The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1895-07-17
HIFTY CENTs' WORTH on SILvER.

Editor Plain Dcdlcr--Sir: OBJ
lection to u repeal Of the act Of 1879
Is often put III this form: "What
IL the sense OF coinlmg 90 cents
worth Of silver anL calling 1t a
dollar ?" The cuvil betrays mis-
apprehension of the glst Of the
money question.
The act OF 1878 did something to
our money. It made legal recon-
stitution of 1t. 1t had a decided
and far reaching effect. 1t is Gus
tomary to helittlc its Importance
since we were md had not to any
great extent been using standard
dollars. Only a little study, how
ever, will show its continuous and
cumulative and baneful effect on
our industries. Like all vicious
monetary legislation Its first effect
took the form Of a financial panic,
|. e., II sudden fall Of prices. Since
that, and for twenty years now, Its
deadly work has gone on inHn
irregular but progressive and CON-
tinuous price Of all, so that now in
large and general way prices
have fallen to about one-half what
they we're in 1879.
II tho "5O.cent dollar" caviIer
will only stop moment right here
and take in this truth, viz, that a
fall Of general prices one-half is an
increase Of 100 per cent. In volume
OF the money in which those prices
are made, he will begin to see how
his cavil gives away to his whole
cnse We beg him to stop and take
in fully and heartily the bottom
elementary truth of that PROPOSE
tion.
Let him not rush on to a discus
sion of causes till he fairly gets
that truth that assimilated-that
in admitting price fall of one-half
he confesses doubling of the
value Of dollars. Until he gets that
solid he cannot safely go into the
Il . d
/ discussion of causes.
He should also understand that
such an increase in the value Of
money is a very grave misbehavior
for we NIL agree that stability OF
value over periods Of time is the
] chief excellence of money. No
matter what may have been the
cause Of that misbehavior, If the
fact Is so. 1t stands iinpeached for
grave defect in its high Office Of
price maker.
Our "5O.cent dollar" caviler nj
this time will be impatient to rush
4 into discussion Of causes. ! shall
remind that he cannot show
that money lias not "really"
doubled by explaining justhow It
\ came TO do so. When he has told
,jus alI about inventions, expansion
of culture, progress in the arts and
economies Of production, he has not
explained away or converted the
fact of that misbehavior into good
thing. Babies must be born, rail-
! rogds and machinery will be built
snhshine and rain, industry and en-
terprise, increase efficiency of labor
and the agencies Of production and
all that must be. These things are
inherently benificient. On them
should not be cast the blame Of
this misbehavior Of money In its
supreme ofice Of being an instu-
ment Of appraisement and constant
over periods OF time.
A money constituted by law 81
that It cannot abide all this proud
progress without doubling itself ul
Ms u measuring tool confesses iii
untitness for progressive and pro-
gressing people.
This clam0r arrOgatlng honesty
and. soundness for money that llas
doubled In valne the last twenty
years deserves the execratIon o.
decent men.
Improved prices that come By
short supply Of products Is not good
Ifsuch shortage comes from Gu usei
over which We have NO control, W.
deplore It as calamity II b,
artificial limitation Of output WI
condemn II as criminal. What th'
world wants is good prices will
abundance. Those who stud0usl!
ignored money as one factor o
price effect to think that abundance
uf commodities necessarily lowprI
prices. IT Will not II money he
Z comes abundant parl passee
Comes the cry from money cenfrle
that gIsla tt0n can have no efIec