Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-09-03


aging, but ne pays the $625 received for
his 500 bushels OF what, and still owes
S2,625. Again he p,ows, sows and
reGpS; the golden grain s On the way
TO the market; it IS only worth a dollar.
II VIII take 1925 bushels 10 pay the re-
m@luder CT mis- debt. All he can do is
90 Pay the $500. He now owes in dol
lars 2125. II prices 90 not get any low
err he can pay il off in about four years.
Another year of toll. and wheat IS IS
GEMS and he finds that he still owes in
wheat 1883 bushels. His 500 bushels
only bring him $375. and when he ap-
plies that he is sin in debt S1,750. An
other year O. $ 5d--ime and harvest and
wheat is worth 30 cents, and with sink
ing heart lie ficdS Ji3, n now owes
$500 bushels OF wheat; and Wlen he
applies The pittance OF $3.50, which rep
r5ssnts the entire income Of the farm, he
owes in dollars $500, but in wheat s.
600. When he began his debt was $500
bushels CT wheat; he has paid 5000 and
sill owes 5000. In this Illustration l
have TAX q no account Of the interest
from year TO var.
There is something wrong with a sys-
tenn Of finance that will permit such
Gang 10 occur continuously for series
Of years. Buc to change this, we are
tc.d, would be reputation.
As TO CAUSE.
There ara some people who Still in
ssJ tha, all this fall is the result Of
cverprCdUcdon and diminished cost OF
vi H.
sve-ed by he fact that during periods
Of The coUutry's history, when product
i've processes wsre most improved, there
Yves no reduction in price; and that since
1873 there has been no great or unusual
.urrov men, in industrial processes. In
Errn= this .Xp,anaCCn is not accepted
M ali. Tn 1888 Mr.. GOschen said the
fall i0 ur.c-s since 1873 was probably
the result OF an increase in the purchas-
tvy power Of gold In 1879 Mr.. Griffin
ana Prof. Rogers, both high English
eu-1o-.-v. expressed tAe SANE view. In
feet SD srest is the We ght or authority
.cafns. his OverprOdUc-.On ana dlmih-
i-ael cost argument that l. makes one
f--l 7bou, as foolish 10 aattempt TO DIS
prove f as 10 enter into an elaborate
errr-e1r TO prove that two ana three
make five. 7. is impossible for any such
economic paradox as CyerproducIOH ~
ey.s, when so many p=CDl= want oread:
Tie increased purchasing power OIL
sold is sill further shown by the idC~
-b4- after The demonstration OF silver
E. did no, % any appreciate extent
change lis relation TO other comm0dl-
lies. In countries where silver IS the
s-s1fard. and everywhere, in TACT, the
purchasing power of silver mas not ma
te-i3lly changed. Silver VIII buy anou,
as much of The staple commodities az IL
did before. Of course mean silver used
rs silver al its commodity value. Ihls
fac has enabled England since 1913, 20
bry orr silver G. lsss than One-haf
what +, was in gold for a hundred years,
coin il into ruDees.and buy just as much
of the staple commodities in India as
She could before. and thus bring into
di~ec- c5mrsti.iCn with us midas cheap
labor.
You know tt5t I en- @ pro,ect,onist,
but it is worse than idle TO talk about
protection aga.nsc such trad conditions
as that.
/ have been. SO fer, considering gold
ami silver as commodities in the mar
l-sts Cf the world and The influence their
money use has upon their value as such.
To Ccnsid-r these metals with the money
qualities applied limits the investigation
10 one country in the main. Gold and
silver are commodities not differing in
any essential particular from wheat or
b - o. hha o i
i,.es that convert them into money.
These legal qualities cannot eXis. outside
of their own territory.
THE MONEY LIMIT.
II is recognized that there must bel
a limit of some kind 10 the amount OF
money. that il will no, DO 10 create mon
ev in unlimited quantities; tina, there
mus. be some more or less stable rela-
ton between the money and the demand
for il. One way is TO select some COM
modify that is limited in its production
and give that the money quality. The
other way is 10 select something that is
practically unlimited and limit by law
the amour, of il 70 which the money
function shall be applied.
Geld is now an example Of The first
method. and paper money Is an example
OF The other. Prior to 1873 gold and sill
Yer were both examples OF the first meth
cd In thar ye5r Congress took away
from silver the Limitation provided BY
natural production and limited its money
use by law far within the amount pro
duced. In this particular that act put
f. in The same class with paper money,
with q legal limitation.
VIVA. is meant by unlimited coinage
Cf silver and gold is that no limit by law
shall be pm, upon the amount Of either
tla may be coined into money. but that
she limi, shall be left entirely TO depend
upon the quantity produced. This has
been found practicable. because. as l
have already shown. both together have
reva- IN the history Of The world been
found Suffici5p, 70 supply all the differ
Cnc countries with sufficient metal for
them 70 make all the money they need
ell. In Amos, every country the def
ciencv has b5en supplied by the second
kind Of money.
Some people. who know nothing al all
ab0u, these elementary facts and Drin-
ciples CS monetary science. talk about
making money out Of glass. iron. etc.
and think ,hev have said some hing very
smar,. when. n fact. they have only sue
Cse Gei IN exposing their ignorance Of
the whole subject. SuCl talk does not
deserve an answer. The money func-