The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-04-29

predominant, nevertheless, the sum of the
two taken together was the measure of the
value of all property. If the same coun-
tries had stricken down gold by law and
destroyed it for monetary uses and made
silver the sole standard, would not silver
have gone up and the purchasing power of
gold gone down?
Fifth-Mr. Carlisle should have ex-
planned why it was that every country
where silver was stricken down, it was
done by the arbitrary act of the govern
ment, and that neither commerce nor
business had anything to do with it.
Sixth-1t is fundamental law, recog-
nized by all gcld-standard financiers. ex-
cept recent converts, that when the vol
ume of money in the world is reduced, the
selling price OF all property and COM
modities goes down correspondingly;
therefore, wiping out by law of nearly
half the money in the world had to reduce
the selling price of commodities proper
tionately. And inasmuch as the debts
were not reduced, as interest was not re-
duced, and as taxes were not reduced,
does not Mr. Carlisle think even now just
as he did in 1873, that a great crime was
committed against the producing classes
by bringing about condition of affairs
by law which compelled the debtor, the
producer and the laborer to sell twice as
much property or labor as were former
ly necessary to get the same amount of
money.
Seventh-1f prices are so reduced that
it takes everything the debtor can get to-
gether to pay his fixed charges, and
everything the laborer can get together
to buy suit of coarse clothing and plain
food for his family; can enither the
debtor or the laborer spend
much money in buying other
articles? And if he cannot, then
must that not result in the destruction of
what we once called our great home mar
ket? If this is destroyed, SO that our
great factories and industries are unable
to dispose of their productions must they
not shut down and throw labor out of
employment? Is not that exactly what
has happened in this country?
Eighth-As the laborer prospers most
when there is large demand for the ar
ticles he creates, does it not necessarily
follow that until there is a rise in prices,
SO that the debtor class and the prOduc-
ing class can again do large miscellaneous
buying, there is no hope for the laborer?
Ninth-As there cannot be a general
rise in prices without an increase in the
volume of currency, must not the present
paralysis and stagnation continue in the
world until the volume of money is again
restored to what it was before silver was
stricken down?
Tenth-There are IN the United States
over 1900 banks, including national state
and private. The comptroller of the cur
rency, one of Mr.. Carlisle's assistants
received reports from these banks show
ing the total amount of money of every
kind that each bank had on July 1, 1895
From these reports it appears that there
were, in round numbers, only 1927 ,000, 900
of gold in all the banks of the United
States. This was all of the available gold
in this country. There were about $780,
OOO, 900 in the treasury at that time, but
this was not available. Mr.. Carlisle did
not refer to those figures, which are
known to be accurate. But instead, he
cited the figures given out by the director
of the mint, also one of his assistants. in
which it is claimed that there are about
$500 900 900 of gold in this country Mr..
Carlisle must know that these figures are
incorrect and that the tables given out
by the director of the mint on this point
are worthless because it appears from his
report of 1892 that he assumes that every
dollar put in circulation since 1872 in this
country is still in circulation, except
where record was made of its exportation,
and that he has made no allowance for
the money that was carried over the
northern boundary and our southern
boundary for "a years, nor for the money
carried back by Chinese during that time,
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