Middletown transcript., 1893-10-21
The date ON the label ON your
paper shows the time TO which
your subscriptin 10 paid 60
THE DOLLAR oFoUR DADDIEs.

your 0mb8ErhN3fn f@ pAxU t0
THE DOLLAR oFoUR DADDIEs.
In 1e4S the commercial world found
itself seriously threatened with gold
famine. The appreciation Of that
metal was then perceptable in the rela-
tive increase in the quantity Of all other
property necessary for the purchase Of
a gold dollar, and for that reason It
had become apparent to the minds OF
many thoughtful people that serious
contraction was imminent, such as
would inevitably curtail the debt-pay-
ING power of the debtor class Of people
to ruinous extent. This is made ap-
parent to the mind of the plainest man
By simple illustration:
If A enters into a CONTRACT to pay
B $1,000 in gold ten years hence, rely
ing on the then existing relative value
Of that metal to all other property, to-
enable him to meet his obligation. and
during that whole period Of ten years
that relation stands unaltered, be then
viii have made no mistake, and barring
all other contingencies outside Of such
monitary relations, be win be ready to
meet his debt at maturity. But, If
during that period of ten years, it
comes to pass thatthe world s supply Of
gold does not keep pace with the in
crease Of population and expansion OF
trade, "A will find himself under q con-
tract which will oblige him to get to-
gether more property with which to
purchase his $1,000 than the condition
of things required at the time of enter
ing into his agreement, and his en-
barrasssment viii be in proportion to
his want of debt paying resources. It
is popular belief that gold has fixed
intrinsic value, independent OF supply
and demand, and without "variablness
or shadow Of turning Such ID far
from being the truth. But to the con-
trary, gold, contemplated merely as o.
metal, stands precisely in the same
relation to society and to mans needs
as does all other property, and has an
intrinsic value in proportion to the de-
mand for it and the amount Of labor
required to produce it; and the only
reason which may be assigned for the
exclusive use Of it as a standard Of
value, il that the experiences Of the
past have shown that it has seemed to
be In such quantities that it has been
less liable to fuctuation in value than
any other object representing labor.
This was clearly demonstrated in 1852.
when the gold famine, which seemed
imminent prior to 1S48, was turned
into gold-plenty by the discovery of the
gold fields Of California and Australia.
Perhaps there are many who do not
know or may have forgotten that,
in the midst of the plenty Of gold inn
mediately following the California and
Australia discoveries a large class of
people sought the demonitization OF
gold on the ground that it was being
deprecated by the plenty of it and
could not be relied upon as standard
for sound money, and silver was looked
to as the coming standard for honest
money. But since thai time silver
production has largely increased and
gold production has decreased. In
1852 the worlds product of gold was
$3.50, 600, 900, and at the present time it
is little more than s125, 900, 900, and it
is now claimed by some very reliable
statisticians that the whole of the pres
ent product is being consumed in the
arts and sciences. Since 1852 the pop
ulation Of the world has greatly in
creased, and along with IL the volume
OF business and trade in every line has
and expanded In proportion
to the mighty advance Of modern civil
lization and inventive genius, and on
The other hand the annual gold product
Of the world has decreased over thirty
per. cent. In the face Of these facts
win anybody undertake to say that
gold has not appreciated in its relative
value to other property since 1892
Will any body undertake to seriously
argue that gold alone is stable and
silver and all other property have de-
Will any body with ordi-
nary reason insist that the rela-
i've low level Of price to which all
has been tending for twenty
7ears, is alone caused by overproduc-
lion or cheapened productionr But on
the other hand, is IL not absolutely true
that, while cheapened production and
over production ID responsible in part
for the relative depreciation Of value.
the appreciation Of gold Is equally
for the other part?
It will be well for those who are dis
cnssing this matter to constantly bear
In mind that the value to-day, of the
gold dollar, relative to the intrinsic
value Of the 16-to one silver dollar, is
very near the same proportion as
The worlds product Of gold in 1852,
stands to the worlds product Of gold
10 day. Thus showing beyond the
OF refutation, that the
gap between the silver dollar of
today and the gold dollar, is caused
more ~ the appreciation Of gold than
By the depreciation Of silver, and the
only deduction that possibly can be
drawn from these facts, Is that the 16-
Eo-one silver dollar stands more nearly
= a i. Il