The Monticellonian., 1895-09-13

monetized long prior to 1873, be- eause the coinage and actual circu- lation of silver dollars had practl- cally ceased, and on the other, that silver has not been demonetized at all because more silver dollars have been coined since the act of 1873 than ever before, either don't understand what they assume to discuss, or else are trying to de- ceive the people as to the real issue involved.
 10. That nothing is real money or primary money except standard money, or money of ultimate re- demption, and that silver having been deprived of it's function of a stdnddrd of uaIue by the Sherman act of 1873, the whole burden of the functions of primary money was thereby devolved on gold alone, thereby largely enhancing it pur- chasing power with respect to all commodities including silver. (See Vol. P, Encyclopedia Britain nica, p. 8l, title "Silver.')
 II. That it is only the real, or  primary, money, whose free coin. age is provided for by law, that constitutes the "measure of val nes," by which is determined the price or value of labor and all its products, and that the amount of the precious metals in the whole world, available tor use as money, being in round numbers eight bil- lions of dollars. about equally di- vided between gold and silver, at sixteen pounds of silver to one pound of gold, the ultimate effect of the demonetization of silver has been to lower the level of general prices about 30 per cent.
 12. That gold being the sole unit ot value," whatever increas- es the value of gold, necessarily increases the value of 25.S grains of gold, which constitute tho "unif of value," or dollar, and whatever enhances the purchasing power of gold dollar. necessarily enhance the purchasing power of every dollar of representative money baSed upon gold.
 13. That, consequently, no plan that looks to an increase of oircu. lation by means of state bank or national bank notes, or by s.an en- largad use of silver" without re- storing its ancient functions as a unit of value and standard money, can prove of any real and lasting benefit to the people,
 IA. That money is bought and sold tho same as commodities, an d it's value, or purchasing power, IS determined by the law of supply and demand, with the difference, however, that money being the uniN ersul medium of efcddnge and stanaaM of taiue, without winch men cannot procnre what they want, nor pay their debts, money is always in a state of constant dc maud, such as nothing else IS.
 Is. That consequently the smaller the supply of real or pri- mary money, In proportion to the amount of debts to be paid, and labor and commodities to be eX- changed for it, the greater becomes the purchasing power of every dollar. and the lower the price of labor and of all commodities.
 Is. That business investment derive their profits from the prices obtalned from their products or output, and that as dollars in crease in value and products fall in price as dollars decrease in number, whatever diminishes the volume of real money, or prevents it expanding to keep pace with the growth of the the country and the demands of trade, tends to stop ] investments and induce the hoard l ing of money, and a plethora of il i in the money centers, to seek in vestment in government bonds rather than in the channels of le ] gitim'te enterprises.
 T.. With dollars constantly y in creasing in value, and land deereas ing, A will not lend Sl,000 fol three or five years upon lanC worth S2,000 for fear that at the end of that time the land may no sell for enough to pay him back