Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1894-10-25
MONEY QUESTION.
Contributed


times are hard and that "hard times
are no blessing. When you think of it,
hard times are result, an effect of a
cause, and that it were wisdom to
discover the cause and remove it.
Political orators and newspapers of our
country. discourse much upon the
tariff question, they are perhaps
nearly evenly divided upon it. The
champions of protection on one side
and of free trade on the ether are
possibly at parity in ability, informa-
ton and honor. If we believe or
disbelieve one side or the other, or
neither, or both, and our aggregate
average faith in this question amounts
to this, we shall believe that this nation
will prosper under protection or free
trade or will languish likewise under
either policy. In other words, that the
tariff policy of this government is not
the principal cause of our veal or woe
as people. Thos B. Reed, of Maine,
says, "that as a market for the products
of labor our seventy millions of people
is equal to seven hundred millions of
population in the old world" If this
be true, and it doubtless has been,
though we are moving toward eastern
world conditions, this country can
prosper with a protective tariff practical
lily prohibitory. On the other side,
what have we to fear from the ''pauper
labor" of the east. The ryot of India
get ten cents day. 1t takes three men
in that country to drive one horse.
Here the average farm hand at one
dollar day, drives three horses, the
average plow team, and gets more work
out of each horse than his East Indian
rival. Can the East Indian compete
with the American in free field.
Certainly not. This comparison is true
in greater or less degree of all classes
of labor in the old countries. The we'll
paid, we'll fed, ambitious and skillful
American labor, whether in factory or
farm, is the cheapest labor on earth,
measured by results. We need no
tariff protection although it is fine for a
few in the coal, iron and sugar trusts.
Our interests, the great plain peoples
interests, are one and the same "an
injury to one is the concern of ALL" Do
not let us vote squarely against each
other and SO fool away our opportunity
to better our condition. Every few
years there occurs in this country with
remarkable regularity financial crisis
and panic and our individual and
national activity and prosperity is
darkened to the ground, and we suffer
enforced idleness, Inconvenience and
loss. Does it not seem strange that
with all our progress in science and
invention, and achievements in the
knowledge and use of the great forces
of nature, we do not discover and use
monetary system with these disastrous
features eliminated. The money
question is the question of all
others before us. Money is as
ancient and essential as language. No
man can supply more than small part
of his wants. In these days he must
work in his line for money. Money
commands all things salable. The
demand for money is incessant, always
at a maximum, and equals the demands
for all things salabe. It's office is to
distribute production and preserve
equities, it is created by legislation
only. 1t is not = material, it has no
such quality as intrinsic value" Its
value is simply human estimation of it..
1t is esteemed only according to its
purchasing power. Its purchasing
power is exactly in proportion inyersely
to its quantity, that is the value of the
monetary unit be it dollar, franc, marc
or sovereign is governed by the number
of units issued and in circulation, in
creasing the number of dollars in
circulation decreases the purchasing
power of the dollar unit, in other words
money made plentiful, prices rise.
Decreasing the number of dollars in
circulation increases the purchasing
power of the dollar unit, that is, money
made scarce, prices fall.
Right here my friends is the secret of
our trouble. We are now in this
country upon what is called the gold
standard and the level of prices for all
commodities is constantly being ad-
iusted to suit the number of gold
dollars in existence the money of final
redemption or in which all debts must
ultimately be paid. With the popula-
ton and business Of this country
doubling in thirty years and with the
annual production Of gold consumed in
the arts as it has been for twenty years,
is it not plain that gold is utterly
insufficient alone for money use. We
are not poor by producing too much
the more we produce of everything
useful the better off we ought to be as a
people. We are ruined by falling
prices, money gorged in banks and
interest low proves this. Money is
boarded always as prices fall. Its
augmented value, unearned increment,
increased purchasing power as time
passes pays its owner better than any