The Lexington dispatch. [volume] (Lexington, South Carolina) 1870-1917, 1894-08-29

Well Worth Residing.
GREENvILLE. S. g., Aug. 23-"Joe'
Johnson, as everybody III Laurens
calls him, made quiet canvass
for Congress in this district in 1892.
He strictly toted his own skillet, but
received very little more than the Con
serYatlve vote because ne frankly
aVoWed everywhere that he was not q
Tillman man and did not intend to
vote for rillman.
This year be is making another quiet
canvass, speaking often to small gath
erings at country places. The people,
however, have suddenly walked 10 the
conclusion that in this comparatively
little talked of candidate they have a
very able man and the one who knows
more about the all important financial
question and talks better about II than
anybody else.
The following is a synopsis Of Mr.,
Johnson's speech on free coinage which
was declared by Governor Tillman to
be the ablest, cleareSt aud strongest
talk on the currency question he had
ever heard or read:
Upon the proper solution Of the IL
nancial problem depends the future
prosperity and happiness CT our people
That solution demands thorough
knowledge of all the principles under
lying money.
Money is not only a medium Of eX
change but measure Of value. Sugar,
coffee or nails give so many pounds for
dollar, so that the dollar measures all
human labor and sacrifice. Money has
its price and is bought and sold in the
markets. The rule that prices are fixed
by supply aid demand applies to mon
ey as we'll as TO other commodities. If
money is abundant dollars must be
cheaper; if it Is scarce dollars must be
high. John Stuart Mill says that the
price of money moves in reverse ratio
TO other cOmmOdities-that it rises as
they fall and falls as they rise. If that
be true the proposition follows that
when meney IS high more labor and
sacrifice are required to get a dollar
than when 1t IS low. In 1870 the salary
OF the Governor OF South Carolina was
$500. When the tax PAYERS went to
market TO buy that 81, 800 to pay their
governor with they carried thirty-live
bales Of cotton for it. In 1893 the gov
ernOr's salary was still S3.5WGut when
the tax payers went to buy those dol
lars they had to carry over hundI ed
bales Of cotton to get them, represent
ing three times as much labor and sac
riGce as in 1870.
AL political economists have rccOg-
niZed this principle as the true one on
which to base financial legislation.
The trouble of having limited money
or contracted currency arises from the
fact that where one man has money TO
sell ninetyn1ne are trying to buy it.
LEGISLATION which increases the value
of the dollar belonging TO the one man
who had 1t to sell must decrease the
value Of the other commodities, the
labor and the sacrifice with which the
remaining nlnety-niBe men must buy
the dollar. TO show that the volume
Of money controls the prices Of com
moditleS the familiar course Of wheat
may be considered. In 1882 the wheat
crop of the WOIld was J00,0000G0 bush
els more than the crop of 1893 and the
surplus brought into 1882 was greater
than the surplus brought into 1893
The supply Of wheat in 1882 was hun
dreds OF millions of bushels more than
IN 1893; the population Of the world
had increased enormously from 1882 10
1893. Yet with ieSSened supply 8nd
an increased dem and the average price
OF wheat in New OTk III 1888 was SO
cents bushel against Sl.13 in 1882.
This cannot he explained On the over
production theory because there was
less wheat il 1853 than there was IN
1882 and more people to buy it. The
one fair and reasonable explanation is
that between 1882 and 1898 dollars in
creased in value so that the man who
carried wheat to market to buy dollars
had to carry more of il 70 get them
with. So Il W1S with cotton &uQ al
other commodities, for there IS a gen.
eTal range OF prices which in the first
instance are liked by the supply of
money, or in other words, by the aver
age amount of sacrifice IN all lines of
business that is required TO get dol
lar.
Tie effect upon the country Of con-
stantly contracting currency is con-
stant fall In the price Of labor and its
products. People have fixed liabilities
TO meet which require so much more Of
the results of their labor to satisfy that
nothing is left for comforts or iuXurieS
or to meet current Indebtedness. In
this country since 1873 there has been
persistent fall IN the price Of com
mOditieS so that the people who depend
on the sale Of those commodities for
their liYingS have been unable TO meet
the debts they had contracted and have
been sold out. The census statistics
show that many thousands of people
who were land owners ten years ago
are now tenants. These facts rouse IN
the people the spirit of discomfort and
unrest, such as we have had in South
Carolina.
They seek to apply local remedies for
general trouble and by State !egiS!a-
tion and changes to remove evils which
are as potent and as patent in NehTaS-
ka, Louisiana, Texas ard Kansas IS in
South Carolina makes It low In MlSSlS-
sippi and the same causes make cheap
corn and wheat in Kansas and Ne,
Draska.
Another eject OF the increase Of the
Yalue Of commodities and property is
that it prevents men from investing 10
and developing enterprises and indus
Tries. lie tact thaC money i3 steadily
gaining in value induces those whO
have 1t to hoard It and lock it up. II
is Withdrawn from the channels OF
trade and the labOTing man IS denied
the opportunity TO earn support. Th&t
makes hard times. All commercial
history shows that whenever for a Sc
ries of years there has been 4 constant
fall in the price Of commodities hard
times have come. Eaglaud had an il
lustIatiOn OF this, when, in 1919, she
demOnetIzed silver. She had then lGO,
600 real estate owners. Ten years later
she had bat 10000 The people Were
sold out ruined i'll the steady rise IN The
price Of money.
a great deal IS said ab0Gt "Aorfst
money" The only honest money is
money which always measures the
same average requirement Of labor or
sacrifice 10 obtain It. a money 10 5o
honest must keep pace with the i'll
cFeass in business and population.
With any other kind Of mOH,y there