Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1895-05-24

United States treasury notes were Is
sued to the amount OF Siah. 1881, 002, and
there were many people who believed
that this was making n material and
permanent addition TO the volume OF
our currency: but tho Official records
show that during the same time the
net exports of gold from this country
amounted TO tiOS.4l9,igl. 80 that the real
addition To our circulation accomplished
by the issue of nearly Sl56,OO0,O 900 OF
new notes WAS about So, 900 during
"A period Of more than three yenra
The mere apprehension that tho gov
eminent would not DO able TO maintain
the purity of tho two metals under the
policy iuaugurated by that act, not
only discrcditcd tho new TREASURY uote7
themselves, but the whole volume of
our currency, and gold went Out ABOUT
an fast as tho new notes came In.
While, therefore It Is not NJ all certain
that free coinage would ultimately
mako any considerable addition to our
circulation IL Ia absolutely certain
that II would give ug q deprecated
and nuctuntlng currency, and the queB-
tion Ia whether the producers OF cotton,
wheat, corn, beef, pork. oil, lard, cheese
and other cxportablc articles viii be
benefited or injured by such result.
II IL an axiom In trade that the prices
of cNportablo products nro fxed In the
foreign mnrket where the surplus "
sold. and are nXod In the currency OF
that country according to its nominal
value there II sold In England, Tor
illustration. tho prices are fixed ana
ana not In dollars and cents, and. con-
sequctly, IL makes no difference to the
foreign purchaser what kind OF cur
rency the producer has Mt home. The
character or value OF the currency In
use In tho producing country does not
Ill. .aN.s a
TO any extent Whatever Tor the put-
chaser there trades In his own market
and uses his own currency Ia meaBur-
Ing values This establishment of u
silver standard here could not possibly
Increase the price OF cotton or wheat
or any other American product In
Liverpool, London, 'l'arH or berlin.
whatever effect II might have upon
the nominal price IN this country. II
our monetary ayBtom were 30 changed
that II would require two dollars TO
purchase here the same quantity OF
commodities that ono dollar will pur-
chase now, II would not affect the val
ne or purchasing power OF the EngllHh
pound sterling, the French franc, or
German mark IN tho least Tho only
eject would be that the exchange
would be doubled, and the pound ator-
ling instead OF being worth Si.SGB IN
our currency. Ms II Is now. would be
worth ffiiNat hlll Nnfn NuT DtVltt
wanted TO make n remittance TO pay
. debt abroad they would have TO pay
twice as much IN our money for the
Hnme number OF pounds az they pay
now, while the foreigner who wanted
10 make u remittance 10 pay a debt
here would pay only hair aa much In
his money for the same number OF dol
lars as he pays now.
But tho exchange would be In
constant change OF fluctuatlon, Just
as Il has been between Great Britain
and India on account OF the changer In
tho prices OF silver from day to dayi
ond the American producer would be
compelled to pay for the risk taken on
account OF the fluctuations by receiving
a less price for his cotton, wheat,
beef. and other articles The farmers
and planters do not export their own
producta hut they sell them at home TO
somebody else who sends them abroad.
and n the exchange ~ steady and the
money IN which he IN TO pay for tho
products has a fixed value relatively
10 the money In use In the country
where he expects 10 sell them, the pur-
chaser can afford 20 pay the highest
price that would leave him n reason
able margin OF profit In view OF tho
conditions existing In the market
abroad In other words he has TO In
cur but one rl5k-the possible fall In
the price OF the products abroad; but
n the currency here IL deprecated
and fluctuatlng. II our money has no
fxed and certain value relatively 10
the money In use abroad where nc er-
poets to sell tho products, there In an
additional risk TO be incurred which
will have great influence in dcterm-
lining the price he can AFFORD 10 pay this
producer. in addition TO the risk OF a
fall IN the price OF the products abroad.
he must incur the risk OF rise In the
price OF silver between the time OF his
purchase and the time when he re-
celves the proceeds OF his sale for n
silver rises In the meantime he may
not get back as many dollars as he
paid out
The producer must pay for both OF
these risks by receiving a smaller price
for his commodities. and hence his
prices Will never Increase IN proportion
TO the actual depreciation OF the
money in which they are paid. To IL
lustrato my meaning, when silver IL
worth 90 cents per ounce the bullion
contained IN a silver dollar IL worth
fG.4 cents, but n the price OF silver
should advance TO G2 cents per ounce,
the value Of the bullion contained In
n silver dollar would be IS cente-nn
increass OF nearly IL per cent. Now,
the price OF cotton or wheat VIII not
rise IN proportion 10 the depreciation
OF the dollar in which 4; Is 10 be paid;
that IL, the purchaser for export win
not pay for II al the rate OF 4s cents