Crittenden press. [volume] (Marion, Ky.) 1879-1907, 1895-05-02
only half that quantity was raised, the

only half that quantity was raised, the
demand remaining the same?
In considering this matter it should
be borne in mind that an appreciation
of gold, and general and continu-
Gus fall of prices OF commodities are
convertible terms, that just as fixed
amount of gold enhances in value
and buys more pr 'perty, so will it
take more property to buy the fixed
amount of gold; a given am cunt of
property declines in value just as its
lchasing medium, gold, enhances.
For a long time the truth of the
proposition so emphatically asserted
by the bimetslists-that the pressure
upon the existing supply of gold was
increasing and that gold, consequent
ly, was increasing in value-was dis.
puted by the monometalists.
If the monometalists in the outset
We're committed to anything, they
were committed to this, that there was
no serious difficulty about gold, or in
other words, that there was no embai-
RAISING, extra demand upon gold in
relation to the existing supply Of it,
and that, consequently, the present
general fall in prices should be attn.
buted, not to any charge in the value
of the metal which forms our only
standard of value, but to an indefn-
lite number of other causes, happen
ing, somehow, all of them. at the
same time to work together in the
same direction. Silver, they said, was
going down in value. Other commo-
di.ies generally, they admitted were
going down in price. But gold, they
maintained, was practically steady.
Now, however, there are not many
intelligent monometallists who would
care tn identify themselves with the
main tainance of such statements.
The effect of this rise in the purch-
asiug power of gold, and correspond
ing fall in prices, Is plainly beneficial
to the large money holders, and just
US plainly detrimental to the debtor
and producing class of people; the
weight of their burdens is increased;
the debtor pays more and the creditor
receives more, had there been no ap-
probation of gold. People in paying
debts have to pay dollars, which each
represent greater quantity of COM
moditles, greater quantity OF the re-
suits of human energy, than was the
case before silver was stricken down
and gold began to appreciate. For
instance a contract was made five
years ago by farmer to pay 8 years
hence 81, 900. At the time the con-
tract was made wheat and other pro-
ducts of his farm were worth 80 per
cent. more than they are today when
the debt Is to be paid; it is clear that
he will be compelled to part with 30
per cent. more of his products than
he inrended by his contract.
This increased appreciation since
1873 is caused solely by laws which
ruptured the link b tween gold and
silver that had existed during the en-.
tire historic period, to the manifest
convenience and good of the whole
world. This legislation, by cutting
off the demand for .6ve-sixths of the
silver production and throwing the
business exchanges of the world upon
gold, has vastly enhanced the value
of gold, AZ measured either BY silver
or other commodities. The universal
fall in prices steadily in progress since
1873, can be ascribed to no other
cause than the appreciation Of gold.
The brief periods of stagnation &C.
curing occasionally from over specu-
lation, over trading, bad crops or 9th.
er causes, are easily explainable aud
correct themselves, but nothing less
than the restoration of silver to its
proper position as money metal can
check the appreciation of gold; or, in
other words, the disastrous fall in pri-
ces which paralyzes industry today
throughout he world, and is full Of
torebodings of widespread and immea.
surable calamity, as well as Of peril
to the entire social fabric.
Argentum.