The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-06-06
A YALDABEB ESSAY,
The Relation Of SILVER to Property
whaf Is Needed.

What !. Needed.
| Editor Representatives,
All thinking men fmust 1t seems, acknowl-
edge that our present crisis is due to some
arrangement of our money system. But as
to the real natures of the malady and the
cure, there are different views. We all
agree that low prices of agricultural pro-
duct is at the bottom What do we mean
by the word "prices" The amount of
money for which goods can at any time be
exchanged. Money! as the universal me-
| dunn of exchange and as the article in
which all time contracts are made payable,
stands as certain special commodity by
itself and for which there is in the nature
of the case an ever pressing demand. Over
| against money and separate from it, stands
all other commodities as group by itself,
forming the great competitor with money
for supremacy. Value is the relation be-
tween them. Now this competition between
money on the one hand, and commodities
| on the other, is of course subject to the
universal laws of supply and demand.
| When there is a surplus of any commodity
from whatever cause whether it be over
production or under-consumption-l essened
| demand-its relation to it's great competi-
tor, money, changes, it's value goes down,
its price is lowered. If there is a scarcity
of any commodity whether from lessened
production increased consumption, the
reverse takes place in it's relation to money
prices go up; that is, assuming that the
| money volume and its circulation remain
| the same. But grant now that production,
| and the demand for commodities remain
| the same, a change in the circulating money
| volume will equally certain change the re-
| lation between money and commodities. If
| money is scarce from any cause, dimin-
| ished output boarding, or increased de-
| mand for business transactions ETC., the
value OF money goes up, and that value is
| expressed in the quantities Of commodities
| necessary to get it, that is, it takes more
| of a commodity to get the dollar. In other
| words prices go down. If the money vol
| ume is plentiful, it takes less Of commodi-
| ties to get the dollar and prices go down.
| These are automatic principles of political
economy. Now l contend that the low
prices of wheat, cotton, and all stables of
| the farm Is not due to any change in the
| supply and demand of these commodities
| but to a change in the supply and demand
on the money side of the equation. And
| 1 claim that the correctness of my position
| is beyond dispute. The ragged and starving
| that demand for our wheat and cotton is
not wanting If we turn to the money
| question, study the supply and demand Of
| money, we get equally positive proof that
| there is where the trouble lies. The de-
monetization of silver diminished half of the
| supply Of the money of the world. Credit
papers supplied the vacuum to some extent
| at first, and the ultimate effect was for
| sometime delayed. But the value of COM
modities has finally adjusted itself to the
IT, 4 and iC IN,
| evitable. The law of supply and demand
| cannot be set aside. Then the increased
| demand for dollars to pay debt and taxes
| and to supply the need of increasing popu-
! lation and business has intensified this
| money famine. a.t
| We have now reached a point where pro-
| duction is impossible But that is not all
| nor even the worst of this terrible condition.
| The country is bonded to pay $4,000, 600 600
| in dollars, half of it's. estimated value.
| But the scarcity of money-and this scare
| ity has been made by law-has made money
| SO valuable that it will take all of our
| wealth to pay for it. We are virtually
| bankrupt now. If the creditors wish to col
| lect their due according to the contract
| they will take all our property, and still
| hold judgments against most of us. The de-
| feat of the Sherman law was the last act
| Of long and cunningly devised and skill
| fully executed scheme to rob the people of
/ their hard-earned property under cover OF
| law. 1 say rob, deliberately, for sena-
! tors and representatives, if they know any
thing, knew that to shut off the supply of
| money must make it scarcer, and harder
| to get must increase unjuStly every debt
! in the land must vitiate and faint with
| fraud every time contract to pay money
| must raise every promissory note and bond
| payable in United States money. By stop
| ping the supply of money our lawmakers
| compel every maker of a note to pay more
than he agreed to pay when he signed it.
| The rulers who in ancient times debased
| their coins are by common consent of man
| kind denounced as Infamous. Yet they only
| touched one creditor, and that probably a
| miser, where our modern legislators utterly
| ruin thousands of debtors, the producers,
| the salt of the earth, and blight all in
| dustry all production all happiness of
scores of millions OF people. What judg-
ment will disseminated and unprecedented
posterity pronounce upon our statesmen of
| today? A new word will have to be coined
| to fifty describe their perfidy God help
| them when the people fully realize how they
have been treated Then shall see them
| following Carnegie to the shadow of John
| Bulls protecting wings and the fury of an
| outraged and enraged people. Then another
reign of terror will sweep the land clear of
such heaven-defying iniquity, and clear the
| ground for a lease of national life.
There may be other questions of import
ance at present, for instance, taxation
transportation, land monopoly, etc, etc, but
in my opinion they of minor import
| ance. FOR we may nave free land, free
transportation, and no taxes to pay, and vet
starve. Money is the circulating medium of
life to the industry of nation. 1t is like
the blood to the body. A person has, of
course great need for arms and legs and
eyes and ears, etc, but if the blood does
not circulate, arms and legs and eyes ears
are of very little account. A stable and ra-
tional money system, that shall be lust to
labor and capital producer and consumer
the farmer and the business man, the debt
or and the creditor. is a sine qua non be-
fore these times can be permanently better
CHRISTIAN JOHNSON
New London, MINI.
DEMONETIZE GOLD,