The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-04-27

reader may understand the views OF
eminent men representing all shades of
belief concerning this question, The
Tribune will, from Saturday to Satur-
day, present, either verbatim or in sub
stance, the expressed opinions of our
leading publicists regarding 1t. 1nas-
much as the discussion of the silver
question" in this state was formally
opened at Harrisburg. April ., by
Charles Heber Clark, secretary of the
Manufacturers club, of Philadelphia,
we deem 1t fair to let his speech on
that occasion head our list. Next Sat
urday we shall print Hon. Charles
Emory Smiths reply. We invite COM
ment from our readers on these
speeches. Let the important topic be
thoroughly discussed.
Mr.. Clarls's Address.
After some preliminary remarks Mr..
Clark said: The most startling phen-
omenon of our times Is the persistent
decline of the prices of commodities.
This fall has been in operation for
twenty years, and 1t has resulted In
shrinkage of values and consequent
determination of wealth which cannot
be contemplated by judicious men with
out alarm. Two years ago wheat was
worth about 73 cents a bushel; In Oc-
tober last 1t was worth but 53 cents.
Cotton was worth So cents pound;
lately it was sold as low as cents.
Silver was worth 81 cents an ounce;
recently it could be bought for 62 cents.
In 1873 the value of one acres product
of wheat, cotton, corn, oats and hay
was 1855; in 1898 It was worth $S.15-
a decline of nearly As per cent.-and
the decline was continued through this
year. Pennsylvania produced 1S,OOOOOO
bushels of wheat in 1877, and the pro-
duct sold for $24,75O,0O0. Eighteen mil
lion bushels this year would bring but
a trifie more than $4,000, ,0O0-a loss of
nearly SIS, 100000 in one state on one
crop. If American farm products had
sold in 1898 for the prices of 1873 they
would have brought $l50O, 100000 more.
Is it any wonder that our western farm
ers, in despair rush into the extrava-
gances of Populism?
1t Is not claimed that the decline has
been absolutely uninterrupted. The
usual influences have put prices up
and down, but over and above those
influences some one great influence,
operating generally and all over the
world has compelled the ultimate de-
made between fall of prices and fall
of values. If loom is invented which
will weave three yards of cloth in the
time and with the labor heretofore
required to weave one yard, the price
will go down, but the world will be
richer. If conditions be provided which
compel a farmer to give three bushels
of wheat in payment for a debt which
could have been paid with one bushel
when the debt was contracted, the
world will be poorer. In the former
case less effort produces more wealth.
In the latter, more effort produces less
wealth. Business can never thrive
while prices continuously decline.
The Enlargement of Debts.
Moreover, the fall of prices means the
enlargement of all fixed obligations.
The whole world is in debt. In our
own country, in 1890, the state, national,
city and school debts amounted in
round numbers to $4,000, 600 900, or $50
per head of the population. The mort
gage debt upon real estate reached the
sum of $4,000, 900, 900. Besides, there are
the railroad debts and the personal and
other debts. These debts, in fact, are
owed by the people, for the people
have to. pay them. No man can say
an order for commodities produced by
human toll. The debts are paid finally
in the articles which men produce.
Thus, as prices fall, more and more Of
such articles must be given to meet
the requirements of fixed obligations.
Just how this has operated TO increase
the burdens Of the people may be per-
ceived upon examination of these
figures:
The National Debt.
1866 It was. 81, 900 900, 900
Paid, principal, interest and
premium ..................... 4,3ooVU,Vu
about ....,..,................ 100000, 900
Bales.
cotton ...................... 141s4,OOo
Paid principal, interest, -
ETC., in cotton ................ 9i69O,OOO
cents ........................ $1,000, 600
Bushels.
wheat ........................ !, ,OO7, 200, 900
Paid principal, interest,
ETC., In wheat................ 5,O22 900, 900
1894 Balance due in wheat....... 2,054 800, 900
Thus, after paying in cotton nearly
seven times the original amount of the
national debt, the American people still
owe, in cotton, nearly four times the
original debf; and in cotton, wheat and
similar materials this debt and all other
debts are, as matter of fact, paid.
What Causes This Shrinkagc?
1t is of the first importance to ascer-
tain what is the cause of this astonish-
ing shrinkage of values. There is but
one key to the riddle. 1t is found in
the fact that gold is constantly advanc-
ing. No other completely satisfactory
explanation of the problem can be sup
piled. 1t Is a common mistake that
the value of gold never changes, and
because people hold fast to this error
they fail to comprehend this question.
Gold, like every other commodity, is In
fluenced by the relation of supply to
demand. Just now an artificially large
demand Is produced by the demonetiza-
fion of silver. The fall Of general prices
began In 1873, when silver was formally
deprived of the money function. Prices
had been rising through long period
prior to 1873. AS soon as silver was
demonetiZed they started upon down.
ward course, which they have ever
since followed. This must necessarily
have ensued upon the rejection of sill
Yer. For thousands Of years the two
metals have been employed together.
In 1873 one was thrown aside and the
whole stress of the demand for metallic
money had been diminished one-half.
Forbid the use of beef and mutton will
become dearer. Prohibit wooden cloth
ing and cotton will advance In price.
When silver was denied its place among
money metals. gold began to go up.
This Is an indisputable fact. The rise
of gold might have been foreseen and
1t was predicted.
You have often heard the present
standard silver dollar alluded to as q
'50-cent dollar" and a ''light-weight
dollar" You may be surprised to learn
that 1t contains just the same quantity
of silver that the American standard
dollar has always contained--no more,
no less. The gold in the gold dollar