The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-07-14


The Peoples party proclamation sup
ports free silver coinage doubtless from
the absurd belief that farmers could then
get money easily and cheaply. The far
ner can borrow his capital more easily
than can tradesman. like grocer or
dry goods dealer, because. while the mer-
chant may lose the goods on which his
creditors depend for their claim. the farm
cannot be made away with. The farmer
can borrow easily on his farm, and if the
farmer does not overtrade he does well.
for the census bulletins show a doubling
of taxable property, both real and per-
sonal. in all the states west of the Mis-
sissippi since 1880. It Is clear therefore
that a majority OF farmers who started
in business through mortgages must have
been successful. In the early days of
Kansas settlement money was loaned at
high rates, but in 1880 money was loaned
on farm security at s per cent and small
commission. The New York Eeeniag Post
cites these facts and says:
Al the information possessed by land-mort-
Fa-e companies is to the effect ths; the prices OF
farms are gradually ris ng at the West and this
op.aicn the census statistics confirm. II Is pos
sIbis that owing % the ease with which farrninr
capital can be borrowed there NAV be more fail
Irss smonr wouid-be farmers than among other
business men; but thls asa stale OF things which
Tree silver could not rclnedF. Nor IS II fair 20
chzTge al the resulting lis 20 the alleged high
rate OF interest on farm mortgages. since this
rate is gradually Ealing, AM is IN any case
owing mostly % the conditions with which
farmers themselves have surrounded the busi-
ness &c farming.
The Peoples party belief that plenty of
money. which means "cheap" money. will
make good times, IS very old delusion.
Anybody Of intelligence who has been
through period o; imitation knows that
doubling the volume of the currency
either doubles the price OF commodities. or
the dealer only gives half the quantity fo-
what he regards as halt the former money.
Initiate the currency: make money plenty
aud cheap and prices rise quickly. while
the wages of labor do not rise in proper
sion.
The only persons that are even tran
silently benefited bv vast imitation Of
the legal tender currency. such as free
cilyer would make. nre those who are
debtors. The free coinage OF silver would
OF course, scale all gclu debts dow to the
silver standard and thus cheat the creditor
This could nof-Ae repeated, however, for
nobody would thcn loan money save on
contract to be paid in gold. But all wage
workers anG oil small investors of savings
would N the last ANALYSIS suffer
by free silver for their savings
would be scaled down TO the silver
standard. "a would be their wages the
moment the government was unable 70
float the 6S-cent silver dollar side by side
with the gold dollar worth 100 cents, which
would be the situation when gold took to
flight a. gold always does when there is
free coinage Of two legal tender dollars
one OF which IS intyinsically worth more
than the other.
The Peoples party denounce the law Of
ISIS So the decentralization Of silver for the
benefit Of god bugs" This is an old lie
of most ancient ana fish-Ilke smell. The
truth is that IN 1878 there were not - thou
sand standard silver dollars in existence
under free coinage; su had been melted o.
exported; the silver dollar had demon.
etised itself because the silver dollar was
then worth little more than 100 cents.
The silver producers were indifferent 70
the law Of 1873. because Tor forty years SILL
yer had been worth more than - coinare
valae. Bat. beginning with l>so, tae gold
product began 10 decline and tAe silver
product TO increase enormously.
In 1874 the Latin union substituted liul-
ite4 silver coinage for free coinage, and
silver. which in 1873 stood within one-Hfh
of one cent Of Si.So an ognce. had fallen
nv 1876 10 si.i5 an ounce. Then. and net
til then. began - be heard the cry Of the
conspiracy Of ISIS. The fail Of silver
Was due si,arly 10 the force of The great
law of demand and supply. The yearly
average Of gold production nom iSoi-'5 in