The Delta independent., 1894-03-21
THE GOLD STANDARD.
It's Evils Set Forth in an Able Manncr-S1-
yer More stable Than Gold.

The line of value has tended To fall
farther and farther below that of crop
production. For instance, in 1873,
though the crop production was so per
cent greater than in 1878, it sold for
two per cent. less money. In 1883,
which is the last year for which statis-
tics are given, the crop was 100 per
cent. above that OF 1873, but it sold at
an increase Of only A. per cent.
What has caused the falling away in
the line of value? The value Of the
crop is the product of the quantity by
the price in gold. With the increasing
scarcity of gold there has necessarily
been diminishing price.
Silver production, however, tells
different story. 1t will be seen that
silver production keeps approximate
pace With the production of cereal
crops. II our money needs grow at the
same rate as farm produce, then silver
and not gold furnishes the normal sup
ply. There is as much reason for an
outcry against an orerproduction OF
cereals as OF silver, for both increase
at the same rate.
Notwithstanding the increased cot
ton production, in nearly every year
the crop has sold for actually less than
did the crop of 1878. In 1890, for in
stance, though the crop was almost
double that OF 1878 It sold for only three
per cent more, and in the succeeding
year. though there was an increase of
SO per cent in crop production, the sell
ing value increased only is per cent
There is the same striking paralleifsm
between cotton production and silver
production, showing in like manner
that silver. and not gold, furnishes the
natural and stable money metal
As measured by the gold standard,
silver and wheat have steadily and quite
uniformity declined in price. Silver
stood ut sl. Ooi when dcmonitized in
1873. and in 1899 had fallen to .6Is. The
temporary effect OF the Sherman law
in 1890 is plainly shown. Wheat
touched the 100 mark in 1874 at sL43
per bushel, reached its lowest point in
1890 Mt IS per cent of the base price. or
So cents per busheL The course of the
twenty staple commodities is instruct
i've. II reveals where the "hard times"
have come in. II is significant that
these commodities also have shared the
downfall of silver.
An editorial in the June Century de-
nies the appreciation Of gold and claims
that the fall OF prices has been due 10
improved methods OF production and
distribution. 1t is impossible to wholly
disprovc a statement that is partially
true. No doubt improved methods
of production have lowered the prices
OF certain commodities
The methods Of producing steel rails
have been greatly improved In twenty
u,,l II fhs v,V;r.., hnS fal
en- n vcri,ablc header" Yet butter
and egg. have also declined in price,
though there have been no improve
hen ms methods OF producing them. In
other words. improved facilities may,
In some cases, have augmented a fall
universal cause.
The downward fall OF values has
been true OF other values as well. lsnd
ing takes the very spirit out OF an en-
tcrprisc moro than market that is
constantly falling As q result OF an ap-
prcciating currency. As Mr. Baifour
recently said before an audience OF
London bankers and merchants. It "is
perhaps, the most dcndcning and be-
humping iDuueuCe tnbS Cfsu eoaSh viz
enterprise OF . nation"
When the farmer has a mortgage on
his land the apprcciating dollar does
him threc-fold injustice. II shrinks
the value OF his land. augmonts his In
dcbtcdness and At the same time by
lowering the price Of his produce takes
away his ability TO pay. The land
value shrinhs away under the mort
gage and the mortgage spreads out
over the land until there is no margin
left for the original owner. and fore
. closure ia inevitable. The money
brokers are entitled TO their principal
and interest They arc not entitled TO
tho uncarned increment of their
wealth. caused by the appreciation OF
the money standard
II the monetary policy OF the coun-
try makes gold the most desirable and
only secure form Of property 1t is TO bc
expected that men who have II will not
invest Il but will either hoard or loan
It. Until the monetary basis is broad
cned there will be no enduring relief
for the present depression OF trade and
enterprise. All our money is now refer
able to gold and appreciates with the
appreciation Of gold. Even our silver
dollars must be represented by gold
dollars worth of silver bullion in tho
treasury. Issuing new forms Of cur
rency, payable directly or indirectly in
gold, will afford no relief but will
rather tend to accelerate the upward
course Of gold.
It will bc seen that gold ~ money
metal is in tho nature Of monopoly
which confers its fnvors on the few to
tho dctriment OF tho many. The mono
metallists Of congress understand this
They arc willing to consent to any in
crease OF currency provided 1t Is re-
dcemnble in gold, but they obstinatcly
oppose any measure that would broaden
tho money standard and skillfully
cviscerate every real measure Of re-
lief by reducing 1t 70 some such nonde-
script as the Sherman law.