The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1893-12-16
Hard Times Not Over.

| We are neither u prophet nor the
son OF a prophet, but. we venture
the predication that the close times
are. not over. Il.
1t does dot require the power of
a seer to enable one to make this
prediction, but only a little appli-
cation of the rules of cause and eff.
feet.
When congress was in special
session we were told that
all our financial woes were direct
ly cue to the silver policy of the
government, and that the uncondi-
tional repeal of the purchasing
clause of the Sherman law would
effect an immediate, radical and
permanent cure of our financial
disease.
We said at the time
that the remedy applied would fail
to give relief, in fact would rather
intensity the distress, and time and
events have strengthened US in our
convictions.
The cause of our financial string
ency must be sought for in another
direction, and the remedy must be
made to attack and overcome the
cause before we can hope for eth.
er Improvement or cure.
It is admitted that under the
policy adopted by the Treasury Of
ficials, namely, purchasing silver
bullion and paying for it in silver
certificates and then redeeming
the certificates in gold, the repeal
of the law was the wise and proper
thing to do; but its unconditional
repeal was but adding TO the In
tensity of the situation.
It was much the same as though
a physician, who, when called to
attend a patient whom he found
suffering from sore finger and
congestion of the brain, would ap-
ply a poultice to the wounded
finger and leave the more fatal
complaint unprovided for.
What did the business of the
country care whether there were
500, 100000 of idle gold in the gov
ernmental treasury vault or not?
Yet the inability of the govern
ment to keep this amount of idle
gold on hand was vociferously pro-
claimed as the cause of our business
stagnation.
1t was silly bosh, that might
we'll have been rejected by the
veriest tyro in statecraft.
The real cause for the great and
widespread evil, for Europe, and all
ather commercial countries were
similarly affected in a greater or
less degree, can be found in a COM
bined and simultaneous effort on
the part of the money owners of
the world to destroy the money
quality of silver. ~
They had succeeded in England
and most of continental Europe.
The next great victory won by
them was in Australia and the last
in the United States.
How it was done and why con-
gress agreed to the foul act, are
matters of history and need not be
referred to here.
Now what did the unconditional
repeal do for the business of the
country? A statement of the con-
ditions of the repealed law will
answer the query. Under the law
the government was forced to pur.
chase 100000 fine ounces of silver
pr month, or so much thereof as
should be offered, at it's current
market value, and issue or reissue
silver certificates therefor. It is
clear therefore that, to whatever
amount purchases were made, the
currency was for the time increas.
ed,
Now the repeal at once stopped
the increase Of the currency. It
did more! 1t made every silver
dollar In the land q subsidiary coin
redeemable in gold whenever de-
mand is made at any sub-treasury
OF the United States. In other
words it acts as contractor of the
currency, and will, continue to act
II not interfered with, until every
silver dollar has disappeared from
circulation.
Now as the value of all the pro.
perty OF the country is measured
by the volume Of currency, it fol-
lows that q reduction of volume
will soon be followed by a shrink.
age of values, and this shrinka1e
will continue until the contraction
OF the currency ceases, when 1t will
come to stand also.
Nhio ic mt kboo...