The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-06


sounded In Ger eress and in the country.
Then at last the 20o-cent gold dollar had
its opportunity. Prices could no longer
plead ignorance. What happened? In 1880
wheat rose above the price of 1879, like
wise corn. cotton and oats. In 1881 wheat
rose again, also corn. oats and cotton. In
1852 wheat and cotton declined, while corn
and oats rose. The reports here given are
those of the New York market. They may
prices but they present the rises and de-
ciines of prices with substantial correct
ness.
AN ABSURD CONTENTION.
These facts prove conclusiveIy to every
sane mind, that for nine years after the
act of 1S73-six years before and three years
after the resumption of specie payments
the prices of the agricultural staples men
toned. being in most instances consider
ably above 1860, show absolutely no trace
of any such effect as would have been pro-
duced upon them had a great and sudden
change in the purchasing power of the
money of the country taken place; that
it would be childish to pretend that, but
for the act of 1873, those prices would be
100. so. or %. or 10 per cent. higher, and
that. therefore, all this talk about the gold
dollar having become 200-cent dollar. or
a 150-cent dollar or a 125-cent dollar is
pardon the expressioTi-arrant nonsense
Since 1882 the price of wheat has. indeed,
very much declined, although in 1S1 ii
corn sold in 1891, 2, 3 and cents higher
than in 1879. But if the act of 1873, which,
had 1t really enhanced the purchasing
power of the dollar would have done so
promptly and uniformly, produced no such
effect for nine years after its enactment,
it would be absurd to say that it produces
it twenty years after it's enactment is not
this clear?
that in spite of these facts, the demoneu-
zation of silver by the act of 1873 must in
some mysterious way have done something
frmation that the silver dollar was prac-
caliy demonetized long before 1873. To judge
from the speeches of our free-coirage ora
tors the American people must before 1873
have fairly wallowed in silver dollars.
What is the fact? President jefferson
stopped the coinage of silver dollars in
tionai currency-which since 1858 was only
limited legal tender-only about s,OO9.OOO of
silver dollars coined. They We're so
scarce that you would hardly ever see one
except in a curiosity shop rare coin.
ratio between gold and silver, which could
not be so fixed to keep the two metals
together in circulation. Once one of them
would be driven out of the country and
then the other. Meanwhile over 1000, 009-
600 dollars of gold coin were coined, and
since 1853 gold was substantially the only
full legal-tender money in actual circula-
ton And those We're exceptionally pros
porous times; Then the. civil war came
ana swept all our metallic money out of
slgnt. Paper money took its place, and
IN that condition. we were in 1873, when
eiiS AdIioUS act OIL 1858 was passed.
Mr.. Schurz then discussed at length the
alleged crime of 10" and its effect on the
country, his argument tending tor show
that decline of prices could nots be at
trfbuted to that act. Continuing he said:
But what is It, then that has caused the
decline of prices? / appeal to your com
mon sense; Do you think that when one
man aided by machinery, does as much
productive work as formerly ten or more
a eiL. ana when our modern meansfof trans
pertatlon carry the product from the pro-
Queer to the consumer with FIVE times the
speed, at one-fifth the cost and when in
the transmission of intelligence time is
quite and cost almost annihiated-do YOU
th1nk that then the product of human la
por should not in due proportion become
cheaper? If it did not then modern civili
cation would. in one of It's most Important
and benefcent functions. be flat failure
Eor what is the inventive genius of the age
gagged fn-what else than in devisins and
developing means and methods by which
sustenance and comfort of life be made
cheaper? -
WHAT HAS MADE LOWER PRICES?
me farmer in the United States well
coined the agricultural machinery which
heips him in planting, raising and harvest
Ing his crop. He welcomed the railroad
the steamboat, the low freights. the tele-
graph, which shortened the distance be-
tween his farm and the market and tho
banking arrangements required for moving
ana selling his product. But as nearly all
our farmers had the same encoura cement
SO III followed quite naturally that the
wheat crop of this country increased from
an annual average of 312, 600 900 bushels be-
tween zen ~ $50 and 1880 to an annual average of
4,o,oVVooo bushels between 1890 and 1895 Rut
also foreign countries had the encoura einC
Denent: new wheat fields Were opened in
G,ussia ana the Argentine Republic and
10 IItal
very competent authority, the wheat pro
nuct OF the world grew from 1889 to 1894
wor iess IMAM 100000 bushels while the
o e,ss only l2.eooc0O to 100000 bushels
WorIds sunn Whe1 hit the increase Of the
crease of the worlds demands is i. .
M9nae r. that in the worlds market. which
rules the price for all exporting countries
That price should have declnedp Is nnt,
this an infinitely more rational exnIane.
uon OF the decline in prices than to ascribe
ton law of 1873 which practicaliv demon-
sstized nothing, but was actually followed
trebling. its volume and making the a nay
capita TAR far higher than it ever had
n ofen before. and higher than it is in any
comet of 1871 stat
me speaker next attacked the statements
OF Bryan and other Popocrats that free sill
yer would benefit the country. On this
point, among other things he said:
Some time ago l read among the NH
lshed utterances of various persons ON tbe
silver question the following from a street
car conductor: i am for BRYAN and free
siver said he. If he is elected. money
VII, VII pe pienty and circulate more. and then
Wen get some of it, The poor fellow LET
US suppose, then, Mr.. Bryan elected. Wa
are happily on the silver basis The dollar
Guys lts 90 cents worth Of goods or there
ABOUT The wages of our street-car CON
ouctor are, say, 81 "a day His wife-poor
woinan1.goeS TO the grocer and finds that
everything she used to buy for 10 cents now
costs ~; She plaintively demonstrates. I
cannot help that says the grocer .You
pay me in silver. so cents on the dollar
nave 10 use this money in buying my stool,
anc need twice many dollars as I did
before. so my customers must paw twice
as much or l must close my store There
is nothing more to be said 1t is the sa mo
lning when she goes to the butcher tha
Daker, the shoemaker, and SO on Our
street.car conductor finds that while he
ana ana ms famiiy could. with strict economy.
I'VE on ~ day, they are fearfully pinched
when the " buys only as much as formerly
one. He conSults with his friends and q
committee OF them apply to the president
OF the street railway for higher wares
Higher wages says he. L have been
thinking that reduction of wages will be
necessary. For all our supplies and ma
Ierlal we have now to pay 81 where we
formerly paid 81. But we get only our s cents
fare, which is really now 2Is cents And
besides, our bonds are payable principal
and interest. in gold, and we have to Inv
that gold at the rate of 81 in silver for one
gold dollar. How are we to make both ends
meet? L really do not know whether we
can continue TO pay you even 81 a day.