Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1893-02-23
Highest Of all in Leayening u S Cov,t Report
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broad and blatant denials of the fact
that gold has appreciated in value.
Yet the fact is so plain that it is hardly
necessary to argue it. Why argue with
a farmer who knows that a debt which
he could formerly pay with one bale Of
cotton now calls for twop
We do not propose to argue the mat.
ter now, but merely call attention tc
some recent statements made by the
Financial News of london, one of the
organs of Lombard street. It is curl
GUS that fact which American finan-
ciers {so-called) deny should meet
prompt recognition in the very bowels
as it were of recommendation. What
is to be the ultimate fate of silverP'
says the London Financial Neavs, is not
however, the main matter of immedi-
ate concern. The interest of every
body is conferred just now in far more
urgent question, although one not dis
connected with the fall in silver
namely the, the appreciation of gold. /"
The Financial NeaUs goes on to declare
that sit is the continual ceaseless, res
olute competition for gold that is caus-
ing all the emischief-depressing values,
hindering trade, killing agriculture
and threatening the world with conse-
quences which only the willfully blind
refuse to see. If there is one incontro-
vertible and dominant fact in the situ-
alton, it is that the gold production of
!! the world does not keep pace with the
currency needs of the constantly in
creasing populations of the world.
These are strong and true words-sO
strong that we feel impelled to explain
again that they are not uttered by any
..silver infationist" at the south or
west, but by a single gold standard
organ at the headquarters of mono.
metallism-the Financial Nes0s of
London. How is it that the London
editor has the boldness to announce a
fact that is fatal to his theory and pol
icy, while American goldolators angrily
deny its existencep We leave the dis
cussion of this question to those who
have the patience to waylay the organs
of goldolatry and try to catch them
telling the truth.
There are whispers that those who
manage the finances of India are con-
sidering the propriety of demonetizing
silver and erecting the single gold
standard there. This would mean q
new demand for gold, and would
simply add to the grinding process that
is destroying the productive and COM
mercial prosperity of the world. The
Financial NesOs of London is afraid that
the American republic will sell its
silver at sacrifice and enter into the
scramble for gold regardless OF the or
dinary considerations of profit or loss.
This is what the money power is driv-
ing at, and this is why it has been
moving heaven and earth to secure the
unconditional repeal of the silver act of
1890; but they will not succeed. The
people whose prosperity is at stake will
have more real strength in the new
congress than they have in the present
body, and if their representatives re-
main true to the obligations they have
assumed and the pledges they have
made, the repeal of the silver law will
mean the substitution of law which !
completely recognizes silver as money
or as basis for currency notes.
Commenting on the practical results
of the repeal of the silver law here,
followed by the inevitable scramble
among the nations Of the earth for q |
sufficiency Of gold to maintain their
currency, the London organ says:
Probably England would be able to
hold her own; but that is not the point.
A general insufiiciency of the standard
metal would put up money rates, dis
turb confidence, and paralyze trade.
There would probably be general
with economic consequences
such as no one can very clearly foresee.
It is obvious that nything which tends
to increase scarcity Of gold must flrth-
or appreciate its value, and any furth-
er appreciation of value must react
upon the prices OF commodities with
disastrous effect. The position is al
ready quite serious enough. Short
sighted optimists may fatter them
selves that commercial conditions are
going to improve; they will not Inn
prove much until these currency troub-
les are removed out Of the way. Prices
81 agricultural produce are already SO
low that agriculture as q trade is threat +
sned with extinction In England. The
.otton industry can only maintain itself, I
paradoxicaI though It may sound, by
enforced periods OF idIeness. Our
trade is In depIorably bad
and the central pivot Of all
shese evils sis the restriction In the
worlds chief circulating medium --the
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