The times. [volume] (Richmond, Va.) 1890-1903, 1895-06-19

that is described in tho terms OF money.
Ills commodity. when II Is produced. Will
pay much or little debt accordingly az
men need hts commodity and there IL
scarcity Of IT, When there Is 70 mucn
so-called money that II has lost part OF
its value, a debtor will get more OF IL Tor
his commodity than when II has the true
value OF money But all that has been
done In that case is 10 cheat his creditor
ont OF part OF what belongs 20 him. ana
10 bring on the country the wtIl-known
evils of inflated and debased money
Richmond Times.
How about the cheating OF the debtor,
when money is made scarce by the crcdl-
tor and he holds ard boards II until ne
forces the producer TO part with his COM
modify 10 his creditor al less price than
IL has cost him to produce itY when a
virginia farmer VINO is In debt pays MS
creditor with wheat at 20 cents per bushei
that farmer has not reduced his Indebted
ness IN the least If he borrowed 80
with which to make fifty bushels or
wheat his crop OF wheat AT 90 cents VIII
not pay the debt with the interest added,
whereas II money had not appreciated
ana reduced wheat TO price lower tnan
the cost Of production he could have paid
his debt and had $3.50 for his labor. me
godbug is the last man In the country
that should say anything about cheating
ana about the honest dollar. lie has
secured all appreciation Of the gold dollar
BY fraudulent legislation. and has doubled
the mae biedncss OF his debtor by forcing
him to pay twice the quantity OF his com
modify for each dollar he owes
We despair OF ever getting men VINO
think as does the writer OF the above to
understand that the price Of wheat Is
controlled by the supply Of it and the
demand FOR 1t, but the occasion may be
useful for impressing this lesson upon
n Fttffr I1x~c
wheat had been lower for some time than
II ever was known. and yet during all
that time money was the most abundant
thing in the United States. The reserves
Of the banks were larger than they were
ever known and the rate OF interest for
money was at its lowest point, yet wheat
steadfastly kept down.
But within the past sixty days the I'M
preston got out into the public mind that
the coming crop Of wheat had been very
much cut short. and we have seen it go
up more than fifty per cent. while the
amount Of money in existence remained
just as it was. The same happened with
cotton.
When there is money enough in coun-
try to answer the needs OF exchange,
more money can be Of no possible use
1t may become so abundant that men Will
lose appreciation Of it. in which case IT
viii depreciate In value. Prices VIII then
rise nominally, but II will be only a nom
inal rise. a bushel Of wheat win exchange
Tor no more corn than before the rise
The real thing accomplished Will be n de-
probation In the value Of morey. ana
not rise In the value Of commodities
How much money is needed in 2 coun-
try no man can say. hut he can say that
IL Is UNNECESSARILY less than is common
~ thought Business is not done by pur-
chase and sales Of commodities. Though
IL goes through the forms Of sales. II is
really exchange Of commodities. me
railroads. the mails. and the telegraphs
are the methods by which these exchanges
are made. As they are improved and in
creased the needs for money come TO an
end What we want. then is not more
money, it being more abundant now
IMAM anything else, but confidence that
It's value Will not be impaired. and All
possible improvements in our transporta-
uon facilities. and freedom to have our
state banks where farmers can get bank
ing accommodations