Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-08-23

An Entertaining Disquisitlon On the Live
Topic.


New MARTINsvILLE, w. VA, Aug. 21.
10 tAs kdtOr OF ths Register:
SIR--Necessity Is a hard, unyieldlng
master and from Ii is no escape. From
necessity originates the law OF supply
and demand, and the law OF supply and
demand substantially regulates or fixes
the value or purchasing power Of all ar
articles OF necessity, relative 10 all other
articles Of necessity. Money is an article
OF necessity, has its peculiar Office 10
perform In all business transactions,
and its value or purchasing power Is
governed IN its rise and fall, by the
same idintical law OF supply and demand
that regulates or fixes the value of pur-
chasing power Of wheat, corn, potatoes,
wool or any article OF necessity. If there
is al extraordinary large crop OF
wheat, the supply becomes greater than
the demand aud In obedience TO that
immutable law Of supply and demand,
which no human law can change, the
value or purchasing power Of wheat falls
In price. Upon the contrary should there
be a short crop, an inefficient supply,
the demand becomes greater than the
supply, aud IN obedience TO that same
law the value or purchasing power OF
wheat rises In price. II the supply
and demand were equal from year to
year the price Of what would be the
some from year to year. The value
or purchasing power Of money
rises and falls in obedience TO the same
law OF supply and demand that causes
the price Of wheat 10 rise and fall from
. ~ md al n
for money were equal from year to
year its value or purchasing power
would remain the same, but il either
the supply or demand were to be in
creased or decreased from year TO year,
It's value or purchasing power would be
increased or decreased accordingly, as
compared with al other articles Of ne
ceSSity. The effect Of the law OF sup
ply and demand upon the value or pur-
chasing power Of money has been amply
aud clearly demonstrated during the
crisis when peoples necessities were
such that they would pay two or three
per cent. and upwards for currency, In
order to relieve their Immediate de-
mands. There can be no doubt about
the value or purchasing power OF a dol
lar increasing or decreasing as the sup
ply and demand decreases or decreases.
As the supply OF money is increased the
value or purchasing power OF the dollar
is decreased, and the value or pur-
chasing power OF labor and property
rises, aud as the supply isdecreased the
value or purchasing power Of the dollar
increases, and the value or purchasing
power Of labor aud property falls. The
effect OF the law OF supply and demand
upon the value or purchasing power OF
a dollar, as compared with other prop
ertY, Is and has been we'll under
stood by the money power OF this
aud other lands, whilst many OF the
people vera ignorant and others care
less OF it's effect, hence the money and
fixed income classes have been able, in
all lands nearly, to control financial leg
islatlon favorable TO themselves and in-
imical 20 the interests of the people.
Knowing full well the effect Of an I'M
due and increased supply Of both gold
and silver 10 the money OF the world
would be to decrease the value or pur-
chasing power Of the dollar, so In order
10 prevent an anticipated decrease In
its value these classes, often the rich
gold discoveries OF California and Aus
tralla, conceived the idea Of demonetiz-
ing or destroying one OF the money met
ais, thereby decreasing the supply OF
money and increasing its value. Gold
being the metal, which then furnished
the most abundant yield, was selected
for the purpose. At the dictation OF
the money and fixed income classes,
Germany, Austria and other European
countries demonetized gold In 1857,
which demonstration would have be-
come general throughout EurOPe but
for the resistance Of France. The
movement for the decentralization OF
gold was changed TO the demOnetiZa-
ton OF silver in 1865, having in view,
however, the same object, the reducing
OF the supply or volume Of the basis
OF all money, In order TO increase the
value or purchasing power OF money.
The demand for gold and silver bullion,
outside the arts, &c, has been caused
solely by their coinage into
money by the various governments, aud
when these governments ceased TO coin
silver, or to the extent they ceased to
coin It, the demand was lesSened, the
supply became greater than the de-
mand, consequently in accordance with
the inevitable law of supply and de-
mand the value or purchasing power Of
silver went down and as silver went
down in value gold absorbed the loss,
and moro, and Increased in value, and |
as gold increased all labor and property !
decreased In value. You may take the |
last fall products or property, except |
money, from alpha to 0mega, and you !
will fnd a gradual steady reduction, in |
spite Of all other causes TO the contrary, |
in their value or purchasing power from |
the time the governments demonltiZed |
silver TO the present, until to-day ID is |
said they are lower thSn they have |
been for the past seventy years. As !
silver went down in value every kind |
Of labor and property except money, |
went down with ii, because the de- |
struction OF silver increased the value |
Of gold. The destruction Of the value |
Of silver reducedS or curtails the sup |
ply Of the money base the money OF the /
.nal payment, consequently the ability |
u the people TO pay the governments
finally 1t correspondingly |
reduced. The United States was
amongst the last to demonitize silver in
1870 and when she did so silver /
wa1 on an equality with gold. In |
1873, p OF q bushel OF wheat would |
BUY a gold dollar, but now it takes |
nearly two bushels. In 1878, pounds |
II cotton would buy gold dollar but |
now il takes IA - pounds. In 1873 |
1927 pounds OF wool would buy a |
gold dollar, but now pounds will !
hardly do il. In 1873 an ounce. OF sill
yer would buy s139 in gold, but now it
viii only buy 70 cents and fraction. We