The advocate., 1891-10-21

10 justify this robbery, rather than by
proposing to right the wrongs that they
have suffered, you will be disappointed.
All that you have to say about the
world wide causes that are operating to
the disadvantage Of agriculture may be
answered In a single sentence. Iagree
with you that they are the same almost
everywhere; and they must be found In
the almost world wide effort to maintain
q metallic basis Of money. Not only agrl-
culture but every industry and every
occupation in life save that alone Of the
money changer, suffers alike from this
cause. Il is world wide and the legis-
latlon OF the world has made 1t 90. 1t is
so because the money power Of the world
controls the worlds legislation. Permit
me to ask you what would be the per
capita circulation Of the world II it's
money were limited to gold and SllverS
It is sufficient answer to your state
ment that silver was only nominslly
money previous to its demonetization to
point to the fact that it commanded a
premium over gold and was a legal
tender in the payment Of debt.
When you say that large increase in
the paper currency Of the country would
not affect general prices by cheapening
gold you fail to appreciate the situation.
The testimony OF all political economists
agrees that the prices of commodities al
ways correspond with the amount Of
money in circulation. That was our ex-
perience during the period Of imitation
and for some years after the war. Gold
had nothing to do with fixing the price Of
wheat or corn, or Of days labor. They
were not paid for in gold. Your whole
theory Of money is at fault and badly
needs revision to adapt it to the wants Of
the people at the present time.
Again, you speak Of this country as
only q part Of the world, the price Of
whose products must depend upon the
competitive markets Of the globe. Do
you forget, sir, that there are millions Of
our own people to-day who have not the
necessities Of life, and that If these were
supplied we would have no surplus for
export? What Is the matter with our
social system, that the wealth Of our
country is concentrating at rate unpre-
cented in the worlds history, in the
hands Of a few men, while the millions
Of what the world Is pleased to call the
great middle and lower classes are be-
coming poorer day by day? What is the
remedy for these evils?
You say "the people Of this country
have not been students of finance, and
the philosophy Of money"
That has been the case heretofore, It is
true, and that is why so pernlclous a
system of finance has been permitted As
that pursued by the government during
the past thirty years. They are studying
these things now, however, and hence
the great revolt Of the present time.
But you reach the climax Of absurdity
in the following:
But you ask, why was IL necessary for the gov.
ernment to convert It's notes into bonds? The
answer Is easy, aud Is found In the fact that the
government could not create money, and yet it
was obliged TO have money, and there were but
two ways Of obtaining IL; taxes and loans.
The answer seems to be very easy, /
admit, but it Is very foolish one, and a
very false one, nevertheless. Now, my
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