The Providence news. (Providence [R.I.]) 1891-1906, 1895-02-21
FIFTY CENT WHEAT.

European money owners, 30 years ago, met
II. COZ ference. and decided that IL was 10 their
interest To reduce the volume of the world 5
money. The quantity OF gold in the world
WAS practically equal. 10 the quantity OF
silver; aud IL was a matter OF serious discus
sion whether theyshould destroy gold money
or silver money. AT that time l0J cents OF
silver. In the United States, would purchase
l03 cents Of gold. The conference finally de-
cided that IL would destroy silver as money
metal.l
The amount Of the worlds silver and gold
at that time, in round numbers, was seven
Thousand million dollars, thirty-five hundred
Imi,lons OF gold and thirty.hve hundred mil mil;
as mgpey metal would, ut one:blow. destroy
o9s,Lalt iAe price OF all other forms 5ns
peopr IS or nations who were in Gebt
would have their debts doubled in effect and
all money lenders would lave the value OF
their incomes doubled. On the other hand.
the farmer, in, order to buy his tax receipts,
must now give two bushels OF wheat 10 the
dollar Of taxes. at fifty cents bushel, when
formerly he gave one bushel 10 the dollar OF
tax when wheat was selling at n bushel.
As the. plans OF European capitalists were
accom- nplished in one country after another,
prices of The worlds property began to fal
as had been expected. One debtor country
after another became bankrupt. like Argen-
iina. Australia, Egypt, Turkey. Greece, Spain,
Italy. Brazil, and suffered from panics, trade
dep ession aud commercial distress, as seen
in the United States and throughout the
world.
The great obstacle 10 the accomplishment. OF
the plans TO demonetize silver, wac encoun-
tered here In the. United states; and IL was
not until November, 1893, that the resistance
was finally overcome, by the passage of the
bill 10 repeal the silver Purchase Act.
he country has now had over a year in
which Go feel the effsots.of the further decline
in property and produce, and the Liquidation
naturally resulting from this repeal; and,
with prices now appro xinlatrly at an cquillb-
rum wiki the reduced volume Of tue worlds
money. the probabilities are tnat we have
reached near 20 bottom, and have establi, he'd
"a new basis upon wllic.s nusiness may safsly
be transacted. The difficulties which the
change uf money standard and tariff revision
has caused the Government Treasury, may
for a brief time omplicate and sprolong. for
this country, the conditions resulting from the
great hnancisl revolution which hns taken
place throughout the world but, as the pairic-
cally unlimited, and nave ever proved supe-
rior 10 all emergencies, the EN- bsrrassment Of
the Treasury Department at Washington can
be but tenn pora1y ut the most.
The great figbt for the destruction Of silver.
as money. and the consequent reduction OF
the wOila's volume Of money, l. at an emil In
The important commercial ma ions. The strug-
gle hereafter. II any, will be To remonetize
silver. corresponding prices for property,
products, securities, 81 ocA OF goods and wages
for labor, are rapidly being established on the
new gold basis, and will now again become
subject 10 the fluctuations of the ordinary
laws Of trade; namely, accretion from naiur /
growth, depreciation from the introd uction OF
new ~ ocssses, md To tnnt great control or OF
price,, on liked monetary oldiions, supply
and demand.