The advocate and Topeka tribune., 1892-10-05
MONETARY COMMISSION.

NO. XVI.
authority emphasizes tUhGt egperteUce
teaches.
All respectable authorities &gree aS 70
the relative effects Of an inCreasiDg and
decreasing money. Several Of them are
presented, the earliest In point OF time
being the following, from David Hume's
essay on money:
It ls certain that siDce the discovery Of the
mines 10 America industry has increased 10 al
che nations OF Europe. we nn0 tnes ln
every kingdom Into which money begins 70 flow
In greater abundance than formerly, everything
takes O new face; labor and industry gain life;
the merchant becomes more enterprlSing, the
manufacturer more dlligenC and SklllHnL and even
the farmer follows his pl0w with greater alacrity
and attention. ltiS OF no ma manner RaSS
plneSs OF state whether money be 10 greater
or less quantity. The good policy Of the maG1S
trate consists only In keeping IT, II possible, sti
increasing; because by that means he keeps
alive spirit II industry In tho nation and m.
creases the stock OF labor, In which consists all
real power and riches. A nation whose money
decreases Is actually at that time weaker and
more miserable than another nation which pos
seSSeS no more money. but ID on ehe increasing
hand.
Alexander Hamilton, in his report
(1791) on the mint, says:
To annul the use OF either OF the metals 90
money Is TO abrldge the quantity Of circulating
medium, and Is liable TO all the objections which
arise from comparison OF the Dement'S OF Inll
with the evils Of Scanty circulation.
Thomas Jpff-rson, In q letter to Mr..
Hamilton February, 1899, says:
concur with you that the unit must stand on
both metals.
William II. Crawford, secretary Of the
treasury, in a report (February 10, 1Ss0
to congress, says:
AN intelligent writer's on currency agree that
when lt is decreasing In amount, poverty and
misery must prevail.
Mr.. r. M. T. Hunter, In report 1852
10 the United States senate, says:
OF all the great effects produced upon human
society by the discovery OF America, there were
pE0bably none 20 marked as those brought about
by che great influx OF the precious metals from
had been declining under the decreasing stock
OF the precious metals, and an appreclAtlng
standard OF values; human ingenuity grew dull
under the paHalyZiOg Influences OF declining prof.
Afs and capital absorbed nearly all that should
have been divided between 1t and labor, But an
increase In the precious metals, In such guam
Gity as to check this tendency, operated as new
motive power 10 the machinery OF commerce.
Production was stimulated BY hnding the al
vantagos OF charge In the standard on It's SIDE.
Instead OF being repressed by having 70 pay more
than It had stipulated for che use OF capital, It
was stimulated by paying less. Capital, too, was
benefited, for new demands were cre2Ced Tor IL
by thA new uses which D general movement IN
industrial pursuits had developed; 80 that II iG
lost little by change In the Standard IL gained
much more In the greater demand for lCs use,
which added TO its capacity for reproduction,
The mischief would be great, indeed, II all the
world were TO adopt but one OF the precious
metals as the standard OF value, To adopt gold
alone would diminish the specie currency more
than One-half; and the reduction the Other way,
should silver be taken as the only standard,
would be large enough to prove highly disastrous
to the human race,
The Encyclopedia Britannica, 1859
(srtlcle Precious Metals, by ]. r. Nc
CulloCh), says:
A fall In the value Of the precious metals,
caused by the greater facility OF their production,
or by the discovery OF new sources or supply, de-
pends In no degree on the theories Of phllos0-
piers, or the decision Of Statesmen or Legislators,
but istha result Of circumstances beyond human
control; and although, like q fall OF rain Rfter
long course OF dry weather, II may be pre1udlClAl
10 certain classes t Is beneficial to an lnC0mpar-
ably greater number, including all who are en-
gagged IN industrial pursuits, and Is, speaking
generally, Of great public or national advantage.
Ernest Seyd, 1858 bullion, page 6Sl),
says:
Upon this one point all authorities on the sub
ject are agreed to-Wit that the large increase In
the supply OF gold has given universal Impetus
to trade, commerce and industry, and TO general
social development and pr gresS.
The american RepieSO Q876( says:
Diminishing money and falling prices are not
only oppressive upon debtors, OF whom, 10 mod
ern times, states are the greatest but they cause
GtAgnatiOn In business reduced production, and
enforced ldleness. Falling markets AnnlnilatG
prohte, and as It 10 only the expectation OF gain
which Stipulates the Investment OF capital In
operations, inadequate employment ls found Tor
labor, and those who are employed can only be
20 upon the cOndlti0n OF diminished wages An