The morning call., 1894-10-05

| iuS mduiltStO has D660 issued from Demo-
cratic State headQuar rers:
THE DEMOCRATIC EXECUTIVE ROOMS,
COLUMBUS, Ohio Oct. 3, 1894.
To the Voters OF ohio: Two years ago the
gre at national political battle was fought upon
TWO principal issues-a reformation OF the
laflH laws upon an equitable basis aud the ad-
| lusiment of the money question by the restor-
alton of silver to its riehtIul power and func-
| lions as one OF he money metals under the
constitution. During this contest, however,
| the issue OF tariff reform was made The para
mount 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 neces-
Saries OF life, have been very much reduced
and their opportunities thereby enlarged. In
all probability there will not be another general
revision OF the tariff for years TO come. Time,
however. will undoubtedly suggest changes
that should be made, and additional gislation
guided by wise craftsmanship VIII see that this
is done.
The money question: therefore, is now the
supreme issue before the country. The i'm or-
lance OF the question whether silver shall be
restored TO its full money power cannot be
overestlmated, because 1t affects every inter-
est, great and small, from the slightest concern
Of the individual 10 the largest and most CON-
prehensive interest of the nation. Especially
does IL affect those who are engaged in active
industrial pursuits. for uDon its proper solution
de ends whether their business shall be profita-
BILE or Improbable. This being SO. aud also for
the reason that so many representations and
statements have been made by the gold advo.
Gates In regard to II which are absolutely false
we invoke The serious and intelligent consider
alton by the voters Of all the parties OF the fol-
lowing:
First-That money is the standard by which
the eXchangeabe OF all labor and products of
the same are determined.
Stcond-Tnat Notwithstanding the assertion
of the single gOld-standard advocates that gold
is an unyarying measure, no money standard
has ever been or ever can be a fixed and una
vailIDg measure.
Third-BusIness men must remember that
| money may be appreciated in value as well as
deprecated.
Fourth-That when 1t appreciates prices fall;
when it depreciates prices rise.
Fifth-That the value of money Itself is fixed
by Its eXchangeable or purchasing power over
other commodities, and this purchasing power
| OF money Is determined wholly and solely by
| the proportion that the quantity of money In
circulation bears 10 other commodities. In
other words when the supply of money in cir
| culatlon is small relative to other commodities,
| It's purchasing power is increased; when il is
| great It's purchasing power Is diminished; that
| is, the value or purchasing power of money is
| governed by the supply of money and the de.
mand for money.
The address proceeds by paragraphs
| NUN bered up to % to support the forego-
| ing propositions, saying: The demand for
money is iucessant. The supply is the
| creation of The Government. In tie
| United States and Western Europe before
| the decentralization of silver in 1873, the
worlds supply of gold and silver amounted
| to $500, 100000 very nearly equally di-
vided. Gold is the money of redemption
now. The supply has been cut in two,
causing fail in prices.
After reviewing in detail the causes as
| signed by business men for the continual
decline 10 prces. all of which are pro-
nounced insufficient and contradictory, the
address says:
This decline Is going on and therefore we
| can say that when fall OF prices is found
operating not on one article class OF articles
| alone, but on the products of all industries;
when found not to be confined to any one eli
mate. country or race OF people, but to dffuse
itself over all gold-standard countries; when 1t
| is found not 10 be characteristic OF any one
| year. but to go on progressively for a series OF
| years, 1t becomes manifest that 1t does not and
| cannot arise from local, temporary or subordi.
nate causes. but must have its origin and deyel-
| opment IN some principle of universal appiicd-
| ton. OycrprOductiOn cannot account for il.
| for production means the creation of wealth.
| Wealth can be created In no other way, Their.
| fore If Oyefproduction is the cause you can
| create 100 much wealth, which is the same
| thing as to say that wealth is not wealth.
| Neither can Ii be attributed to improved me.
chanical devices, progress In manufactures,
| improved transportation. inventions, banking
ETC., because all of these increased relatively
as rapidly prior 10 1893 as they have done
| since, and for twenty years prior to 1873 there
was no such fall in prices as there has been
since, but on the contrary there was a con-
tinual rise. Besides, 1t Is very strange that
this fall began setting III at the exact moment
when the link Was broken between gold and
silver.
Again. 1t is absurd that revolution of this
! character should have affected gold so seri-
Ously and should have left silver prices unaf-
fected Silver is the standard of value of more
than half the world, and where 1t Is the stand.
ard prices remain the same, while In all gold.
standard countries prices have fallen 40 to 80
per cent. Ii this fall is due to improved ma
chinery, thereby causing overproduc ion how
are we to account for the fall in the value OF
| land? Certainlythere has been no overproduc-
| ton of land. What then, is il that has caused
this general decline In prices? Il has been
| brought about simply by the shrinkage In the
volume of money relative to population and
| business. III the amount of money in circula-
ton be made TO bear direct and steady ratio
10 population and business. prices will be main
tanned at a steady level. and, what is of SUI
| preme importance. money Will change little in
value.
The remainder of the address is devoted
| to citations and arguments.
|