The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1896-09-18

This will be better underst0Od IusfrafOn Sun
pose all the gold In world DESTROYED except
me gold In one thousand gold dollars Aud under these
circumstances the demand for gold would remain az
what II il now-with nations scrambng for IT, nations
counties cities and corporations Issuing bonds 70
il. billions Of dollars payable in gold and the dnan
clal system Of many governments based thereon
single one OF these gold dollars OF these thousand gold
dollars left In the world would buy the State az iii
noss. Applause. and voice. THAT is pan'D
EFFECT or THE ACT OF 1873
With the strain thar had Heretofore been shared INV
both metals shifted by the 1873 ana snbseouent
legislation on TO gold as our only primary money with
silver reduced 70 the position OF token money no longer
coined at the mint and handed back person bring
INK the metal but purchased with gold by the govern
ent ana coined into token money presen the dearer
metal there came rise in the value OF gold. The duty
that had Heretofore devoved on both metals was ner
formed by one The debtor longer to have the
fiSht TO regulate the demand. The law was 10 fix IL
with the resumption specie ayment 10 follow IN 1s7o
on gold alone Silver longer cut any figure in
our monetary system primary money Thereafter
When value was expressed in OF money. II was
20 mean gold or It's equivalent. The that
had heretofore. walked legs now TO under
Ike the difficult task Of walking one leg
Ana silver was degraded TO the position of base coin
ind used as token money represent gold came
me rise in gold The demand for II doubled and the eff
iect was that IT, and the money representing it, bought
more and more property. the demand for it increased
But as il increased in purchasing power exchanged
pie value we continued TO refer to IL 5 n dollar.
If all the gold in the world destroyed except the
gold In single gold dollar only law for making
primary money called for the gold in that gold dollar
a. the only money and standard Of value would still
call II dollaras measured in itself IL would be dol
lar. but measured in exchang value prop
erty it would buy the hemisphere so the dol
lars rise in value expressed In relative with
other property but do rise in value expressed
themselves.
DISTRESS THE RESULT
The effect of this change in our law only be under
stood by following the result of the appreciation of gold
or the thingt fall prices Price the
value OF property expressed In money And the value
OF property compared with money has declined Gold
and its equivalent has up. The equivalent has fol-
lowed the gold the tail of the kite follows the kite
Property seeking the market has purchased less
less money And what is the effect OF all this
prosperity of the American people?
n DEBTS.
We are a credit people. We seem never to have had
enough money do business cash basis. We have
perforce been compelled do business credit. The
merchant buys of the wholesale house credit. The
wholesale buys of the manufactures credit The
volume of money does to be large the vol
ume Of business To give employment TO labor and to
construct sanitary and other improvements. cities
counties and States have issued millions of dollars Of
bonds. all payable a long time in the future About
&c 900 of railway bonds have been issued say
nothing of bonds issued by private corporations and
notes and mortgages executed by tens Of thousands Of
our citizens The nation result of the issued
bonds for s2,7OOO0Oo0o These debts individual cor
porae and government. have been made payable from
thirty days to forty years in the future
we are credit people % per Of business,
!, has been found has been done credit These debts
call for payment in dollars. They debts payable
I'm property. The property must be exchanged for dol
lars with which to discharge the debts
Falling prices require more and more property to pay
the debts debt contracted late 1884 for SlOOu
could have paid, had wheat not declined In value
from thai date. with 1000 bushels of wheat But WITH
the declining value Of wheat in exchange for gold dol
lars or their equivalent 1t requires 1000 bushels Of
wheat to pay the debt of $1,000 The effect connsca
ton Of property Of the man who executed the pote
for 600 unless he can by extraordinary toii ana In
creased capacity Of his farm raise the 1000 bushels OF
wheat
with falling prices the merchant with goods on h's
counters purcha months prior has had TO marx
down his prices meet the prices of his competitor
who purchased goods yesterday. Manufacturers, VINO
purcbase raw long twelve months before
turning out finished fabric. have found that falling
pces have away the profits they would otherwise
have made SO that through long OF falling prices
business have been compelled to contract debts tey
otherwise would not have had to incur II the mer
chant had not marked down his goods, to meet falling
rcos no would not have been compelled 10 go 10 his
hank 10 borrow money. II II had not been for falling
rces and resulting depression In business more taxes
rou,d have been collected that have been shirkcd or
no deiinouent and cities States and counties would
/ not have had TO bonds to borrow money. CAP
! plause) ,.
THO debts OF this country, national State county. munich
,aI corporate and Individual In 1873 was about 10000
noo 600 They are now concededly $30000000o0o and
mucb farer and impartial estimate OF them Is SiO-
600 OO00OO At $4,000 100000 what does II mean? Some
,dea NAV be formed OF their magnitude when say that
the total assessed value Of all the real and personal
i'm United States by the census OF $780, is
little over s24O00o0oOOO We in debt people. to
the money lenders than the total assessed value
Of all our property The fair cash value (estimated Of
all the real and personal property In the United States
$50 O0O0OOO0 1t is fair to that all that property
sold under the sheris hammer for cash would not
than pay the debts Of the country.
We are naturally, prosperous nation and this great
evil Of rising price OF money and the falling price Of
property gradually brought to the condition that
now exciting the apprehension Of all good citizena
What Is effect? What is the effect Of this enhanced
value OF money-these dear doarsand the inability Of
the producers Of wealth and the OF property
exchange their products and property for money with
which discharge their debts? What il the effect
civilization? What Is the effect the happiness OF the
people, The condition thus brought about by the
HANGED value Of gold and dollars made Of gold. Is to
make these debts great destroyer, great reaper
dawn fho Of ppOpp. DcDriv them