The farmers' union. (Memphis, Mo.) 1891-1895, 1893-09-28
Dollars Rise and Fall.

speech in the House recently said:
If the number of dollars increase
more rapidly than the need for dollars.
as it did after the gold discoveries of
lS4., the exchangeablc value of each
dollar will fall and prices rise. If the
demand for dollars increase faster than
the number OF dollars. as it did after
1900, the price of each dollar will rise
and prices generally will fall. The
relative value Of a dollar may be
changed by natural causes or by legis-
latlOn. An increased supply. the de-
mand remaining the same. or de-
creased demand, the supply remaining
the same, will reduce the eXchangeable
value of each dollar. Natural causes
may act on both supply and demand: as
for instance. by increasing the product
from the mines or by increasing the
amount consumed in the arts. Legis-
latiOn acts directly on the demand. and
thus effects the price. since the de-
mand is one Of the factors in fixing the
price.
Ii by legislative action the demand
for silver is destroyed and the demand
for gold is increased by making it the
only standard. the eXchangeable value
of each unite of that standard. or dollar
as We call it. will be increased. If the
exchangeable value of the dollar is in-
creased, by legislation, the debt of the
debtor is increased. to his injury and to
the advantage of the creditor. And
let me suggest here in reply to the
gentleman from Massachusetts Mr..
Mccall who said that the money loan
er was entitled to the advantages de-
rived from improved machines and
inventive genius, that he is mistaken.
The labOring man and the producers
are entitled to these benefits, and the
money lOaner. by ever law Of justice.
ought to be- content with Il dollar equal
in purchasing power to the dollar which
he loaned, and any one desiring more
than that desires u dishonest dollar.
it matters not what name he may give
to it. Take an illustrations: John Doe,
of Nebraska. has farm worth 5000
and mOrtgaged it to Richard Roe. of
Massachusetts, for 81, 900. Suppose the
value of the monetary unite is increased
by legislation, which creates a greater
dc mand for gold. The debt is increas-
ed. II the increase amounts to 100 per
cent the Nebraska farmer finds that
the prices Of his products have fallen
one-half and his land |oUses one-half its
value. unless the price is maintained
by the increased population incident to
Il new country.
The mortgage remains nominally the
same, though the debt has actually be-
come twice as great. Will he be de-
ceived by the cry of ''hOnest dollar"
If he should loan a Nebraska neighbor
q hog weighing 100 pounds and the
next spring demand in return hog
weighing 200 pounds he would be called
dishonest. even though he cOntenled
that he was demanding only one hog,
just the number he loaned. Society
has become accustomed to some very
nice distinction. \ poor man is called
Il socialist if he believes that the wealth
of the rich should be divided among
the poor but the rich man is called Il
tinancier if he dcvises plan by which
the pittance Of the poor can be convert
ed to his use.
The poor man who takes property
by force is thief, but the creditor
who can by Legislation make debtor
pay dollar twice Us large rs he bor-
rowed is lauded Us the friend of sound
currency The man who wants the
people to destroy the government is an
anarchist. but the man who wants
government to destroy the people is Il
patriot.