Smyrna times., 1896-10-28
AFTERNOON OCTOBER %, 1896

government contracted a debt with
certain amount of money in circulation,
and then contracted the money volume
before the debt was paid, it is the most
henlous crime that government could
commit against the people"
Preclcely the same injustice follows
private debts as though they were
public.
Twenty years ago a farmer having
80, 900 cash boughta a $4,000 farm, Civ
ing So, 900 mortgage for the amount
due. Observe that the farmer and
the mortgage holder have an equal
interest in the farm.
But prices kept falling q. e. money
Kept rising) and the farmer having his
hands full to raise interest, taxes, etc.
could not take up the principal of the
debt. The price of land fell along
with other prices till this farm was
valued at only $4,000. The seller has
1t back together with all that had been
paid. The farmer has-just 20 wears
of valuable experience.
L am aware that some will dispute
that our currency has been contracted
at all.
Government officials of the gold
standard persuasion have figured out
that we now have a greater per-capita
circulation than We had in 1866, when
a bushel of wheat on pair of boots
sold for about five times the present
prices.
If this is true how did we increase it?
Was it by closing the Government
printing press against fat money and
then destroy a portion of that had
been printed? Was it by closing the
mints against silver? No this increase
Is achieved 8" on paper by calling a
portion of our money of the COS
rags" and leaving it out of ac-
count, while all the gold ever coined
and all the notes ever printed for
National Banks are treated as though
they were still with us in actual cir
culation.
Jewelry factories ETC., are constantly
away at the gold currency.
much OF it is exported and all the rest
boarded.
Much OF this reputed bank note cir
is also not circulating for
want of borrower. Bankers can well
afford to keep a surplus of these notes
since they draw per cent. interest
from the government from the bonds
securing them. Our per capita cir
culation is variously estimated all the
way from So to $24 We can form an
opinion for our selves as to which ex-
treme is more nearly correct. Anv
one observing the money passing in
business transactions will
nnd an average about as follows out of |
$4,000 Gold 81 Bank notes S14. 90 |
'Greenbacks" SIG. 90 nichels and con-
pers S4.OO Silver certificates 355. 90 |
Silver Coin $1,000 About two thirds
Of our present actual circulation is
seen to be silver.
Now we know that about all of tbis
silver has been coined under the Bland
and Sherman acts covering a period of
about l2 years during which time we
coined only about 70 cents at the aver
age for each inhabitant per wear.
Our population has doubled since 1866
IND yet this silver appears to form two !
.hlrds Of our present actual circulation.
But we are confronted by condition
rs well as a theory. The purchasing
power of the dollar has more than
doubled, and this in spite of the fact
hat many articles are given arbitrary
prices by our gigantic trusts.
Now if the supply and demand law
u finance so universally accepted be
rue here is a still better proof that our
circulation has been contracted. and
he remedy suggests its self.
1t is no argument to say that prices
lave fallen because of improved ma
'hlnery and over production, because
we had the same money to measure
'alues, the average of prices would
till necessarially remain the same.
hough prices of different articles
night very with respect to each other.
No improved machinery has been in
rented to produce hen eggs yet eggs
vent down in price Ike everything
Use. There may seem to be an over
PRODUCTION of pianos, but may it not
'e simply because there is not money
nough for some Of us to own one who
would like to! During the good times
between the close of the war and the
IemonetizatiOn of silver production
nd the construction of machinery
vent on apace yet no one ever thought
Il raising this now common plea of
Ver production. In the face of these
acts is 1t not a mOnstrous proposition
o deprive our people of the metal that
so large part of our present
90 NASOJ supply t1u Cudlu our |
Industries permanently to a metal
Which we cannot produce in sufficient
to pay the interest on our
ebts? L have said much concerning
be debtor and creditor classes, though
ot myself member of either class.
Where then will bimetalism benefit
he man who sells his services for ]
ages? Though it is the duty of every
ltizen to array himself on the side of 1
ustice it is now too late to restore
ustlce to the thousands of debtors
tho have been robbed through the
of our finances during the
ears that are gone. Free silver would {
lstain prices Gncluding wages) and
i've to the present and the future a t
leasure of prosperity in the place of 6
anic. '
A gentleman who thought he was l
liking for 'Sound Money" told what c
would do if he had half million: t
would keep it, he said, in the clear I
ash so it would always be good Jnst +