The record-union., 1894-10-05
OHIO DEMOCRATS.
MANIFESTO ISSUED TO VOTERS
OF THE STATE.
The Money Question Declared to be
the Supreme Issue Before
the Country.
Special to the REcoRD-UN1ox.

Special to the RECoRD-UNIox.
COLUMBUS (O.), Oct. 4.-The following
manifesto has been issued from Demo-
cratic State Headquarters:
ITO the UOterS Of Ohio: Two years ago
the great national political battle was
fought upon two principal issues, a re-
formation OF the tariff laws uDOn an
equitable basis and the adjustment of the
money question by the restoration of sill
yer to Its rlghtful power and functions as
one OF the money metals under the Con-
stitution. During this contest, however
the issue OF the tariff reform was made
the paramount one. BY the repeal of the
Mckinley law and the passing of the law
now in force, tariff reform has been sub
stantially won. and the taxes of the peo-
pie, especially upon the necessaries of
! life, has beer very much reduced, and
their opportunities thereby enlarged. in
all probability there will not be another
general revision OF the tariff for years to
come. Time, however, will undoubtedly
suggest change that should be made, and
/ additional legislation guided by wise
craftsmanship will see that this is done.
The money question, therefore, is now
the supreme issue before the country.
The importance of the question whether
silver shall be restored to its full money
! power cannot be oyerestimated. 1t affects
every interest, great or small from The
! slightest concern of the individual to the
| largest and most comprehensive interest
| OF the Nation. Especially does it affect
| those who are engaged in active industrial
! pursuits, tor upon It's proper solution de-
| DendS whether their business shall be
! profitable or Improbable. This being so.
| and also for the reason that so many
! representations and misstatements have
! been made by the gold advocates in re-
| gard TO 1t which are absolutely false we
! invoke the serious and Intelligent con.
! sideration of the voters Of all the parties
to the following: First, that money is
the standard by which the exchangeable
value of all lebor end products of the
same are determined; second, that not
withstanding the assertion OF the single
gold standard advocates that gold is an
unvarying measure. no money standard
has ever been or ever can be a fixed and
| unaValllng measure; third, business men
must remember that money may be ap-
preciated in value as we'll as deprecated;
| fourth, that when il appreciates prices
| fail, and when 1t deprecates prices rise:
| fifth, that the value of money itself is
| fixed by it's eXchangeable or purchasing
| power over other commodities. and this
| purchasing power of money is deter
| mined wholly and solely by the proper
! tion that the quantity OF money in circu-
/ lation bears to other commodities. In
J
! in circulation is small, relative to other
! commodities, its purchasing power is in
creased; when it is great its purchasing
| power is diminished; that the value or
| purchasing power of money is governed
! by the supply of money ana the demand
! for money"
| The address proceeds by paragraphs,
numbered up to twenty-five, to support
! the foregoing propositions. 1.-The demand
| for money" it says, us incessant. The
supply is the creation OF the Government.
| In the United States and Western Europe
| before the demoneLization of silver in
| 1873, the worlds supply OF gold and silver
amounted TO 1850, 900, 900, very nearly
! equally divided. Gold. is the money of
| redemption now. The supply has been
cut in two. causing fall in prices.'
After reviewing IN detail the causes as
| signed by business men for the continual
decline in prices, all of which are pro-
nounced insufficient and contradictory,
| the address says: This decline is going
on, and therefore we can say that when q
| fall in 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 cli-
mate, country or race of people, but to
| diffuse itself over all gold standard coun-
! tries; when 1t IS found not to be charac-
| teristic of any one year, but to go on pro-
! gressively for a series OF years, it becomes
lllaullSSG JllaL IL uO6S 11OG ana cannot arise
| from local, temporary or subordinate
causes, but must have its origin and de-
yelopment in some principle of universal
application. Over-production cannot ac-
count tor it, for production means the
creation of wealth. Wealth can be cre-
ated in no other way. Therefore,
! if over production is the cause, you
cannot 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 transporta-
ton, inventions, banking, etc., because
| all of these Increased relatively as rap
| idly prior to 1893 as they have done since,
and for twenty years prior to 1873 there
was 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 began setting in at
| the exact moment when the link was
broken between gold and silver.
Again it is absurd that revolution of
this character should have affected gold
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 standard prices re-
main the same, while in all gold stand
ard countries prices have fallen 40 TO 30
per cent. If this fall is due to improved
machinery. thereby causing over-pro-
duction, how are we to account for the
fall in the value of land. Certainly there
has been no over-production of land
What is it. then, that has caused this gen.
eral decline in prices? 1t was brought
about simply by the shrinkage in the
volume of money relative 10 population
and business. If the amount OF money
circulation be made to bear direct and
steady ratio to population and business,
prices will be maintained at a steady
level, and, what is OF supreme import
ance, money will change little in value"