The Yakima herald. [volume] (North Yakima, W.T. [Wash.]) 1889-1914, 1894-08-16
BIMETALLTC SAFETY VALVE.

ence just now, II not much OF any thing
else that is valuable, and it should be
teaching us something. The lesson to be
learned from the long continued and still
prevailing depression are many. Some
OF them have, no doubt, been carefully
conned. As, for.:instance, the lesson tina,
one can live on much less than during
dush times would have been considered
possible. And the corolary OF this, thai
many things are luxuries which we have
considered necessaries.
But perhaps the most important lesson
Of all has not been generally and clearl,
sppfehended. The lesson is that there
lie not enough money.
This is not fashionable doctrine vet.
The monied men, and those who think
it the height OF intelligence to be on what
is the successful side, sneer at the state.
ment, and brand those who make it as
populists or fools. But ii is the truth. II
is the truth that is going 10 make that
party dominant which tackles and solves
the problem; because il is the truth that
most yi.ally affects nine-tenths OF the
people today. The populists' strength is
simply in the fact that in their own crazy
way they have the knowledge OF this
truth. Nothing is easier than to befog
and bemuddle oneself amid the subtleties
Of economic thought. The plain people
and We do not include Coxeyites,
straight populists. on what they call in
North Cardiff 'Peffersnnian Democrats"
or indeed any other kind OF 'India rub
Der idiots on the spree"-but the sensi-
BILE solid citizens of the land always and
instinctively go for foundation truths In
the apprehension OF these their instinct
10 much safer guide than the hair split
ting mind of the sehoolman-for the
schoolmeu can only agree to differ.
The people read and digest the doc
trines Of the theorists las far as they are
digestible) then make up their minds on
general principles, and act. The money
owners and the university theorists
Though some OF the ablest OF the latter
are honorable exceptions) say that there
is plenty Of money even now. They tell
rs to look at the great cities and see that
they are loaded with money. at is not
that there is too little money" say they,
"but that there is too little confidence F"
What upspeakable balderdash this is
Now as OF old, there il such thing as
too much learning making folk mad. 1t
is GRASS idiocv, Ii is an economic lie,
and il is fetching one, for it is lie that
apes the truth.
1t is true that there is not enough con-
fidence, and that this lack oi confidence
is locking up what money there is. But
why is there no confidence? 1t is mainly
because there is not enough money
Money is the basis on which commercial
confidence and credit must rest. The
moment conditions indicate unsettlement
Of any kind money is withdrawn from
circulation and boarded
Why is this?
Let every sensible man ask himself ii it
10 not because there is too little money,
and too much credit relatively to the
supply of money.
The chief functions Of money are 10 ex-
change and measure values. To fulfill
these functions money must circulate
freely II there were enough money 1t
would always circulate freely-at least
this is general truth, which exceptions
would only prove.
OF course the scheme which will give
the country an adequate supply of money,
should provide for the elasticity OF the
supply in circulation. That is to say,
that in times Of special demand the sup
ply is circulation should expand, and in
times Of diminished demand should con-
tract. But this is a secondary consider
alton and is difficulty which the finan-
cial genius Of the race is quite able to
overcome.
The first want is to have enough money,
whatever the demand, to freely exchange
and fairly measure the values OF other
things. There is no danger that the de.
tails will not be quickly settled if the
main rule obtains. At the present time
some men have lands, productive or
otherwise, some have cattle, or provis-
ions, or coal, or iron, or lumber, or
houses, or factories. or clothing, or shoes
or, in short, something that is, or pro-
duces, that which other men want, and
sre doing without.
Not one Of them all can get fair price
in money for what they have or produce.
And why?
Because credit is sick-very sick.
In what .e call good times all these
things were sold freely because the mad
equate supply OF money was eked out
by credit, and credit took the place of so
much more money. When anything at
tacks credit, credit has sinking OF the
stomach, and throws Nd his hands at
once. His companion, Money, runs off
and hides. Had money been accompan.
led by companion as strong and reliable
rs himself he would have stood the as
sault, and would have overcome. We
cannot too strongly insist that We must
have supply OF money sufficient to give
the people confidence that all other
things can at all times be freely exel,ang-
ed by its means. There may be at q
given point on oversupply OF given thing