The midland journal., 1894-07-27
The Power of the Dollar.

| up OF the units In the volume.
Alter the volume, and you alter
the value of each unit in the volume.
The unit-the dOllar-is the
measure of your property-yOur
labor-the products of your labor !
Cut down the volume ofcurrency
and each dollar in the volume in
creases it's purchasing power-it
buys more of your property your
labor the products of your labor
An increase in the purchasing
power Of the dollar expresses itself
in the falling price of the commod-
tiles over which it has command
among which is your property!
your labor and the products of
your labor!
1t is the law of supply and de-
mand, as mathematically exact as
two and two equals four. Cutting
down the supply of dollars increases
the demand for each dollar, which
means you are forced to give more
of what you have to sell in order to
get dollar.
The tariff issue, so far as it affects
you-n6 matter who you are-is
not to be mentioned in the presence
of the over -shadowing fact that the
volume of currency is growing
smaller, compared with the de-
mands made upon it by an increase
in population and business.
Who controls the volume of cur
rency?
The national banks.
Of what is this volume composed?
United States money of various
kinds, national bank notes and
national bank credits.
What proportion of the volume
is national bank credit?
The comptroller of the currency
says that in 1892, 90 per cent of the
business transacted through 81
clearing houses was effected by
these bank credits.
Sixty thousand millions of bus
mess, and only five thousand mil
lion actual money-the balance
credit tools.
At the time the panic commenced
in 1898 the national banks held the
'Epromise to pay'' of the business
men of the country to the extent of
over 210O millions the banks had
given the business men deposit
books calling for 1900 million, and
the banks had 10 cents on dollar
in actual money for each dollar in
the deposit books.
In ten weeks from May the vol
ume had been cut down 1876 mil
lion by November, 1898, it had
been cut down 800 million, and the
volume stood thus contracted in
April, 1894.
If the tools which effect the ex-
change of labor's production are cut
down one ne-seventh, what effect does
it have upon business and indstrial
prosperity?
For an answer, describe in your
own words the Industrial stagnation
with all it's evils-not because of
any change in tariff or administra-
tion-but because of financial
system supported by both demo-
cratic and republican party.
BY a series of acts dating from
the time of Abraham Lincoln down
to the repeal of the Sherman law,
both parties, at the dictation of the
bank power, have united to cut off
any supply of currency except it
come from the national banks, and
the democratic and republican
parties stand pledged to continue
the system.
Having pointed out the disease,
what is the remedy?
Money direct from the govern
ment to the people, and the value
of the dollar regulated by the num-
ber of dollars issued.
In no other way can you secure
dollar stable in its purchasing
pOwer-the only honest dollar.
Who favOrs this system?
The Peoples party, voicing the
demands of organized labor adopted
| by the st. Louis conference of labor
delegates and the Constitution of
the United States, which says Con-
gress shall coin money and regulate
its yalue-meaning control its
volume.
Tariff or no tariff, Mckinley bill
or Wilson bill, business will not
improve until if has the fools tO do