Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-07-12
THEIR WORK DONE.
EConrnued from the Second Pogc,l

" dNrlTbe1 from INC NfFOHu rage
the poor people who do not raise these nee
essarieS of life to do2 Starvation, riot and
bloodshed would inevitably follow, and the
sad picture would be presented to them OF
their government aiding in starving them.
Again, the same author on Political Econ
omy. chapter 12, book iii, section l, says;
Among other causes of fiuctuation, one
we have found to be, the quantity of money
In circulation. Other things being the
same, an increase of the money in circula-
ton raises prices, a diminution lowers
them"
The same author, same book, chapter
Xiii. section 4, uses this language:
That an increase of the quantity of
money raises prices. and dlminutlon
lowers them. is the most elementary propo-
sition III the theory of currency, and with
out Il we should have no key 10 any of the
others.
Therefore the interest of one who has
anything to sell is to have the volume of
money as large as possible at the time he
sells SO that what he sells will bring him
as many dollars as possible; and then when
he goes 10 buy, it is his interest 10 have the
volume of money as small as possible, so
that his dollar will have the greater pur-
chasing power, or that he will get as much
as possible for his dollar.
But the interests Of the entire people, the
farmers and all others, would be best sub
served by such q volume as is set forth in
demand No. ! of our St. Louis +. and l.. L.
platform which demands that the money of
our country be ''issUed in sufficient volume
10 do the business of the country on Il cash
system: regulating the amount needed on
per capita basis as the business interests OF
the country expand
What will be the effect on our financial
system if this warehouse scheme should
become a lawi
The farmer would come to the govern
ment warehouse in August with his 100
bushels of wheat, worth, say 81 per bushel,
and as he is anxious to buy a twO-horse
wagon. worth in July $50. and a set Of har-
ness worth s25. he deposits mis- grain and the
government loans him $50 on it, and he
goes forth 10 purchase his wagon and har-
ness.
Now. the effect of all the farmers deposit
inl their grain about the same season each
year will be 10 greatly increase the volume
OF the currency in circulation, after they
have deposited their grain, which will IN
crease the price of everything they have 10
buy after they have gotten the money TO
buy with.
II is estimated that it will double the vol
ulne of money, but recollect this doubling
of the amount of the money is Just after the
farmer has nothing 10 sell and just when he
wants to buy.
If II does double the volume Of money,
wagon and harness goes to town to make
his purchase, he finds the wagon he in
tended TO buy is priced at 500 and the har
ness at so, for 'lhe price of the commodity
Is fixed by the volume of money in exist
enCe Al the time" Therefore what he
wants to buy is doubled III price.
Now before he can sell his wheat he must
return the money borrowed from the GOV
ernment at per cent interest and charges
after he does this, and his money is thus
withdrawn from circulation and Cancelled
and the volume Of money is greatly de-
creased, he sells his wheat; in other
words. he buys on a market when the
prioe of everything is high, and sells on the
market when everything is low. The effect
therefore OF this scheme would be to in
crease the price Of everything the farmer
has 10 buy and 10 decrease the price of his
wheat, corn, oats, tobacco and cotton.
It is hardly necessary for me TO follow
out and show the effect upon all the other
classes Of business of this doubling and
halving the volume of money each year
Financial chaos, business panic, and ma
tionll runin would but follow in rapid sue
cession; and we know to our sorrow that in
all such financial disturbances the farmer
comes out Of the fight with the greatest
part of the load resting on his shoulders.
While the advocates of this scheme pro-
test very strongly against US going into the
details of the bills, vet they have no right
advocates a national law make its minutest
details perfectly clear to US.
Under this scheme | maintain that old
Hutch Of Chicago could and would corner
every bushel of wheat, and that the Inmans
Of New York. Pat Calhoun with possibly
their friend and debtor Macune, would
corner all the cotton in this country in a
very short time, and we Will now
see how the reason the men on
change do not buy up all the actual wheat
for sale in the United States at one time
and thereby corner it, is because they have
not enough money. 1t would take $500, 000,-
900 10 corner the wheat alone 50 they spend
their time and money cornering wind
and each other. But suppose this
bill were In force with 500, 200. 900 |
they could corner, buy up every bushel of |
wheat for sale in this country. The Specu- |
lator buys up 500 0OO,0 900 Of wheat, takes ii |
TO the warehouse and deposits it. and the |
government loans him $50, 900, 900 of money
and he tskes this out and buys $50, 600, oos |
worth Of wheat and puts that |
IN the government warehouse and |
the government loans him s64 600, |
0Cp and with tnis he buys wheat and |
warehouses IL aud the government again |
loans him s5l, 200 900 and with this he buys |
wheat and so on, until with 500, 600 900 and !
the government and the AlaCuue ware |
house system to help him he corners |
$500, 900 600 worth OF wheat. Now when the |
bread of the poor is once safely locked up |
by The government, when viii our wheat |
Spectator sell il, The cries for bread and |
the walls of the starving millions of our |
lauG would make the heart turn sick aud |
the lips Of the poor would be closed cursiug |
the author Of scheme by which |
the national government would go into |
partnership with the Spectator to starvc |
the poor No, my friends, what we need is
8 greater volume of honest money.