The herald., 1894-10-05
Only One Issue Before the
People.
Silver Is the Keynote of the
Contest.
A Manifesto Issued From Democratic
Headquarters.
It Does Not Please the Friends of the
Admlnistration-Mc Mckinley Dodg-
ing tho silver Qusstion-Po-
litical Notes.

By the Associated Press
COLUMBUS, O., Oct. 4.-The following
m anifesto has been issued from Demo-
cratic state headquarters:
To the Voters of Ohio:
Two years ago the great national po-
litical battle was fought upon two prin-
cipal issues-a reformation OF the tariff
laws upon an equitable basis and the
adjustment OF the money question by
the restoration of silver to its rightful
power and functions as one OF the money
metals under the constitution.
During this contest, however, the issue
of tariff reform was made the paramount
one. By the repeal of the Mckinley law
and the passage of the law now in force.
tariff reform has been substantially won,
and the taxes of the people. especially
upon the necessaries of life, have been
very much reduced and their opportuni-
ties thereby enlarged. In all probabil-
ity there will be no other general re.
vision of the tariff for years to come.
Time, however, will undoubtedly sug-
gest changes that should be made and
additional legislation, guided by wise
will see that this is
done.
The money question, therefore, is now
the supreme issue before the country.
The Importance of the question whether
silver email be restored to its full money
power cannot be overestimated. 1t af
fects every interest, great and small,
from the slightest concern of the indi-
vidual to the largest and most compre-
hensive interest oil the nation especially
does it affect those who are engaged in
active induatrial pursuits, for upon it's
proper solution depends whether their
business shall be profitable or unprotita-
Bile. This being so, and also for the
reason that go many representations
and misstatements have been made by
the gold advocates in regard to it, which
are absolutely false, we invoke the seri.
GUS and intelligent consideration Of the
voters Of ali the parties to the following
First-That money is the standard by
which the exchangable value of all labor
and products OF the same are deter
mined.
Second-That notwithstanding the as
sertion of the single gold standard advo-
Gates, that gold is an unvarying meas
ure, no money standard has ever been +,
or ever can be, a fixed and unvarying
measure.
Third Business men must remember
that money may be appreciated in value
as well as deprecated.
Fourth-Thst when it appreciates,
prices fall; when it depreciates, prices
rise.
Fifth-That the value of money itself
is fixed by its exchsngeable or purchas-
ing power over other commodities, and
this purchasing power of money is de-.
termined wholly and solely by the pro-
portion that the quantity of money in
circulation bears to other com modities.
In other words, when the supply of
money In circulation is small relative to
other commodities. its purchasing power
10 increased; when it is great its pur-
chasing power is diminished. That is,
the value or purchasing power OF money
is governed by the supply OF money and
the demand for money.
The address proceeds by paragraphs,
numbered up to %, to support the fore
going propositions. The demand tor
money is incessant. The supply is the
creation OF the government. In the
United States and Western Europe, be-
fore the decentralization of silver in 1878
the worlds supply OF gold and silver
amounted to $780, 900. 900, very nearly
eq aally divided. Gold ia the money OF
redemption now. The supply has been
cut in two, canslng fall in prices.
After reviewing in detail the causes
assigned by business men for the con-
tinual decline in prices, all of which are
pronounced insufficie and oontradic-
tory. the address says: "This decline
is going on, and Therefore we can say
that when fall of prices lie found opsr-
ating on not one article or clsss OF ar
ticles alone. but on the products OF all
industries, when found not to be con-
fined to any one climate. country or
raoe OF people. but to diffuae itself over
all gold standard countries; when it is
found not to be characteristic OF any one
year, but to go on progressively for a
series of years, it becomes manifest that
it does not ana cannot arise from local,
temporary or subordinate causes, but
must have its origin and development
in some principle of universal applica-
tion. Overproduction cannot account
for it, for production means the creation
OF wealth. Wealth can be created in no
other way. Therefore, il overproduc-
tion is the cause, you can create too
much wealth. which is the same thing
as to say that wealth is not wealth
Neither can it be attributed to improved
mechanical devices, progress in manu-
iactures, improved transportation in
ventions, banking, etc., because all of
these increased, relatively, as rapidly
prior to 1873 as they have done since,
and for 20 years prior to 1873 there
was no such fall III prices aa there has
been since, but on the contrary there
was continual rise. Besides, it is
very strange that this fall began setting
in at the exact moment when the link
was broken between gold and silver.
Again it is absurd that a revolution
Of this character should have affected
gold go seriously and should have left
silver prices unaffected. Silver is the
standard of value OF more than half OF
the world, and where it is the standard,
prices,remain the came. W hile in all gold
standard countries. prices have fallen
40 to 80 per cent Ii this fall is due to
improved machinery, thereby causing
overproduction. how are we to account
for the fall in value OF lRnd2 Certainly