Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1896-05-08

There ought to have been nearly
double that sum in order to keep pace
with the annual increase of our popula-
tion and with what would be our
natural and healthy increase of the
volume of business. Unless the aDnpal
addition to our stock of specie money
be made equal to this increase in busi'
ness and population there must be
diminished per capita circulation-in
other words, contraction of the cur
rency. Contraction of the specie circu-
lation in and by which the prices OF
products are measured means falling
prices. With falling prices men pro-
duce at loss, and foreseeing this loss
they curtail production. This involves
dulness aud stagnation, the reduction
of the number of laborers, the bank
ruptcy of farmers, producers, great
lines of transportation, and suf-
fering to all classes except perhaps one
or two.
The salaried offices, as the money he
receives becomes dearer as gold has
done and acquires greater purchasing
power, is helped, certainly, unless his
employer cuts down his salary on find
ing his business falling off nr reduces the
number of his employees. The gov.
ernment employee is rather better OIL,
because the government rarely reduces
salaries. The other class is the creditor
or money lender. Yet it may be doubt
ed whether even this man would not
make his largest and surest profit in
condition of general prosperity when
his debtor could pay him his debt in
whole or in part, and the capitalist
could turn over his money frequently.
"Liye and let live" is not only good
scripture doctrine but wise finance.
1t has been said that the laborer gets
as good wages as ever. This is doubt
full. but the fact remains that steady
occupation is far better for the laborer
than occasional employment at high
rate of wages. 1t is notorious that large
masses of men are out of employment.
How can the farmer or any producer
pay good wages to his lsborers if, by
falling prices, he fails TO make both ends
meet at the close of the year?
Imperfect as the Bland-Allison act was,
vet the addition of twenty-four or twen-
ty-fiye millions of silver money per an
mum to our specie currency greatly i'm
proved the business situation. Every.
BODY was soon in better condition than
thew are now. 1t had been predicted
that gold would quiet the country as a
consequences of the silver law, yet it be-
gan to flow in year by year till the
quantity of our gold has actually doub-
led and trebled. The steady increase
of specie money stimulated production
here. and these products sent abroad
commanded gold as well as other pro-.
ducts of value. All the prophecies Of
evil came to naught. The lying prop
hets, however, continue to prophecy
against silver.
If this system had been allowed to
stand, or had only been changed by the
adoption of the old American system
offree coinage of both metals, we should
have escaped most, if not all, the evils
of our present case. But the republi-
cans in 1890 went on to repeal the Bland
hin and establish the Sherman law, and
in 1898. combining with the present
administration, they repealed the latte
statute without re-enacting the first,
and without giving the people free
coinage. The result has been steady
contraction of our currency for three