The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1894-08-30
THE SILVER QUESTION.
AVERY ABLE ARGUMENT FROM THE
FREE COINAGE SIDE.

Johnson, as everybody In I.aurens
calls him, made Il quiet canvass
for Congress in this district in 1892.
He strictly toted his own skillet, but
received very little more than the Con-
servative vote because he frankly
avOWed everywhere that he was not
Tillmnn man and did not intend to
vote for Tillman.
This year he Is making another quiet
canvass, speaking often to small gath
eriDgs at country places. The people,
however, have suddenly walked to the
conclusion that in this comparatively
little talked Of candidate they have q
very able man and tho one who knows
more about the all important financial
question and talks better about 1t than
anybody else.
The following is synopsis Of Mr..
Johnson's speech on free coinage which
was declared by Governor Tillman to
be the ablest, clearest and strongest
talk on the currency question he had
ever heard or read:
Upon the proper solution Of the H.
nancial problem depends the future
prosperity and happiness Of our people.
That solution demands thorough
knowledge Of all the principles under
lying money.
Money is not only q medium of ex-
change but measure of value. Sugar,
coffee or nails give so many pounds for
dollar, so that the dollar measures all
human labor and sacrifice. Money has
1ts price and Is bought and sold In the
markets. The rule that prices are fixed
by supply and demand applies to mon.
ey as we'll as to other commodities. If
money 1s abundant dollars must be
cheaper; If 1T Is scarce dollars must be
high. John Stuart Mill says that the
price OF money moves in reverse ratio
to other commOdities-that 1t rises as
they fall and falls as they rise. If that
be true the proposition follows that
when money Is high more labor and
sacrlllce are required to get dollar
than when 1t Is low. In 1870 the salary
OF the Governor Of South Carolina was
$S.eOU. When the tax payers went to
market TO buy that $3, 500 to pay their
governor with they carried thirty-live
bales of cotton for 1t. In 1893 the gov
ernor's salary was still $3 3.5OO,but when
the tax payers went to buy those dol
lars they had to carry over a hundred
bales of cotton to get them, represent
ing three times lis much labor and sac
rifice as in 1870.
All political economists have 'recog-
nized this principle AS the true one on
which to base financial legislation.
The trouble of having limited money
or contracted currency arises from the
fact that where one man has money to
sell ninety-n1ne are trying to buy 1t.
Legislation which increases the value
of the dollar belonging to the one man
who had 1t to sell must decrease the
value OF the other commodities, the
labor and the sacrifice with which the
remaining ninety-nine men must buy
the dollar. TO show that the volume
OF money controls the prices of com
moditles the familiar course of wheat
may bo considered. In 1882 tho wheat
crop Of the world was 50O,0OOC1O bush.
els more than tho crop OF 1893 and the
surplus brought into 1882 was greater
than the surplus brought into 1893.
The supply Of wheat in 1882 was hun
dreds Of millions Of bushels more than
IN 1893; the population of tho world
had increased enormously from 1882 to
1888. Yet with a leascned supply and
an increased demand tho average price
OF wheat in New FORK In 1893 was 60
cents bushel against $s1.13 in 1882.
This cannot be explained on the over
production theory because there was
less wheat In 1853 than there was In
1882 and more people to buy IL. The
one fair and reasonable explanation is
that between 1882 and 1893 dollars in
carried wheat to market to buy dollars
had to carry more of 1t to get them
with. So 1t was with cotton and all
other commodities, for therO is "a non
eral range or prices which in tho first
instance arc liked by the supply of
money. or In other words, 10y the aver
age amount Of sacrifice In All lines O
business that is required to get dol
lar.
Ihe elect upon the country of q con.
stantly contracting currency is Il con. .
stant fall In the price Of labor and it's
products. People have fixed Liabilities
to meet which require 80 much more of
the results Of their labor to satisfy that
nothing is left for comforts or Injuries
or TO meet current Indebtedness. In
thls country since 1873 there has been
persistent fall In the price of COM
nnouitles 80 mat the people who depend
their livings have been unable to meat
the debts they had contracted and have
been sold out. The census statiaf,ca
show that many thousands Of nennIn
who were land owners ten venrs ano
arc now tenants. These facts ronae r.
the people the spirit of discomfort and
unrest, such as we have had in Senth
Carolina.
Jhey seek to apply local remedies for
q general trouble and by State legIsla-
tion and changes to remove evils which
are as potent and as patent in Nebras-
ka, Louisiana, Texas and Kansas as in
South Carolina makes 1t low I'm Missis.
sippi and the same causes make cheap
corn and wheat in Kansas and Ne
braska.
Another effect Of the increase of the
value or commodities and property is
that 1t prevents men from investing in
ana developing enterprises and indus
tries. The fact that money Is steadily
gaining In value induces those who
have 1t to hoard 1t and lock it up. 1t
IS Withdrawn from the channels of
trade and the laboring man is denied
the opportunity to earn support. That
makes hard times. All commercial
history shows that whenever for u Sc.
rles or years there has been a constant,
fall IN the price Of commodities hard
times have come. EOgland had an H.
lastration Of this, when, in 1910, she
demOnetized silver. She had then 1GO,-
600 real estate owners. Ten wears later
she had but $4,000. The people we're