The American guide., 1896-10-17
Lower Prices.

"As to the law OF lower prices In commod-
itlcs; 1t is natural and constant, and not
harmful, owing 10 the superior facilities Of
production, through invention, cheaper
transportation, u better knowledge Of ng'
rlculturc and more skill all the time to make
available In production Of all tho free forces
Of nature, Nature works for nothing, The
price VI products goes down In eonses
quence, But natures forces can do moth
ing unless combined with mans crortE
In prices, therefore. now absolutely re-
auced, wages tend all the time to larger
element than what goes out OF the game
lower pricGs to the capitalists The only
uncr0us elements In production are labor
and capital. out OF the lower prices wages
get larger and larger proportion and
capital a loss and less per cent THIS law
perfectly accounts for steady or rising,
rates IN wages. while prices are going
down. And while prices are thus pcrccpt-
ibly declining, and farmers and other cap
ita!ists are getting less profits than before,
arc thoy not naturally and fully compcu-
satcd by cheaper commodities to buy, aud
wider markets to sell in2
"from my economic standpoint Of view,
there can be seen In certain legislation Of
tho last % years u potent primary cause Of
the present conditions Of discontcnt But
1t is not necessary TO talk about that At
this time.
Good Money or Bad'
"The question to-day Is; Which shall
IA nrmcrs and all good citizens OF the United
Stutcs maintain and circulate - honest
money or dishonest money, good money Or
bad money!
'ilrnn Ccrnusrhl, recently deceased and
long known as one VI the leading bimotal.
lists Of Europe, said
"'rho melting pc, Is the test Of coined
money. and that Which loses value In
melting Is bad money and that which does
not is good money
"Farmcrs and all other sensible folk
shoull demand. when they buy money
with their products or services, tho high
sst standard and quality Of money. And
N gold and silver are to be coined freely
and In unlimited quantities by the United
States, then equity and honesty must IN
slst that!
many quantity OF either metal in the
form OF bullion mus, he Of eNnctly the
same value as the same quantity Of the
uame metal In the form Of coin
nut II the unlimited and free coinage OF
silver ut the unphilosophlcnl, Illogical ana
false ratio Of sixteen 10 one II to be In
rtltutcd and silver thus made legal tom
Ger at a mint and coin value which IN twice
its bullion value. this basic principle Of
rightful coinage will have been nhrogatcd
and dencd, Under the operation OF the
Gresham law. gold will disappear from
the channels Of American commerce and
silver Will take its place, All that we sell
Foreigners Will be paid In silver, and all
that We buy from them Will be paid Tor
In gold, and we also will pay tho premium
on that gold. In short, we Will be none
tarily Mexloanlzcd, and no class viii suffer
SO great n proportion OF the calamitous
loss which this will cause as American
farmers
Money and Prices.
my Views are thoroughly In accord with
those expressed by Mr. ]. achoenhof In
his very valuable book on "fhc History OF
Money and Prices
THE quantity OF money In circulation
1oes not determine prices Of products and
commodities. Prices go up or down be-
cause OF inherent qualities In commodities
The conditions regulating prices are de-
iermined by tho forces engaged In pro-
iuction and distribution, Manufactured
articles have declined In price during tho
last nvo years on an average OF about ~
ser cent This doolrc Is the result OF econ
Dmy In production. Science has made Ia.
Dor more productive. The Yield per day OF
individual effort, In many branches OF agrl-
culture, Is three. four and ten times that
Of former periods. Yet wages have dou-
bled and sometimes treblod, while the
purchasing power OF money has been either
or Increased In much less de-
gree. Prlcea have declined and wages
risen logically because OF this develop
ment OF improved production. High wnKes
and low prices are eopartners. They faith
fully represent the Increased skin and
productive power OF the wage.earnor
Blamcs Overproduction.
And tie guardians OF the gate said