Idaho semi-weekly world. [volume] (Idaho City, Idaho Territory) 1875-1908, 1893-04-11
THE Silver MOVEMENT.
Denver News,


independent FREQ coinage fight OF the
last campaign must be credited with
the impetus given the movement, but
no such pronounced results could
have been attained had it not been
for the presence of fayoring condi-
tions the existence Of which were de-
pendent upon time.
The disastrous consequences of
contraction, caused by dethrooing one
Of the basic money metals, required
palpable and conclusive demonstra-
,ion in order to marshal force enough
TO confront and check the enormous
power Of wealth at the command of
money lenders.
The financial question has not been
readily understood by the masses OF
the people, because it requires spe.
cial study that does not come within
the range Of general pursuits; hence
the American people were slow
to realize that when silver was de.
prived OF a function which was at
tached to 1t for thousands Of years,
the immediate consequence was to
increase the sum Of all debts, public
and private, by enhancing the value
OF gold and grading down the prices
Of commodities produced by labor; so
that the creditor received far more
money than he loaned, measured by
its purchasing power, while the debtor
had to pay far more OF the products
OF his labor than he contracted to
pay when the loan was made. In
other words, tho outlawry Of silver
was effected for the benefit Of money
lenders and the act by which it was
accomplished, changed the effect of
oil contracts involving money pay
ments, SO that the debtor was robbed
and the sum OF which he was des-
poiled went to the creditor.
II took time for the dreadful con-
sequences Of that Infamous legislation
10 be compromised by the. debtor
class, which embraces the wealth.
producing element. Gold, which had
held its relative position in value to
silver, with only fractional varia-
ton, for three hundred years, began
70 separate from the white metal as
boon as the latter was struck down by
hostile legislation; but silver con-
tinued and still continues to retain its
old relation to general prices.
Measured by everything but gold its
purchasing power IS as great as at
any time within twenty years, and
this fact il the core OF the silver
question, for II proves that the sepa-
ton between the metals was caused
by the artificial enhancement of gold,
due to the monopoly gwen it as
money Of redemption by class legis-
lation.
The fall of silver since 1873 has
been paralleled year after year, with
only such variation as was caused by
exceedingly good seasons or disas-
trously bad ones, by the fall in wheat,
cotton, corn and other commodities.
The effect Of this has boon to ruin a
large per centage Of farmers and to
burden that industry with debt, both
by forcing debtor farmers to pay a
grea: deal more than they contracted
to pay and by dragging those who
were free from debt into the net of
the money lender, because abnor-
mally low prices had rendered the
pursuit Improbable.
The first Of these causes of ruin or
depressing endorsements may be
readily illustrated. The western farm.
or who had borrowed $1,000 fifteen
years ago to improve his farm, could
have paid the debt, less interest, the
year he borrowed it, with 750 bushels
of wheat; one year later it would
have taken 900 bushels; Eve wears
later 1t would require 1880 bushels;
in 1892, about 1900 bushels of wheat
would be needed to cancel the debt
OF $1,000 without including one cent
OF interest. These low prices, while
doubling the loads of persons already
in debt, also steadily increased the
number of debtors and are mainly re-
sponHble for the billions OF mortgage
debts that now depress agriculture
and threaten wholesale ruin to those
engaged in that calling.
That the long continued low prices
are due to the debasement OF silver
and consequent contraction of the
currency is recognized by the ablest
fnanciers and political economists,
who are sustained in this v;aw h.,