The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1895-08-08

IcOSeu at the 4OWeSt point known, per
cent below THE end of 1898
and 10 per cent under the prices of De-
cember, 1889. Here this high authority
says in the London Times that there was
a fall of 10 per cent i'm general prices in
the years 1890, 1891, 1892 and 1898, and
that in 1894, the first year after the re-
peal of the Sherman law and the sus-
pension of silver coinage in India, general
prices fell 10 per cent. Could any bust
ness prosper against such terrific fall
of prices. Failing prices come from three
causes:
'fFirst-Improved methods of produc-
ton. Lower prices from this cause al
ways bring prosperity, active business
and happiness. This is not the descrip-
tiOn of the last 20 years, hence this is not
the cause of our failing prices.
'Second-Over production. Senator
George of Mississippi, i'm his great speech
at Winona on July 13. showed that there
was produced 1,143. .050 bales less cotton
in the three years than was produced in
the three years just preceding, and yet
there was great fall in prices, as we all
know there was. The world produced
wheat in 1891, 2,432, 100000 bushels; in
1892, 2,400,000,000 bushels, and in 1893,
2,324, 100000 bushels, yet wheat fell 1S
per cent in prices from 1891 to 1892, and
% per cent from 1892 to 1898. Over pro-
ductiOn does not account for the fall in
prices.
'"Then the third and last must be the
cause. The steady, progressive rise in
the value of the standard The increased
purchasing power of gold is the great
and chief cause. In fact, no other cause
could affect all prices at once. The price
values of all things are regulated by
supply'and demand. Money is just as alb
SOlutely governed by this rule as other
things. When money is scarce its pur-
chasing power is increased and prices
come down. When the crime of 1873
became operative gold was in much more
demand than formerly, and was more val
liable, of course. At that time 40,000,000
people were ON a gold basis. Now there
are 33O, ,OOO,O 900, and the worlds stock of
money has increased only about 10 per
icent. The present low prices can not be
maintained under existing conditions un-
less the supply of gold money increases
in the same proportion as the volume of
business increases, and this is impossible
with the worlds present wonderful de-
yelopments in science and arts and popu
lation. Hence failing prices, if we re
main ON gold basis, is Likely to contn-
ue "from generation to generation" to
use the words of the great English mono
metallist, Mr.. Griffin. This terrible ca
lamity can only be avoided by providing
an adequate volume of money, money
which does not have to be redeemed. We
have the greatest and most intelligent
Nation on earth. Our people are the
greatest consumers living. We do more
business and have more wealth than any
other Nation. though we are only one
century old. We are capable of conduct
e., th.n 1nn
of other Nations. Seeing and Under
standing the crime of 1873, it is our duty
to correct it. Let us go forward. Very
respectfully (signed), James X. Jones'"
EVENING SESSION.
Fort Worth, Aug. 6.-(Special. AT to-
nights silver session the committee ON
platform and resolutions submitted ring
ing resolutions as follows:
"We. the committee on platform and
resolutions, beg to report the following
as the result of our labors:
''Whereas, The policy and traditions of
the Democratic party since its organiza-
ton have been in favor of both gold and
silver as the standard money of this
country, and
"Whereas, Every National Democratic
conv antion since 1876, when silver coinage
was first made an issue, has declared the
policy of the party to be in favor of the
coinage of both gold and silver without dis
elimination against either metal, and
''Whereas, A large majority Of Demo-
cratic representatives in congress, since
the demonetizatiOn of silver in 1913 by a
Republican congress- have demanded the
restoration of silver to the position it held
as ONE of the redemption moneys of the
United States before the act of 1873, and
Whereas. There is an organized eff
fort to lead the Democratic party to in
dOrSing. ratifying and approving the
vicious and ruinOus legislation Of the Re
publican parity on the financial question,
which has resulted in such widespread
disaster and impoveriahment If the in
dustrial classes of our country, and
''Whereas, There is manifesily a pur-
pose ON the part of some of orr prOmi-
nent Democrats, with President Cleveland
and this cabinet, TO overtum ghe estab-
lishcd policy of the Democratic party and
to place the busines interests of this
couTtry within the control of q cOncen-
trated money power, and above the laws
and the will of the people. THE proposed
iss1e of S5O0,00O.000 of gold bonds in
times of profound peace and the with
drawal and cancellation of S500,O00000
from circulation and the substitution of
National bank certificates therefor, is a
so startling to the Democratic
rarity as to cause alarm, and
Whereas. The advocates of a single
gold standard have already organized an
aggressive campaign to defeat the will of
the voting masses of the Democratic party
and bring strife and discord into its or
ganization. and TO that end have written
open letters and made speeches and or
ganized conceptions: now. therefore, we,
the Democratic party of Texas, in mass
assembled. purpOsing and intend