The new North-west. [volume] (Deer Lodge, Mont.) 1869-1897, 1892-04-30
DEER LODGE MONTANA, April, 80 1892

ttiA 1AAS 4tASA1GJ po" E1 VI lllC COu1lLIf luut
exists in the shape Of bonds, mortgages
and securities Of all kind. National,
state, municipal and railroad bondhold-
ers saw with the passage Of a free coin
age act that the volume Of money would
be increased, and that the purchasing
power OF their money would be less than
now; or, to put it differently and express
the same idea, that prices would rise and
they would be compelled to pay more
for labor and commodities than they now
pay. The thousands of millions of capt.
tai OF the class | have mentioned took
| alarm some years ago, and has been the
active agency in opposing free coinage
ever since. As both political parties are
contending for the electoral vote Of New
York, where much of this class of capi-
tai is held all presidential aspirants,
however remote their chances of nOmi-
nation, have stood in mortal dread of the
money power of New Y ork. These peo-
pie contribute large sums Of money to
political campaigns, and it is said that
they contribute with great impartiality,
only assuring themselves that the bene-
fciary of their donations is sound on
the question that they are interested in,
that is. securing and holding dear money.
BY the financial policy of the world in
reference to silver, the dollar, whether
Of gold or silver, has in fifteen or sixteen
years increased its purchasing power
nearly if not quite 40 per cent, and if
that policy can be continued the pur-
chasing power of a dollar will be frrthe r
increased until one dollar will buy as
| much as heretofore two would buy.
OF course lands, mills and manufac-
turing establishments have deprecated
and will continue to depreciate in most
/ parts Of the country under this system
of finances. The rapid growth Of cities
and towns may keep up for time at the
prices Of city and town property, but
ultimately prices there must take tile
low level Of all commodities. For thir-
teen years the range Of price has been
steadily downward all over the world
except in the cases have mentioned
but as | have said, these agencies will
ultimately affect prices there also.
We're prices too high before the com
mencement of this decline? think nc
one will pretend that. 1t is said that
over production Of all commodities has
caused the low prices. This has not
been supported by facts. Wheat has
been lower each succeeding year, whether
the crop was great or small--all produced
has been consumed, We have no ware
houses bursting with products that can
not find willing consumers. There is
now and has been demand for all pro
duced. Twelve years ago wheat was
worth at ports of export S1.25 per bushel
now, with q short crop in Europe and
famine in Russia, it is selling from s. tc
% cents per bushel. Dun & Co. report
that the average price of commodities
throughout the United States is 1S PEI
cent. less than last year. To what is this
to be attributed if not to the financial
system of this country and other coun
tries as applied to the currency of those
countries? DO we desire to continue
this? No one save that class have
mentioned wants to see lower prices
Failing prices means reduced value O
bnsness--less profit for the producer
less wages for labor and want and dis
tress. Rising prices means increased
production, lncreas' ability to consume
and increased consumption. Metallic
money is Indispensable to commerce ant
trade. We produce two-htths Of the
worlds production Of gold and silver
Wise action on our part can make our pro
duction of silver worth as much in tht
markets of the world as our gold. We cal
put our large output of the money metals
into money without disturbing our 1inan
cial system What power and influence
this must give lis in the financial world
What Il blessing it must be to our people
What shall we say Of statesmen who
throw away such opportunities, who re
fuse to accept the bounty Of nature anG
deliberately discredit and destroy oul
entire production Of silver, now nearly
one=half Of the worlds production?
Yours, Fl. M. TELLER.