The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-08-23
The Cause of the Panic.

The prospective increase of the
purchasing power of money is the
cause of the present financial and
business troubles. Notwithstanding
the president and the press general
ly give other names and causes.
Capital always refuses it's aid to
productive enterprises that give en-
ployment to wage earners in the
face of falling prices, due to threat
ened contraction of the volume of
money, which increases it in value
while boarded in idleness. John
Sherman said Tin the days when he
was honesty that the contraction
policy of Secretary Mccullough, soon
after the war, "would create lassi-
tude of trade, production stopped
and the country filled with tramps,
the debtors burden be doubled and
the creditors bond be corresponding
ly increased in value. How terribly
the prediction was verified. If silver
and it's representatives be wiped out
as threatened, history repeats the
Sherman prediction in effect as pend
ing to-day in demonstration nearly
everywhere. We are told by the
presidents message chat the wage
Garner is the victim"
True, but not for the cause he
REPRESENTATION by use of more
money, silver; but less of it., gold
alone. Did labor ever suffer when
capital ventured in imitation of bust
ness circulation; which it is always
anxious to do in view of rising prices,
and hides in view of falling prices.
To attribute the trouble to the
Sherman silver purchase law, is not
SO much correct as the threat that it
will be repealed, without a substi-
tute giving silver a standing as
having the office of money. The
real issue is the number. not the
kind, of dollars in circulation; num-
bers fix prices, othes causes being
equal. Again the president labors
to show, falsely in logic that our
government cannot make it's fiat
equal to intrinsic value. Now, I
would ask him or any one else where
is there demonstration of this: 1t
cannot be found. When any form,
substance or quantity is clothed with
a full fiat of lawful money one dollar,
it always was and will be worth one
hundred cents, there can be no in
ferior or superior money. Except by
Withholding portion of fiat from
one form of money and giving it in
full to another. The presidents
message is burdened with another
commonly accepted idea that money
is international, and is governed by
the commercial world. This would
be correct after the various govern
ments had united and jointly given
their fiat on some particular form or
substance for joint money among
them. Which as yet has never been
done. Each government has up to
the present time, made their own
money out of their fat for domestic
use. Money is national not interna-
tional. Again the president says 1.-THE
people of the United States are en-
titled to a sound and stable cur
rency." Say money and no one will
disagree with him. How shall this
be secured-by aid of our own laws,
made in our interest, or shall We in
vite advice from abroad and from
those who are interested in making
us their victim?
When money is good at home it is
good abroad, in matters of exchange
as such; instance our greenbacks,
which practically enjoy the full fat
OF money Though not by law, is at
par as money in foreign exchanges.
Gold, silver, wheat, and all commodi-
ties, are exported or imported as