
"More money, more prosperity and less
bankruptcy and misery" is the motto of the
American citizen. He already views with
alarm the aggressions of the gold-standard
contractionists. He realizes the painful
fact that you have already transferred more
than one-half of the wealth of this country
from those who produced it to schemers and
spectators.
Moderate your tone. Cease to insult peo-
pie by telling them to buy gold, which the
gold ring has cornered, when you know that
every effort to break the corner without free
coinage of silver means disaster.
THE ADVOCATE desires that the Amer
ican people shall-each man for himself
study this all-important money ques-
ton; therefore, it gives so much of SEN
ator Stewards views, and it would say
that his contribution to the June Forum
is worthy of careful peruSal. Let all
Republican journals In Kansas that de-
sire to stand by the financial views of
George T. Anthony and Andrew Carne-
gle boldly say 80.