The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-05-24
GOLD IN THE SOUTH.
Continue; from First Page.

clothing had fallen - per cent. fuel and
light nearly "a per cent, metals and in
PIGMENTS s. per cent. lumber and build
Ing materials nearly - per cent, drugs
and chemicals 81 per cent, house furnish
ing goods = per cent. and miscellaneous
articles 10 per cent. The prices Tor tie
year 1850 being taken as the ssandar~
were represented by 100. When this in
vestigation was made. in the sss, articles
of food stood AT 1883, or nearly per cent.
higher than IN $3.50; clothes and clothing
al Sill. fuel and lighting al ~. metals and
implements 74s. lumber and house build
ing materials at FEB. drugs and eneml-
Gals at S.3. house furnishing goods Io.l-
and miscellaneous articles at ISL
The prices OF articles of food, the pro-
ducts OF farms, gardens. orchards ana
diaries, were about per cent. higher imam
In $50. long before the silver legislation
now complained OF. The fall in the prices
OF these farm products since 1918 has
been much less than the fall in the prices
OF the commodities the farmers have 10
buy; and the reductions in prices have
not been uniform. and therefore cannot
be attributed TO one cause-to the appre-
citation OF gold. for instance. Notwith-
standing the great increase in the pro-
duction of cotton and wheat, here and in
other countries, and the consequent
decline in their prices, given
quantity of either OF them viii
not purchase IN our markets and
In the markets abroad larger
shsSe OF many other useful commodities
than IL would have purchased in 1872 or
1913. so that, in fact. as compared with
many other things. the values of cotton
and wheat have appreciated. The only
thing which has been less affected by
the changes in the relation between sup
ply and demand, by improvements in the
methods or production and distribution,
and by the other influences which produce
fluctuations in prices of commodities gen
orally, is labor. and il is by far the most
important single source of income pos
sessed by our people. a much larger
amount being expended every year in the
payment of wages than for any other pur-
pose. II the alleged depreciation of gold
alone has caused a reduction of prices,
the wages OF labor, the greatest commo-
city in the market, should have fallen
since 1913. but exactly the reverse is true.
The investigation found wages nearly 81
per cent. higher than in 1860 thirteen
years before the silver legislation, and
more than per cent. higher than in 1873,
when that legislation was adopted.
Inc policy of maintaining, or rather at
tempting TO maintain, the so-called
double standard never succeeded in keep
inS so large an amount of full legal ten
DER silver in circulation in the world as
there is at the present time, and one OF
the principal reasons for this is that the
erect or the policy was to drive first the
coins OF one metal and then the coins OF
the other into the Golfers of the hoarders
or INTO the melting pots because they
were underyalued in the coinage laws
ana would not remain in use as money.
Other monetary statistics show that in
the soid standard countries of the world
the STOCKS OF money are much larger per
hn In
tries. In 1884 the stock of money in the
United States was over SIS per capita. i'm
the United Kingdom nearly $50 and i'm
Germany nearly $40, while In Mexico the
per capita was A.n, in Russia and Fin
land $50. and in China 1896. The gold
standard countries use large amounts Of
silver as money, and can do so for the
reasons L nave endeavored TO explain
but the commercial nations of the world
40 not now require the same proportion
OF metallic money in the transaction of
their business that they did a century
ago. Credit has been vastly extended
ana the use OF paper in the form of notes.
cnecks and bills has almost entirely
displaced metallic money in the daily
business of the people, and so long as
these forms of credit are kept equal in
value 20 the metallic standard. the effect
upon. the prices of commodities is pre-
clsely the samesas If the whole volume Of
circulation consisted OF standard coin.
one or the most effective arguments
maze by the advocates of free coinage is
that the people are in debt. and that IL
is the duty of the government to relieve
them by such legislation as will enable
them TO procure cheap money for the
purpose OF discharging their obligations
This argument comedies that under the
proposed system of free coinage at. the
ratio OF l6 to l all the various kinds of
currency In use by the people, including
the silver dollar itself. would be
worth less than 1t is now. for
OF course. If this is not to
be the result money would be no cheaper
than 1t is now. The Indebtedness of the
farmers, mechanics and other laboring
classes OF our people, although large In
the aggregate, is quite small in COMPARE
son with the whole Indebtedness OF the
great railroad and manufacturing cor
porations, insurance companies, building
associations and other organizations en-
gagged in financial and commercial enter
prises. These organizations are Indebted
to the people many billions OF dollars.
and, therefore. the debts cannot be set
off against each other and eXtinguished
in that way. I deny that there is any
such thing rs a distinct debtor class in
this country, for Yearly every one owes
some debts, large or small: nearly every
one has also some debts owing TO him;
in other words. he is both debtor and
creditor.
Fully 21,o00O0o of our people. generally
poor, or a; least people OF moderate
means. have given credit 10 these
great corporations and companies, and
in my opinion II would be a grievous
wrong to adopt any policy which would
deprive them OF me legal right 10 demand
and receive just rs good money az they
vi "a al he RSnRS-
It's In the banks or paid the premiums Of
their insurance policies. The hard-earued
savings Of the poor ought not TO be sac
rifced 10 the avarice OF the wealthy
mine owners or the ambition of aspiring
politicians. and IL the people who have
substantial interest in the welfare Of the
country and a lust appreciation OF their
responsibilities as citizens will exert their
proper influence in public affairs this
great wrong can never be perpe trated.
The United States should go entirely
ont OF the banking business by the with
drawaI Of its ARBITRARY and compulsory
issues 30 notes. and afford the people
an opportunity 10 supply their own cur
rency. based unon their own means and
credit. thus enabling every community
70 utilize it's own resources when ntces-
sary. and adjust the circulation from
time 20 time 10 the actual demands OF
legitimate commerce. In the meantime
our highest duty is 70 preserve The pres
ent money IN circulation among the peo-
pie, whether Il be gold or silver coins,
or paDer based upon them. equal I'm pur-
chasing power. 50 that no discrimination
will or earl be made between those who
receive silver Or paper and those who
receive goIi. \ great government should
do nothing TO discredit its own obliga-
tions or diminish the value OF the money
IN the hands Of is citizens, nor should
the people Of great country ever con-
Sert "a the ABORTION Of policy through
exnerfrr7 entail financial legislation or 9TH