Middlebury register. (Middlebury, Vt.) 1886-1937, 1895-07-19
+ Continued from 9TH page. I

4 full expression OF the truth on the SUI
ect. 1t must be noticed that it Is not
commodities only that are exchanged Ior
money. Services of all kinds constitute
large proportion of the demand while
he payment of interest on the various
orms of obligation requires large
mount of the circulating medium. Inc
botent influence of credit must also be
lwelt on. This latter force is the main
Element to be considered in dealing with
Fariations of prices; but as far as 1t Is
based on a deposit of metallic money 1t
hay be looked on as means OF increas-
ing the efficiency of money, and there
lore as coming within the formula given
bove. In its other respects it lies out
lde the range of this article. Some
Interesting conclusions may be deduced
from the results we have arrived at.
bne of these is that the Increased de-
elOpment of trade or expansion OF
commerce. Of itself tends to lower, not to
aise prices; for, by increasing the work
Which money has to do while the amount
remains the same. raises its value. An
+ thtr consequence is that large addition
hay be made to the money in country
Without any effect being produced on
prices. This is evident, since money
My acts on prices by being brought
+ hto circulation; therefore, if the money
Which is added to the national stock is
OF used in this way, prices will remain
naffected.'
But if the value of money, other things
eing equal, depends upon its quantity;
r if its value depends in part upon its
uantity, it follows that if half the
honey of the country is destroyed-or
its legal tender quality, without which
ceases to be money, according to our
efiniton, is taken away-that which
emains must rise in value. So, if the
Sc of about one half of the metal from
hitch money is made is discontin-
ed, the value of the other half must
e enhanced as well as the coin made
rom it. When silver was demonetzed
liver nor gold were in circulation as
honey, as we were using paper money
currency. Otherwise, it is safe to say,
he demonetizing of silver never could
ave occurred.
Silver was demonetized largely, if not
hainly, through the influence of John
herman, generally known as Senator
herman OF Ohio. He introduced the
i'll, and unquestionably it was his
Inning that carried it through. What
ere his motives for its Introduction
is difficult to prove. Many think
hat he was bribed, and there is some
violence that large amount of bride
+ honey was raised in England and sent to
MS country to carry the bill through.
theirs think that he introduced the bill
br speculative purposes, understanding
erfectly Its certain effect upon values.
ne thing is certain, that there was alb
plutely no one in the country demand
+ ~ such measure. Mr.. sherman, who
very thrifty man, introduced the bill
pr his own purposes and succeeded in
citing it passed. The Injustice and suf-
erlng that it caused it is impossible to
Btimate. Gold at once began to rise,
hecting the profits of producers and
laking it impossible for many debtors tC
peet their obligations. Perhaps no one
as described the effects of the bill more
tvidly than Secretary Carlisle before he
ecame member of Mr. Cleveland
hbinet. Mr.. Carlisle said:
II know that the worlds stock of the
recious metals is none to idrge, and / SEE
+ 0 reason to dpprehend that wU ecer he
PINE so. Mankind will be fortunate, in
eed, if the annual production of golC
nd silver coin shall keep pace with The
nnual increase of population, commerce
md industry. According to my views o
be subject, the conspiracy which Seems
have been formed here and in Europe
destroy by legislation and otherwise
rom three sevenths to one-half of tn
betallic money of the world is the mos
gantic crime of this or any other age
he consummation OF such schem
Yould ultimately entail more misery upO
be human race than all the icarS, peStueHce
nd fumineS that eUeT occurred in the his
pry Of the ,Corld. The absolute and in
tantaneous destruction of half the en-
ire movable property of the world, in
uding houses, ships, railroads and al
Their appliances for carrying on CON
lerce, while it would be felt more sens
ply at the moment, would not produc
nything like the prolonged distress an
Reorganization of society that must il
vitably result from the permanent al
Initiation of one-half tie metallic none
the world"
Mr.. Edmunds' definition of money is S
Exceedingly faulty that we will not dii
uss it. We have already mentioned I'll
hree great functions of money. II
lentions one.
Again, Mr.. Edmunds' reference to ii
ot very great number of silver dollar
plned and their disappearance, so far rs
meant to reflect upon the principle of b
letalism, if he intends it to do that, lis ne
ertinent. The object of the bimetall
tandard is not that both metals should /