Alma record. (Alma, Mich.) 1878-1928, 1895-07-26


compared TO the number of those
who gain. Therefore the doctrine
of the greatest good for the
greatest number iustiiies a policy that
changes all contracts and causes an art
iicia fall in prices.
This line of argument is. Of course,
not so acceptable to American gold
monometallis,s. for the United States
Is debtor country, and, therefore. a
loser from the increased value of debts.
Britain's gain is our loss. But as un-
palatabe as is this fact. it must in the
end be accepted by the gold monometal-
lists.
The argument of the English gold
monometallists is based on the assunp-
ton that debtors are the only losers aud
that the creditor and the wage-earnlng
classes are greatly benefited by fall
in prices. In the first place, let it be
remarked that the interests of debtors
and wage-earnerS, of creditors and pro-
ducers, are not opposite, but Identical
The policy that benefits one benefits all;
the policy that hurts one hurts all.
There is only one exception To the unity
Of the interests of all mankind, namely,
that class that lives of the fruits of
others labor-the leeches, the para
sites of society. The existence of such
a class is a. unnecessary as il is unnat-
ural.
All those VINO are engaged in the pro-
duction of wealth-in word, all those
who labor TO add TO the utility Of an
object, 20 overcome the obstacles of
nature and to increase the power Of
man 10 make use of the gratuitous and
ineXhaAstible resources of nature-are
the losers from fall in prices. All So
ciety is a loser. for all the useful mem
bers of society, save the professional
classes, are producers. or directly aid
production. Those who prey on society
alone gain.
All those vino increase the utility of
an object or increase the power OF man
70 make use OF the gifts of nature are
producers of wealth. The utility of an
object may be increased in four ways:
by adding to the quantity without alter
lng the form. 10y altering the form, by
preservation, or by changing the place
and putting it within reach of the con-
sumner. Thus we may divide the useful
members of the community into four
classes.
To the first class belong the pro-
ducers Of raw materials, the farmers
and the miners; To the second the man
ufacturers; to the third those who add
to the wealth of the community by pre-
serving perishable goods, and to the
fourth class all those who aid in the
production of wealth by facilitating the
exchange of the products of labor. To
this class belong all those engaged in
transportation who directly add to the
value of the products of labor by bring
Ing them to market as well as facilita-
ting production by reducing the cost
of this service, and all those merchants,
exclusive of spectators, who are the
agents in distribution. Those who de-
vote their time to the distribution Of
the products of others can do this SER
vice cheaper than the producer could
directly. Therefore they aid produc-
ton.
All of these useful members OF soci-
ETY. must suffer from falling prices
The farmer, because the burden of
taxes and interest charges is thereby
increased; because the cost of produc-
ton has not fallen proportionately with
the fall in the price of his products; be-
cause he must sell at wholesale prices,
which are the first to fall, and buy at
retail prices, which are the last to fall,
and because he is competing for the
European markets with the farmers of
the silver-using countries who work
under the incentive of an automatic
bounty. The manufacturer also suffers
from an increased burden of taxes and
fixed charges, and from constant de-
probation of his stock. He loses be-
cause wages do not, cannot, fall as
rapidly as the price of his products, and
he suffers doubly from from the lmpov-
erishment of his customers, the agri-
cultural classes. and from the resulting
increased competition. The transport
tation companies are ruined by the fall
ing of in freight tonnage and charges,
while interest charges remain the some,