Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1894-02-26

payment TO meet all tue governments >
obligations. All intelligent writer's on
money determine its value by comparing
it with commodities. 1t Is commonly
supposed that obligations are paid in
money, but this is not true, as obliga-
lions IN reality are paid In property or
labor. If A discharges an obligation to
B, he simply disposes, or has disposed
of some Of his property or labor, Win
which he procures the money, the
money representing the value, guam
tity or measure Of the property or labor
REQUIRED TO discharge the obligation.
If il REQUIRES more or less prop
erty to procure the money 10
discharge fixed obligation, the
value of the obligation has been
increased or decreased accordingly, es-
pecially when the cost Of product re-
mains the same. Find how much a
dollar would buy Of any given commo-
dity, in which the cost OF production
has not been materially reduced, In
1873 and in 1898, the difference Will
represent the rise IN gold ias compared
with that particular commodity. Meas
ure the Presidents salary, $50, GOO, Tor
instance. In cotton. In 1873 the salary
was equal, at zoe per pound, to 2,5OO,-
600 pounds of cotton. but in 1873 IL
eoualled, at &c per pound, Tl42,s51
pounds, being an increase OF 4,642, S57
bounds. As it affects the Presidents
salary comparatively so does 1t affect
every fixed obligation, pensions, taxes
debts, salaries, ETC., etc, because II
takes more property or labor TO
nav them than formerly. All this is
done without one farthing OF remunera-
ton, and at the expense OF the prop
erty, debtor, producing and laooring
classes. Any reduction in the value OF
a commodity, produced by decrease in
the cost Of production, is a blessing,
but any decrease in the value OF com
modify, produced BY artificial means,
and without compromising decrease
in the cost Of production, IS a crime
against humanity. The latter is pre-
cisely what demonetiZatlon OF silver has
done. But this is not all. 1t produces
stagnation in business, dries up the ar
teries OF trade, reduces the ability 70
consume, eniorces idleness, rigid econ
Y.
commerce instead OF the benehcent in
strument. 1t causes money 10 be
boarded in great quantities, when IL
will exercise no influence in general
prices. because the owners will
not exchange rising money for falling
property and labor. Money can be oor-
rowed on undoubted security, but who
wants TO borrow money and invest 10 in
falling property or labor? When the
value of property and labor, measured
by gold, becomes certain, or approXl-
mately so, then the depression will
have reached the bottom and things
begin to look upward, but exchanges
will be confined on low level Of (gen-
eraD prices. Gold will continue slow
ly) to rise as the future production
will fall below the increase In popula-
lation and commercial demands.
What is the remedy for all OF
this? 1t is for a sufficient number
of governments, 1t does not require all
Of them, to restore, at the present fixed
ratio, the unlimited money demand
for silver on an equality with
gold, thereby restoring silver TO It's
former place in the worlds money base,
or money of final payment. The re-
naming financial troubles, when this is
done, will be easily adjusted. Any In
ternational agreement short Of the un-
limited demand will not fully suffice.
The European governments, compare
lively speaking, are controlled by few
people. These governments will soon
in order to steady general prices,
which will be done by increas-
ing slightly the money demand
for silver The situation that silver
now occupies TO the monetary saystem
is such that ii can be used 10 raise or
or lower general prices at the will and
pleasure OF the governments, or those
who control them, by increasing or de-
creaslng the money demand for silver;
because if the money demand for silver
is increased or decreased, gold will rise
or fall accordingly, and II gold rises or
fails as at present situated, property
and labor will rise or fall in
response. The money demand
for silver is the fulcrum with
which the leaders Of the gold sentiment
expect To control the value OF property
and labor. The entire question resolves
itself into one of shifting, sliding or
changing the standard by which the
value Of property and labor are TO be
measured. This is a nice predcament
for the debtor, producing and laborlng
classes to be in-at least the money,
creditor and fixed income classes
think so. The Wilson bill, COM
paratiyely speaking, has little TO
do with the general continued
depression, as every manufacturer
nearly can take the tariff schedules, as
they will b. substantially adopted, and
approximately calculate the discount 10
his business He would do so II The de-
mand existed for his goods. Demand,
ali! that is the trouble Tariff reduc-
tion merely squeezes the water value
out Of the article, which is honest and
does not injure any body, but reduc-
ton produced 10y the contraction OF the
money base reduces the intrinsic value
OF the article Itself, without cor
responding reduction in the cost Of
production, which is q crime.