The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1894-10-10

CTIUe tue ulHiCuIty w 5pcCuluuOht
others to strikes. All sorts Of In
and contradictory causes
are thus assigned for the same gen.
eral and universal complaint, and
yet it goes on; therefore we can
say that when 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 confined to any one
climate, country or race of people,
but to diffuse itself over all gold
standard countries; when 1t Is
found not to be characteristic of
any one year, but to go on progress
lively for series of years, 1t be-
comes manifest that 1t does not and
cannot arise from local, temporary
or subordinate causes, but must
have its origin and development in
some principle of universal appli-
cation. Over-production cannot ac-
count for it, for production means
the creation of wealth. Wealth can
be created in no other way; there
fore, if over.production is the cause,
you can create too much wealth,
which is the same thing as to say
that wealth is not wealth. Neither
can it be attributed to improved
mechanical devices, progress in
manufactures, improved transpor-
tation, inventions, banking, ETC.,
because all of these increased rela-
lively as rapidly prior to 1873 as
they have done since; and for twen-
ty years prior to 1873, there were
no such fall in prices as there has
been since, but on the contrary,
there was continual rise. Besides
it is very strange that. this fall be-
gan setting in at the exact moment
when the link was broken between
gold and silver. Again, it is absurd
that a revolution of this character
could have affected gold prices so
seriously and should have left silver
prices unaffected. Silver is the
standard of value of more than half
the world, and where it is the stand
ard, prices have remained stable,
while in all gold standard countries
prices have fallen from forty to fifty
per cent. Again, if this fall in pri-
ces is attributable to improved ma
chinery, thereby causing over pro-
duction, how are we to account for
the fall in the value of land? Ger
tainly there has been no over pro-
duction of land, and we know Of
no newly discovered methods of
manufacturing land cheaper; and
in this connection too it must be
borne in mind that fewer acres of
land in proportion to population are
now being cultivated than have
been for twenty-five" years. What
then is it that has caused this gen.
era1 decline in prices? 1t has been
bro't about simply by the shrinkage
in the volume of money relative to
population and business, which has
never yet failed to cause an in
crease in the value of the money
unit, or dollar, and q consequent
decrease in the price of the COM
modities for which such unit was
exchanged. If the value of money
in circulation be made to bear a d.
rect and steady ratio to population
and business, prices will be main
tanned at steady level, and, what
is of supreme Importance, money
will change but little in value.
sth-Every money commission
which has been appointed by differ.
ent governments, such as the Unit
ed States, England, Germany and
France, and all the international
Monetary Conferences, have said
that beyond any doubt during the
last twenty years gold has continu-
ally and steadily appreciated in
value; and that this appreciation
has been the real cause of the tire.
mendous fall in prices which have
taken place in all values, and the
great financial disturbances we
have seen in all gold using coun'
tries. The evils resulting from this
are SO we'll stated by the late Ger
man Silver Commission, which has
just adjourned, that we quote from
their report as follows:
"The advance in.the purchasing
power of gold proved, In our Judge
ment, beyond refutation, brought
about by tho disuse Of full silver
money and the adoption of a golt
standard, has demonstrably pro
duced the following industaia
evils:
1st-An necessarily heavier ant
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