Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1894-07-26

poet OF any direct benefit TO any Other
GLASS but the farmer, no better reason need
DO given for an increase OF our currency.
When the farmer is cOntented, happy
and thriving, the era Of prosperity Is 81
hand. The farmer cannot flourish With
out contributing to the success Of all
others.
The CITY cannot flourish without oon-
tributinR TO the welfare of the farmer
In this community we are all mutually de-
pendent. II all we're farmers, civilization
could not advance with the rapid strides
which have marked the last century. All
are valuable members of society whom en-
gagged In any honorable AvooRti0n.
Probably there will always be drOnOa
and leeches In society, but our object
should BIO to make human effort 80 remu'
nerative that no man could furnish an OK
ouse for belonging TO either clase.
Civilization will never reach It's highest
stage until every family owns a homo or
the means of procuring one.
But we are told that We do not need
any more money; that owing to increased
banking facilities, SO per cent. Of tho bust
ness of to-day is done with checks and
substitutes for money. Can any man In
this audience name any device that has
come into use a. substitute for money
within the past twenty yearsf If we have
no new facilities for doing business, ia the
demand for money the same it was 20
years agOH Have our increase In popula-
ton, the increase in business, due to in
vention, made no demands for an increase
in the money supply Gan the business
OF 10 millions be conducted safely upon
the money supply needed by 40 millionsf
Do not new Inventions, new discoveries,
new occupations, require an increase Of
the money SUPPLY Have not the electri-
cal inventions OF the past 20 years almost
doubled the demand for money! More
than $500, are to-day employed In
electrical pursuits. Yet electricity, as a
servant of man. is in its infancy.
II there ia such an abundant supply of
money, why coin any more goldf Why
are national banks urging Congress to
grant them permission to issue 10 per
cent. more of currency upon their bonds
depOsitedi Why this strained effort on
the part OF our government to save the
gold rosG=Yei Do the occurrences Of the
day Justify the claim that We have money
On0ughf
The piling up of money in New York
banks is no more evidence of an album
dance of money, than the piling up OF
wheat In the elevators when grain gam
blers have 1t cOrnered is evidence of an
abundance of wheat. Money is pilinG up
In New York banks because those who
own II dare not risk it In any business en-
terprise, and they are holding 1t for the
day when the present administration shall
make new issue of interest bearing
bonds. When conditions are such 90 TO
Justify confidence that money let out will
get back, It's owners will cease to hoard 1t.
| IL is not so much anxiety as to the charac-
ter of money that deters capitalists from
making Investments, as 1t is the fear that
no kind of money will return from In
vestments.
What is our condition when tho supply
of money is only per cent. of the busi-
ness needs, If the creditor GLASS takes a
notion to collect outstanding obligations,
and check credit operations temporarily
Every man who ia in debt is Obliged to
sell what he has at any sacrifice and pay
his debts, or fail. The consequence ia
that all prices are depressed, and men
who one day consider themselves In good
financial condition discover In q short
time that they are bankrupt.
January l, 1894, there we're 42,417 miles
Of railroad in the hands of receivers, and
the funded debt of these lines was more
than one billion dollars. In addition to
their funded debt, there were hundreds Of
millions of dollars in the shape of de-
faulted interest, floating debt, and receiv-
ers' certificates. If you will deduct from
the amount of currency in circulation,
according to the most liberal estimate, the
amount of money which the banks are
required to hold as reserve, then there
is not money enough left in the United
States to pay the debts of these lines that
are in the hands of receivers.
Giffen, one of the ablest advocates OF
bimetallism, admits that at present "the
demand for gold for nonmonetary pur-
poses appears almost equal to the entire
annual production"
If this be true, without the free coinage
of silver, where is the money to come from
with which to pay the debts OF this nation
The farm and city mortgage indebted
ness of the United States is four times the
total amount of money in circulation in
the United States. These debts have tC
be paid or the mortgaged property mus
change hands. How are the farmers tC
pay the debts on their homes if these fall
ing prices continued In 1881, the wheat
crop of the United States was 1888 million
bushels. 1t brought the producers 1856,
100000. In 1892, the wheat crop was 51t
million bushels, and brought $322,O00,
O00-- 1872 million bushels more, realizing
$184, 100000 less.
There is another feature of this ques
ton of falling prices that does not usually
receive proper attention. Whatever w
buy from foreign countries We pay for il
our own products. In the last 20 year
there have only been three years during
which the United States imported mOrt
than it exported. We have, therefore, go
beyond the period when it is matter o
any importance whether foreign cOun
tries use the same money metal that VI
do or not. Whatever may be the materia
of which our money is composed, We will
not be required to use one dollar of it Il
buy anything we may purchase from for
eign nations. Moreover, there is not
foreign country that has the gold stand
ard that produces single article whic
nature has denied to this country. Ever
nation on the face of the globe which pro
duces single article we cannot produc
has the silver standard.
> in 1892 we exported $202, 100000 wort