The Delta independent., 1894-02-28
THE GOLD STANDARD.
6ts Evils Set Forth in an Able Manner-Su-
yer More stable Than Gold.

In the United States than cereal crops
The line of value has tended to fall
farther and farther below that Of crop
production. For instance, in 1878,
though the crop production was SO per
cent greater than in 1873, it sold for
two per cent. less money. In 1888,
which is the last year for which statis-
tics are given, the crop was 100 per
cent above that OF 1873 but it sold ut
an increase of only A per cent
What has caused the falling away in
the line of value? The value OF the
crop is the product Of the quantity By
the price in gold. With the increasing
scarcity of gold there has necessarily
been diminishing price.
Silver production, however, tells
different story. 1t will be seen that
silver production keeps approximate
pace with the production OF cereal
crops II our money needs grow at the
same rate as farm produce, then silver
and not gold furnishes the normal sup
ply. There is MS much reason for an
outcry against an overproduction OF
cereals as OF silver, for both increase
ut the same rate.
Notwithstanding the increased cot
ton production, in nearly every year
the crop has sold for actually less than
did the crop Of 1873 In 1890, for in
stance. though the crop was almost
double that of 1878 1t sold for only three
per cent more, and in the succeeding
year, though there WAS an increase of
3s per cent n'erop production, the SELL
ing value increased only IS per cent
There is the same striking parallelism
between cotton production and silver
production, showing in like manner
that silver, and not gold, furnishes the
natural and stable money metal
As measured by the gold standard,
silver and wheat have steadily and quite
uniformity declined in price Silver
stood at ei.0o4 when demonitizcd in
1878, and in 1892 had fallen to .67+. The
temporary effect OF the Sherman law
in 1890 is plainly shown Wheat
touched the 100 mark In 1874 at 81. i3
per bushcl, reached its lowest point in
1890 Mt SIS per cent of the base price. or
81 cents per busheL The course OF the
twenty staple commodities Is instruct
i've. II reveals where the 'hard times"
have come in. II is significant that
these commodities also have shared the
downfall of silver.
nics the appreciation of gold and claims
that the fall of prices has been due TO
improved methods OF production and
distribution. II is impossible TO wholly
disprove statement that Is partially
true. No doubt improved methods
of production have lowered the prices
OF certain commodities
The methods of producing steel rails
hor lx.t t,,t 80.
years and as q result the price has TAX
en- n vcritabic header" Yet butter
and eggs have also declined In price,
though there have been no improve
ments made in the ordinary COW and
hen as methods OF producing them In
other words, improved facilities may.
in some cases, have augmented n fall
that has been due TO another and more
universal cause.
The downward fall Of values has
been true of other values rs we'll. land
values and stocks of all kinds Moth
ing takes the very spirit out OF an en-
terprisc more thnn q market that is
constantly falling rs u result OF an ap-
prcciating currency. As Mr.. Balfour
recently said before an audience OF
London bankers and merchants, Il lis,
perhaps, the most dcadcning and be-
numbing influence that can touch the
enterprise of . nation"
When the farmer has mortgage on
his land the npprcciating dollar does
him thrcc-fold injustice II shrinks
the value of his land. nugmcnts his in
dcbtcdncss and mt the same time by
lowering the price OF his produce takes
away his ability TO pay. The land
value shrinks away under the mort
gage and the mortgage spreads out
over the land until there is no margin
left for tho original owner and fore
closure Ia inevitable. The money
brokers arc entitled TO their principal
and interest They nrc not entitled to
the uncarncd increment Of their
wealth. caused by tho appreciation OF
the money standard.
II the monetary policy OF tho coun-
try makes gold the most desirable and
only secure form OF property II is TO be
expected that men who have II will not
invest IL but will either hoard or loan
It. Until the monetary basis Is broad
cncd there will be no enduring relief
for the present depression OF trade and
enterprise. All our money is now refer
able to gold and appreciates with the
appreciation of gold. Even our silver
dollars must be represented by gold
dollars worth of silver bullion In tho
treasury. Issuing new forms Of cur
rcncy, payable directly or indirectly in
gold, will afford no relief but will
rather tend to accelerate the upward
course of gold.
1t will be seen that gold ~ q money
metal is In the nature OF monopoly
which confcrs its favors on tho few to
the dctrimcnt OF the many. Tho mono
metallists OF congress understand this
They arc willing to consent to any in
crcasc Of currency provided II is re-
dccmnble In gold, but they obstinately
oppose any measure that would broaden
tho money standard and skillfully
evisccrate every real measure Of re-
lief by reducing Il 70 some such monde