People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1892-08-26

valuable. That is to say, its pur-
chasing power would be increased.
Other things would become the
cheaper. That is precisely what
took place.
Upon this point there Is no diff
ference among economists. No mat
ter which side of the silver question
they may take or how much they
may differ as to the cause, they are
agreed upon the fact that the period
extending from 1873 down to 1890
has been one of almost constantly
falling prices. The Economists In
dex Numbers show a decline of
about 26 per cent; the table of DR..
Soetbeer shows the same decline.
The figures of Prof Sauerbeck show
a fall Of 81 per cent; OF Robert
Griffin 81 per cent; and the Ham
burg Tables indicate an average de-
cline of 80 Is per cent. These are
the most eminent authorities who
have investigated the subject. The
Economist, Soetbeer and Griffin are
strong advocates of the gold
standard, while Sauerbeck and Pal
CARVE lean to bimetallism. The
feeling of the compiler or compilers
of the Hamburg table / do not
know. A fair average of these
figures shows a decline of 80 per
cent, which indicates that gold has
appreciated about 80 per cent.
It Is proper for me to add, how
ever, that these figures are only
brought down to the beginning of
1887; but the fact is generally
recognized that the decline has con-
tinued since then, save as it was
checked temporarily by the momen-
tary legislation of this country in
1890. The Economist Index num-
bers, though, have been extended on
to 1892, and they show decline OF
3 per cent. more since the date I
have given. And it is fair to assume
that prices will continue to follow
the same downward course until the
cause is removed, subject, of course,
to ephemeral spurts which may re-
suit from short crops or other causes,
materially diminishing the supply Of
commodities.
THE CAUSE OF THE FALL.
While these facts are generally
admitted, there are many who deny
the conclusions, stoutly contending
that the demonetization of silver has
had nothing to do with it, and in
si>ting that gold has renamed con-
slant while the other things have
fallen. This is the sheerest nonsense.
[ would be justified in using much
stronger term. The value of any
thing is what it will exchange for.
The money value Of anything is the
amount Of money it will exchange
for, and the value Of money itself is
the quantity of commodities or prop
erty that it will exchange for.
To say that a gold dollar will ex-
change for more of other species Of
property than formerly, and at the
same time assert that it's value has
not changed, involves about as fat a
contradiction as it is possible to ex-
press in the English tongue. Still it
is one of the stock arguments that
have rung in our ears ever since this
agitation began. 1t lies at the foun-
dalton Of all this cry about the
"dishonest 70 cent silver dollar"
The only way on earth that our op-
ponents can figure out a TO- cent dol
lar is by supposing that gold has
remained constant. In the light of
the figures that have given, the alb
surdity of this supposition ought to
be apparent to any man of ordinary
intelligence. 1t is a matter Of per-
sonal knowledge to most of us that
the value of the silver dollar, con-
sidered as mere bullion, has never
been materially less than 70 cents in
gold. This shows relative depre-
cation of 80 per cent, almost ex.
actly the same as the average decline
in the gold price Of commodities.
The testimony with those familiar
with the conditions existing ia silver
using countries is all to the effect that
in such countries there has been no
material change in prices since 1870.
That money and goods continue to
exchange at the same rates as before.
It can, therefore, be safely affirmed
that silver has remained stable or
nearly SO, while gold has risen more
than 40 per cent. And such a result
was perfectly natural. The demand
for gold has enormously increased.
Robert Griffin candidly admits that
the divergence between the two
metals has been caused by an in
creased demand for gold rather than
a diminished demand for silver.
AS a matter of fact, Germany
reached out and seized upon $400,
100000 Ia gold. The United States
oa4horad In 500 100000 and Italv