The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1894-12-05
FIGURES FOR FARMERS,
IcoNTINUED FROM PAGE ONE.


and in this country, to the repeal OF
the purchasing clause of the Sherman
act, there is no chance 1or
expansion, except from the output OF
gold, which the best authorities inform
rs is insufficient to meet the demand
of the arts, and to replace loss by. accl.
dent and abrasion. The hardships OF
the situation are aggravated by every
increase of population, every new
avenue of industry and every eXpan-
sion of business. The inevitable re-
sllt of our situation is correctly out
lined by Prof. Sumner, i his "Amerl-
can Currency" page 223 and "a,
where he says: IF we suppose the re-
uuirment of currency to increase from
the growth of wealth and population
faster than;in decreases from improved
communication and banking facilities,
then certain growing may be admit
ted. but as it goes on, it eXerts slow,
gradual and pitiless contraction on
prices, broken only in spring and fall
by a succession of commercial crises:
~ AS matter of speculation, !
am inclined to believe, that the actual
course of things would be that after
every crisis, wages would fall, indus
try would be checked and the country
would be slowly and gradually arrested
i'm it's entire industrial life
The millionaire habitues of a four
million dollar club house, skilled in
the yernacular of deception, are the
oracles. who have dictated our tinan-
cial leg gislation. Say these interest tax
ers and coupon clippers, baked by the
smallers capitalists of every little trade
centre, and the hireling editor and
correspondent of every subsidized
newspaper; The low prices and hard
times are uot caused by any scarcity OF
money, but due to overproductlon, re
sulting from labor-saving machinery
and improved method expansion.
would be dishonest; Individual and
natural integrity requires that we pre-,
serve the "honest," sound" ;" full
value gold dollar" As was said by
Adam Smith: "Not fools they who
saw these things, but fools those who
believe them" So investigate the
truth of their operations, we Will only
have to retrace the events of a century.
From 1909 to 1886, gold declined 46
per cent. in value, and commodities
advanced proportionately. Who
would be so silly as to suppose that
this rise in the value of commodities,
was caused by the destruction of labor
saving machinery, or a retrogresslon
in methods of production? Who so
blind as not to see that it was occa-
stoned by heavy augmentatlons OF the
money value from the mines of both
the old and the new world, principal
ly, however, from the latter. See
Jacobs, "On the Precious Metals,
volume H., chapter XXI.
From 1909 to 1S49 gold rose 145 per
cent, and commodities experienced a
corresponding decline. This reverse
in prices occasioned by dearth of the
precious metals. resulting from the
abandonment of the mines in Mexico
and the Spanish South American colo
nies was attributed to overproductlon.
The creditor and income classes COM
placently swept in the chips on this
rise of 145 per cent. They saw moth
F. ing unfair or dishonest so long as the
debtors and producers suffered, and
their holdings as Mr.. Jerons tells us
were rendered two and,a half times as
valuable; but after 1S49; when the
heavy accessions from the gold mines
of California and Australia began to
raise the price of commodities, and to
depreciate the value of their holdings,
they discarded their theories of over
production, labor-saving machinery,
etc., and began to agitate for the de-
monetization of one or the other of the
metals. Unable to arrest the increas-
ing supply at the mines, they had re-
course to cutting it off at the mints.
Did they first wage war on the now
condemned and dishonest white metal9
Oh no, it was not the factor, which on
the backward swing of the pendulum
was undoing some of the previous rob
berry of debtors and producers. Gold
was then the sinner 1t was the vel
low metal that was dishonest. Gold
being produced in quantities more than
three times as great as silver, was more
than three times as responsible for the
depreciation of their money and
money obligations.
Chevalier, the minion and mouth
piece of the money power of Europe,
in his work "On Gold" pages 1875 and
122, says: "All those persons whose
incomes expressed in monetary units
remain the same would be injured, to
the extent of half their incomes
the creditor of the State, who is enti-
tied to to one hundred francs a year,
for example, has an inalienable impre
scriptible and absolute right to receive
a hundred times five gramms of silver
of the standard of 90 fineness He
would be despoiled of his property if
he was paid with quantity of gold
less than this equivalent, in the same
way as if his claim were discharged
with only so or Is discs of silver"
This class for whom Chevalier was
then leading spokesman calling the
gold dollar, an 80c-dollar, a 75c-dollar,
Just as the advocates of the gold stand
ard are now calling the silver dollar Il
75c-dollar, or 48c-dollar.
Chevalier then continuing demands
the redemption of the gold coin in sill
yer Just as the creditor and income
classes are now demanding the redemp-
ton of the silver coin in gold, and
says, "In this case exactitude assumes
anothername-honesty." Honesty in
their Iopinion is always on the side of
the money power. The dearest money,
whether it be silver or gold, is always
the honest money. These sentimental
ly, fastidiously honest folk, who pre-
fen1 fo tbiply that tho anma Of iO6iyi6-