The advocate and Topeka tribune., 1892-09-14

caused by decreasing money and falling
prices, and that the recovery therefrom
and the comparative prosperity which
followed the discovery OF America were
due to an increasing supply Of the pre-
clous metals and rising prices, will not
seem surprising or nreasonable when
the noble functions Of money are con-
sldered. Money Is the great instrument
of association, the very fiber OF social or
ganlsm, the vitalizlng force Of industry,
the protoplasm of civilization, and as
essential to It's existence as oxygen is to
animal life. Without money, civilization
could not have had beginning; with
diminishing supply it must languish, and,
unless relieved, finally perish.
Symptoms Of disaster similar to those
which befell society during the dark
ages were observable on every hand dur
ing the first half of this century. In 1909
the revolutionary troubles between
Spain and her American colonies broke
out. These troubles resulted In q great
diminution in the production Of the pre-
cious metals, which was quickly indicated
by a fall in general prices. AS already
stated In this report, it is estimated that
the purchasing power Of the precious
metals increased between 1909 and 1848
fully 145 per cent, or, in other words,
that the general range OF prices was 60
per cent. lower In 1948 than 1t was in
1909. During this period there was no
general demonetizstion Of either metal
and no important fuctustlon In the rela-
tive value Of the metals, and the supply
was sufficient TO keep their stock good
against losses by accident and abrasion.
But it was insufficient to keep the stock
up to the proper correspondence with
the increasing demand Of advancing
populations. The world has rarely passed
through more gloomy period than this
one. Again do we find falling prices and
misery and deStitution inseparsble COM
panions. The poverty and distress Ofthe
industrial masses were intense and uni
Ysrsal, and, since the discovery of the
mines Of America, without parallel. In
England the sufferings Of the people
found expression In demands upon par
lament for relief, in bread-riots, and in
immense ChartiSt demonstrations. The
military arm of the nation had to be
strengthened to prevent the all-pervad-
ing discomfort from ripening into open
revolt. On the continent the fires Of
revolution smoldered everywhere and
blazed out at many points, threatening
the overthrow of states and the subver-
sion of social institutions.
Whenever and wherever the muttsrlngS
Of discomfort were hushed by the fear
of increased standing armies, the founda-
tlons of society were honey-combed by
powerful secret political associations.
The cause at work to produce this state
of things was so subtle, and Its advance
80 silent, that the masses were entirely
ignorant Of It's nature. They had come
to regard money as an institution fixed
and lmmovable in value, and when the
price Of property and the wages Of labor
fell, they charged the fault, not to the
money, but to the property and the en-
ployer. They were taught that the mis-
chief was the result Of over-production.
Never having observed that over-produc-
ton was complained Of only when the
money stock was decreasing, their preju-
IL