The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-10-05

Columbus. O., Oct 4-The following
manifesto has been issued from Demo-
cratic stale headquarters:
"The Democratic Executive Rooms, Co
iumbus. ohio, October g. 1894.
ITO the Voters of Ohio:
1.-TWO years ago the great national
political battle was fought upon two
principal 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 right
full power and functions as one Of the
money metals of 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 necessa11es
of life, have been very much reduced
and their opportunities thereby en-
larged. In all probabilities there will
not be another general revision of the
tariff for years to come. Time, how
ever, will undoubtedly suggest changes
that should be made and additional
legislation guided by wise statesman
ship will see that this is done.
Money Question the Issue.
'The money question, therefore is
now the supreme issue before sle coun-
\ try. The Importance of the question,
whether silver shall be restored to its
full money power, cannot be overest-
mated, because it affects every interest,
great and small from the slightest
concern of the individual to the largest
and most comprehensive interest Of the
nation: especially does it affect those
who are engaged in active industrial
pursuits, for upon its proper solution
depends whether their business shall
be profitable or Improbable. This be-
ing so, and also for the reason that so
many Misrepresentation and misstate
ments have been made by the gold adj
vocates in regard to it, which are abSo-
lutely false, we invoke the serious and
intelligent consideration Of the voters
of all the parties to the following:
"First-That money is the standard
by which the eXchangeable value of all
labor and products of the same are de-
termined.
'tSecond-That notwithstanding the
assertion of the single gold standard
advocates that gold is an unvarying
measure no money standard has ever
peGn IlOT ever CAN NC d 1lA6u anu I'LL
varying measure.
'Third-Business men must remem-
Der that money may be appreciated in
value as well as deprecated.
"Fourth-That when it appreciates,
prices fall, when it depreciates, prices
rise.
''Fifth-That the value of money it
self is fixed by its exchangeable or pur-
chasing 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 to other commodi-
ties. In other words, when the supply
of money in circulation is small rela-
tive TO other commodities, its purchas-
ing power is increased; when it is great,
dts purchasing power is diminished
That is the value or purchasing power
of money is governed by the supply
of money and the demand for money"
Supply OF and Demand for Money.
The address proceeds by paragraphs,
numbered up to twenty-five to support
the foregoing propositions:
THE demand for money is incessant.
1.-THE supply is the creation of the
government.
In the United States and western
Europe before characterization of silver
in 1873, the worlds supply of gold and
silver amounted to $780, 000 000 very
Gold is the money Of redemption
now.
1.-The supply has been cut in two,
causing a 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 insufficient and contradic-
tory, the address says, this decline is
going on and, therefore, we can say
that when a fall of prices is found
operating. not on one article or class of
articles alone, but on the products of all
industries; when found not to be con-
fined 10 any one climate, country, or
race of people, but to diffuse itself over
all gold standard countries; when it is
found not to be characteristic of any
ene year, but to go or progressively for
O series of years, it becomes manifest
that it does not and cannot arise from
local, temporary or subordinate causes,
but must have its origin and develop
ment in some principle Of universal ap-
plication.
Not Overproduction.
'Over-production cannot account for
st for production means the creation
Of wealth. Wealth can be created in
so ether way; therefore, if over-produc-
Zion is the cause, You can create too
sn,.ch wealth, which is the same thing
as to say that wealth is not wealth.
* either Nln II DC dllAADQlO0 W I'LL
Sroved mechanical devices, progress in
manufactures, improved transportation
Inventions, banking, etc, because all
of these increased relatively as rapidly
rr.ior to 1873 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 continual rise. Besides it is very
strange that this fall began setting in
at the e~z.ici moment when the link was
broken between gold and silver.
"Again, Il is absurd that revolution
of this character could have affected
gold SO seriously and should have left
silver prices unaffected. Silver is the
steoiard Of value of more than hall
the world, and where it is the standard
nrices remain the same, while in all
gold standard countries prices have
fallen 40 to 80 per cent. If this fall is
Que to improved machinery. thereby
causing over-production, how are we t.
account for the fall in value of land:
certainly there hes been no over-pro-
auction of land What. then, is it that
mas caused this general decline in
nrices? 1t has been brought about
e. -