The times. [volume] (Richmond, Va.) 1890-1903, 1894-11-23
A GO ID MOVE.

The cotton growers convention was
wise TO advise planters 10 cultivate small
er areas of cotton hereafter, ana 10 raise
more Of what they need for home con-
sumption. When the cotton planter de-
votes his entire energies to producing
something TO sell. and trusts to buying
what he is going 10 live on from others,
he puts himself at the mercy Of events
over which he can exercise no sort OF
control. He cannot tell how many other
cotton planters are going to do precisely
what he Is doing. and as he does II ne
may fairly assume that all the others
will do the same. The consequence Is
n Glut of the thing TO be sold Is raised
which drives its price down TO the pot
tom. while the supply Of what they are
to live on Is diminished TO the extent
that they fail TO raise 1t, and the price
OF it is consequently enhanced. lie loses
therefore. under this system at both ends.
True political economy calls upon cotton
planters TO devote their first efforts 70
producing enough neat and bread Tor
themselves. and enough grain and long
food for their animals. When THIS is
secured the remainder Of their energies
are to be applied to producing the money
crop. The planters Of the South have
always been disposed to reverse this the
elementary order Of things, and, finding
It impossible to do so successfully, many
have come forward with their nostrum
OF a cheap money as an automatic sub
sttute for sound economic laws that
will secure them a profit that cannot be
bNr
adherence to sound principles. But the
cotton planters demand for debased
money is not altogether devoid Of
basis of sense from his standpoint. 1t
would bring an advantage to him.
One Of the most elementary and best
known facts in political economy is that
when a country's money becomes de-
based labor is the last thing to rise in
value. and it never does rise in ratio
at all propOrtioned TO the rise in other
things. We saw the fact illustrated here
during the war. A barrel of flour or
pair of boots rose one hundred times in
value, while wages Of labor rose not ten
times. perhaps. We can make no accu-
rate and precise statements, because the
prices Of everything were varying all
the time. But every one knows the
general fact that commodities rose out
Of all proportion to the rise in labor.
1t has been the universal experience of
the world. until it is one of the very best
accepted facts in political economy, that
wages are the last thing to rise when
a countrys money is debased, and that
they never rise in anything like due
proportion TO the rise that takes place
in commodities.
Very well. What will happen If the
cotton planter succeeds in dcbasing our
money with cheap silver dollars, so that
gold is driven out Of our circulation and
we have nothing but the debased silver
dollars? He will sell his cotton in Liver
pool for gold. buy two silver dollars
with one gold dollar and pay his laborers
who produced the cotton with one Of the
silver dollars. 1t will work most admira-
bly, for the cotton planter who hires
labor. but it will be death to the laborer
whose wages will be very little increas-
ed. but who will find the price Of flour
and meat, and sugar and coffee doubled
and trebled.
This very thing is going on at this
moment in Argentina Gold is at a high
premium there, and the country has al
lowed It's currency to become a debased
paper currency. The increase in the
growth of wheat is becoming enormous
there, and for two reasons. The first is
the country is admirably adapted to
wheat. but the land owners are enor-
mously assisted just now by the debased
currency. They sell their wheat in Liver
pool for gold, and with one dollar Of
gold purchase two or three dollars Of the
deprecated home currency, with which
they pay their labor at old rates of
wages. The land owners are making
money, but the laboring population is in
a sad state. SHINING cells is fine fun for
the boys, but dreadful for the cells.