The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1893-09-16

lu ol'posltloh 10 tne experience OF
he world that during all the ages
it has been the great factor in the
preservation of the equities between
debtor and creditor, in holding
down gold to fair and Just stan
dard Of valuation, in securing to
|abor fair aud reasonable wages, and
TO the products of labor and sill
commodities just estimates Of
value.
In other words, silver and gold
being mutual checks upon each
other when both possess the full
money function, preventing an
undue tluctoation of either metsl,
hey make jointly standard of
value steady, conservative and re-
liable in their relation to commodi.
ties, wages and property exchanges.
The very best evidence of the truth
Of this proposition is to be found in
the universal fall cf prices since
1878 when silver was demonetized,
and gold unchecked began TO rise
in value aud continues to rise, com
modlties falling in ,he same proper
ton, until II possesses now the
purchasing power over cotton and
wheat which required & To com
maud in 1873, and all other com.
modities being affected, not to the
same extent possibly, but heavily in
the same direction.
Not only liz this true in the United
States, but it is equally true
throughout Europe, in consequence
ey, az is shown by the following
extract from the Economic Crisis,
an able work by Mr.. Morton Ere
ven, of London, on economic qnes-
tions. He says;
cit may, indeed, be atli med with
out fear Of contradiction, the legis
lation arranged in the interest of a
certain class, first by Lord Liver
pool in this country, and again Nv
Sir Robert Peel at the instlga
Of Nh Jones Lloyd and 9th
wealthy bankers, which was sOpp'c
mented recently by Simultaneous
an'i-siiver Legislation in Berlin and
w ashlngton at the instance of
the great financial houses This
legislation has about doubled the
burden Of all national debts by au
artificial enhancement of the value
of money.
The fall of all prices induced by
this cause has been ON such a scale
that while in twenty years the ma
tional debt of the United States
quoted in dollars has been reduced
by nearly two thirds, yet the value
of the remaining one-third, meas
ured in wheat, in bar iron, or bales
of cotton, is considerably greater,
il greater demand on the labor
and industry of the nation than was
the whole debt at the time it was
contracted.
The aggravation of the burdens
of taxation induced by the so.called
depreciation of gold" which is no
natural apprec alton, but has been
brought about by class Legislation to
increase the value of gold which is
in few hands, requires but TO be eI-
planned to an enfranchised dsmoc-
racy, which will know how TO pro-
tect itself against further attempts
TO contract the currency and force
down prices to the confusion of
!, every existing contract.
or all classes Of middlemen,
, bankers have been by far the most
successful in intercepting and APP
, propriating an undue share Of pro
! duced wealth Willie the modern
, system Of banking and credit may
e said to be even yet in its infancy,
that portion of the Assets of the
r community which is today in the
; strong bxes of the bankers, would
r if declared, be an astounding reve-
! lation Of the recent profits Of this
/ particular business; and not only
, has the business Itself become a
f. most profitable monopoly. but its
interests in very few hands are
\ Numerically opposed to the inter
l ests Of the maj ori'y BY legisla-
f tion intended to contract the cur.
4 rency and force down all prices, in.
l GLIDING wages, the price paid for
labor, the money owner has been
able TO increase the purchase power
of his s0yereion or dollar by the