The comet. (Johnson City, Tenn.) 1884-1916, 1893-06-01
The Money Question.


The Money Question.
The money question will not be- set.
tied in Wall stfest.nor by WAlLstFeetI
influences. 1t will be settled by the
action of the New York banks con-
tracing loans in order 10 accumulate
asurplus of $R4 100000 abeyethe legal
requirement..
The people, the wage earners, the
millions of laborers in the fields and
the factories will settle it when they
realize the importance to them and
when they awaken to the fact that a
fluctuating currency enriches therich
and plumbers the poor.
Arbitrary contraction Of theacurren-
cy is q wrong that falls most heavily
on the producing classes. It-impairs
credit, makes capital cautious, restricts
all enterprises and renders employ
menu unC6GtAlus
Arbitrary expansion is equally in
furious. 1t initiates prices: that is it
gives ficticious value to stocks and
bonds; then to manufactured articles;
then to farm products, and, st'last, to
labor.
Wages are the last TO advance I'M
der imitation, and the first to decline
under contraction.
The laboFer, OF ell men, needs 9 sta@
BILE currency; an honest dollar; a
money system fixed in value but elias
tic in quantity.
In the "Vineteenth Century" is an
article on the silver situation in India,
written by the Hon. Justice Ameer
Ali. The writer tells his readers that
the value of the rupee fell from 47s
English pence In 1872 to 29.7 pence al
the close of 1892. yet the decline hai
not been accompanied by any in
crease of wages for labor, and this fact
is shown by averages taken from fig
ures in Government statictics. -'Ex
cept the small body of the produces
brokers and exporters who are nov
clamoring vociferously to prevent any
interference to rehabilitate the repe'
no benefit accrues to any section o
the people, agricnlturist or non-agri
culturist."
It ought not TO require messengo
; from India to tell this to the people o
America. We all know that the loss
es entailed by the Confederate shin
: plasters fell on those least able to bea
such losses. We all remember thati il
1861 it was not wages OF any kind tina
{. first advanced under the influence Q
paper money, but thateverything ha
precedence OF labor.
We remember after the war that-wa
ges began to feel first the effect OF th
reaction, and that wages suffered mos
under the preparation for resumption
This is not ancient history; it
tho story of to-day, written on. ever
9 payroll.
The working people should set thei
r faces against the debasesnent OF th
q currency. They should support vi
: wayeringly the efforts of Mr. Clev'
0 land and Mr.. Carlisle to maintain th
equal value Of every form Of currenc.
AS soon as there 10 difference b
: tween gold and silver dollars, wage
will be paid in silver. AS soon as p
: per is less valuable than coin, wag,
y will be paid in paper.
ej Hence the interest all wage.earnei
IS have in o stable currency, in an hol
Q est dollar.
ell TO SO act as to push gold TO q pr
L MUM is to contract the currency on
d third laborets would be the chief ct
. ferers from contraction. They mu
q understand the policy which, uud
g the cry of "more money" is really
o give the country less money. Til
d may be agreeable to the speculate
3 in stocks and thespeculators in min,
is but it would work vast harm to Il
ID wage.earning class.
These are the truths which mu
$. prevail, II not now then five years, I,
9, years hence, after much tribulation.
N The Democratic platform, il enioi
IS. ed, il supported, win avoid thetribul
| ton but the object lesson which N,
le York's banking methods would tea
er may precipitate the very evil--cc
10 traction under the promise Of expa
Of sion-against which men with oFdir
i, ~ foresight have so long been CO
ltending.--Gourier-Jo