Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1895-07-11

/ WIZ S0SA A&SP4OSo0N W.
vond reason, and rebounding
naturally have been advanced
speculatively to prices equally
unreasonable, but at a time when
the planter and the farmer are
not benefited.
"Both of these staples are now
threatened with a new demorali-
cation in market with conse-
%quential Door returns to the pro-
ducers for the the incoming
crops, The present money mar
ket in New York--24 per cent
per annum for five months strict
ly prime commercial paper,-is
not the representation of an era
of prosperity. On the contrary,
is the seal upon the proof of a
new sacrifice of the little pros~
perity that appears.
It betokens a lack of profit
to borrowers in any use of
money and pressages such prices
as discourage buyers of mer-
chandise for a future market.
Therefore the silver lining is
wanting from the cloud, and is
neither here nor even in sight.
LAS grounds for my impress
sion that the re-opening of our
mints to silver is essential to an
era of even moderate but contin-
uing prosperity. we remark as
follows: The prices that are
governed by the volume of cur
rent money are normal prices.
Scarcity, on the one hand. or
superabundance on the other
hand of any commodity relative
to the demand for it will yield
abnormal price for that commod-
ity. Scarcity, abnormally high
prices, superabundance, abnor-
mally low prices. Which is to
say that price means money.
What is it's price means how
much money for it. Hence a
normal quantity of any commod~
itv relative to the demand for it
will afford a high price for that
commodity according to the
scarcity or the abundance of
money. Our normal price of
wheat-the price upon which as
a fulcrum our scale of prices for
wheat swings up or DOWNS set
absolutely by the volume of our
current money. Therefore, if
we enlarge the volume of money
as by a reopening of our minis to
silver we shall raise the normal
price of all commodities.
Hence, as we are conspicu-
ously a nation of producers, our
national prosperity is favored by
charging the volume of money
SO as to increase the prices of
what we produce. To reopen our
mints to silver is thus to put a
premium upon production rather
than upon consumption and to
bestow upou the producer a lib
eral share of the wealth for
which our consumers are thus
debtors. When such is done we
may see an era of prosperity that
has come to Stay.
VIEWS OF A SOCIAL ECONOMIST.
Ex-Assistant Secretary of the
Treasury Ellis H Roberts. was
just going out of town when
seen, but he referred the reporter
to President George Gunton, of
the School of Social Economies,
saying: He has written two
books on the subject, and knows
more about the principals upon
which these matters are basel
than any half dozen men in Wall
street."
President Gunton kindly fur
nished the following carefully re-
vised statement: 1.-The present
revival of trade is the result of
causes, the opposite of which
created the depression which be-
gan early in 1892. Capital is
very heroic when it feels per.
fectly safe, but it is the most
cowardly thing on earth with un.
certainty Or danger in sight.
"I'here are two important
facts that explain the changes of
industrial confidence. One &C.
Cured in 1892, and the other in
1894. In 1892 both legislative
and executive departments of
the Federal government passed
into the hands of a new party.
This of itself would not neces
Sarily have exercised any partI-
cular influence, but for the fact
tnat the specific object of the new
administration was radically to
change the revenue system,
which everybody knew would
disrupt existing industrial and
business relations. This certain
ty of industrial disturbance Great.
ed uncertainty in business every
where. The immediate effect,
therefore, was cancellation of
orders, closing the factories,
mines, and furnaces, discharge
of laborers. and savage reduc.
ton of wages all along the line
until what was first a panic set.
tied down into a sullen, wide
spead industrial depression. I'm
til the fall of 1894, no new in
dustrial event had occurred to
change the current and break the
monotony of solemn depression.
The election of 1894 was an en-
phatic, unequivocal reversal of
the election of 1892, and, conse-
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