The Delta independent., 1894-08-08
The GOLD STANDARD.
Business Paralysis Result of the Do
mouetization of Silver.

Bustncoa Pnralysis Result OF ths DO
mouetization of Silver.
A constantly increasing volume OF
money is necessary to supply the in
creased demand. arising from the
growth OF population and business
decreasing volume OF money, AS com
pared with tho demand, is disastrous
II compcls the debtor TO pay IN denrcr
money than lac undertook 10 pay when
he entered into the coutrac. 1t dis
courages enterprise. because property
produced or acquired by the invest
incnt of money declines in price, nnd
thus the probability uf profit upon any
venture Is diminished. When money
is advancing in value, or. what Is The
same thing. Is increasing in purci'as-
ing power, the human instinct of gain
induces investments in money. Such
Investments arc Inndc by exchanging
property for money. with IL purpose 10
hoard 1t, or for bonds and other credits,
which are investments in money fu-
lures Investments Of this character
do not create wealth. but absorb wealth
already produced.
When prices are rising. the same In
stinct leads to the acquisition OF prop
erty. Property is acquired by pur-
chase, and by production wl,ic!, results
from the employment Of labor. The
employment of labor in production is
the source of all wcaltl, and prosperity.
Spectators of every description, in
cluding dealers in money. in the
language of Wall street ''go long on
those things, whether property or
money, which are rising in price or
value, and go "sliort" on those things
which they believe TO he OH the decline
Since the demonstration OF silver.
money has been approaching in value.
and the competition to acquire reliable
money futures has been SO great rs u,
induce people to accept very low inter
est, in view OF the prospcc. OF an III
crease in the purchasing power OF
money invested. The decline uf prices
has been SO serious az To Induce, prudent
men to go short on proper ty. by tcciing
ing to cngngc in new eItri ~ i-ca, and
by converting their p'u,s;: ~ tnto
money futures. Enfmc.d ihicrcsS.
produced by the enhancement of tho
value OF gold, or what 10 the sninc
thing, the fall OF prices. has withdrawn
the progressive and tlisaiu!,itipus from
productive undertakings, ani has led
them to seek wealth by Investment IN
money futures
An infinite variety OF causes affect
progress and prosperity. Wars. p"sti-
lcuce, famine md bad government are
common Affections of the human race.
But, in the absence of .Snown rn,i
great calamity, contraction OF the cir
culnting medium is tho only iustrii'
ment OF universal misery. No form of
civilization or government has been
able to withstand its blightng iuilt.
encc, or to survive its long cun,iinancc.
Tho unlimited use OF gold and silver,
under present conditions. would rescue
the country from pending disaster, and
II the mines should continue productive
would secure n prosperous future. II,
ignoring we'll known facts, such as that
tho quantity of gold coin in cxistcncc Is
constantly being reduced. through ahra-
sion and loss. and. that there is not any
reasonable prospect of u future pro'lmc
ton OF gold more than sufficient TO sup
ply tho arts. tho money powers shall
continue To resist the restoration of the
automatic system, aud to insist that
tho volume Of money OF ultimate pay
incnt shall hc reduced to tho narrow
btiss Of existing gold. M effort must be
made to secure n moro scientific money
system, Which would dispense with tho
use OF the precious metals altogether.
Whatever credit devices may be in
vented, whether government or bnnl.
currency. rcdccnabl In gold. or private
chcclss, bills of exchange or other prom
iscs to pay. the volume OF the circulat.
ing medium must ultimately depend
upon the volume of money clothed
with every money function. Money
rcdecnable In other money is simply q
form Of credit