Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-08-28

| been produced ny IL "i7N7N'
by Pr,f Taussig, not here, but IN
work recently published. 'Ihe SILVER
sltuation in the United States" in which
a. 4 assorted. as a reason ''for rejecting
tn, trnuosals Of the silver ndy0cates'
..The es.ential effect Of silver stand
ard must be 70 cause rise in prices
not Immediate. but certain. THIS while
the present tendency TO falling IN prices
with stationary or rising incomes WORKS
no hardship to debtors, would be Taught
with zeal and serious Inconvenience 10
CREDITOR"
Tie view Of Prof Taussig cnndidly
stated. is that the value Of money has
enhaf ced through the Influence OF les's-
lation, demonstration Of silver being ONE
OF the causes, that the debtor must pay
more In fact than be promised to Pay
az the creation Of his debt, but that he
Is recouped in a larger income-if he
resolves an income-and further OFFSETS
this loss in the reduced cost Of living
due 10 the reduction IN the price of com
moditics. Prof. Taussig is not uninind.
FIJI Of the fact-which observation would
have taught him II he lived in the West
instead Of in the East--that such
condition Of things brings hardships to
certain classes, especially the producers
who emerge from the little end OF the
horn, both as debtors and as vendors
Of commodities, but reconciles himself
to this by the thought that;
"The situation approaches as near JUS
tice as is possible IN things human.
That individual debtors and classes OF
debtors may have suffered is beyond
question, but in the mass the situation
has not given rise TO general hardship
One fact alone sufiices for reply to this
assumption. for It Is not argument but
pure assumption: Since the civil war.
prior 10 which time millionaires were
almost ms rare as b,nckbirds in January.
onc-haif Of all the property values OF
this country has passed into the hands
Of 24.OO0 out of O50OO,O00 people.
Nincty-eight per cent of that favored
class belong to the East and every mem
Der Of II is direct beneficiary of the
contraction OF the currency described 10y
Prof. Taussig. Without that. it is
doubtful whether the world would have
seen In this age or in any other an
estate equal to that left by jay Gould
aud LELAND Stanford.
Having demonstrated by logic which.
II not convincing, is at least candid as
to facts that silver can no longer be
safely used as money, Prof. Taussig adj
dresses himself 10 he question whether
the gold standard promises to give salis-
faction in the future. Here again he
deals with the question In spirit of
candor that Is refreshing when contrast
ed with the a-priori utterances of the
3-pcr-eent-per-day iinaucers OF Wall
street and the 1O-per-ceHtper month
fuanciers of the West:
I'VE must not refuse 10 face certain
facts in the situation insisted upon by
the bimctallists. The supply Of gold
available for monetary use is not likely
to increase rapidly in the future, The
production Of god has been nearly
stationary for the past twenty years.
In the last two or three years an up
ward movement has appeared; It remains
to be seen, however, whether any per
manont advance will be maintained
The use Of gold in the arts is apparently
increasing, and Is likely to continue to
| increase, and It ahsorbs a growing part
Of the annual supply. Meanwhile the
| wealth and population Of civilized conn
tries are advancing RAPIDLY II stability
in money affairs is to be secured, some
steady increase in their circulating me
] H..