Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1895-02-23
FIFTY CENT WHEAT.

European money owners. thirty years ago,
met in conference, aud dec ded that it was to
their interest to reduce the volume OF the
worlds money. The quantity of gold in the
world was practically equal to the quantity of
silver: and it was a matter OF serious discus
sion whether they should destroy gold money
or silver money At that time. 100 cents of sill
yer in the United States, would purchase lob
cents of gold. The conference finally decided
that il would destroy silver as a money metal.
The amount of the worlds silver and gold at
that time, in round numbers, was seven thou
sand million dollars. thirtyfive hundred mil
lions of gold and thirty five hundred millions
of silver. To destroy silver or gold as a money
metal would. at one blow. destroy one-half the
price of all other fotn,s OF the worlds proper
Jy, the wages OF labor and the products of
agriculture. All those peoples or notions who
were in debt would have their debts doubled
in effect, and all money lenders would have the
value OF their incomes doubled. On the other
hand the farmer in order to buy his tax re-
ceipts, must now give two bushels of wheat to
the dollar OF taxes, at fifty cents bushel when
formerly he gave one bushel to the dollar OF
| tax when wheat was selling at 81 a bushel.
As the plans of European capitalists we're ac-
complished in one country after another.
prices of the worlds property began to fall as
| had been expected. One debtor country after
| another became bankrupt, like Argentina,
Australia, Egypt Turkey, Greece Spain, Italy,
Brazil, and suffered from panics, trade depres-
| sion and commercial distress, as seen IN the
| United States and throughout the world.
| The great obstacle to the accomplishment of
the plans to demonetize silver. was encoun-
|
not until November, 1898, that the resistance
was finally overcome, by the passage OF the
| bill to repeal the Silver Purchase Act,
The country has now had over year in
| which to feel the effects of the further decline
| in property and produce, and the liquidation
| naturally resulting from this repeal; and, with
prices now approximately at an equilibrium
with the reduced volume of the world money,
the probabilities that we have reached
| near to bottom, and have established new
| basis upon which business may safely be
transacted. The difficulties which the change
| of money standard, and tariff revision, have
caused the Government Treasury, may for q
| brief time compicate and pTolong, for this
country, the conditions resulting from the
great financial revolution which has taken
| place throughout the world, but, the pa
| triotism and resources of the republic are
practically unlimited, and have ever proved
superior to all emergencies, the embarrass-
ment of the Treasury Department at Washing
ton can be but temporary at the most
The great fight for the destruction of silver.
as money, and the consequent reduction of
the worlds volume of money, is at an end in
the important commercial nations. The strug-
gle hereafter, if any, will be to remonetize sill
yer. Corresponding prices for property, pro-
ducts, securities, stocks of goods. and wages
for labor, are rapidly being established on the
new gold basis, and will now again become
subject to the fluctuations of the ordinary
laws of trade; namely, accretion from natural
growth, depreciation from the introduction of
new processes, and to that great controller of
prices, on fixed monetary conditions, supply
and demand.