Alma record. (Alma, Mich.) 1878-1928, 1896-10-16

claiming Of general business stagnation and
4 a scarcity of money. In some parts Of the
'ountry, especially the south and west, there
lre many people complaining Of want Of
apital and too high rate Of interest. The
ry for more money Is the favoritc cry. These
re the principal and the most definite com
olaints. Beyond them, however, an impress
ion has been spread by aXitators that an or.
.anized conspiracy Of moncyed mon, mainly
;reat bankers, in America and in Europe
lacked by the monarchs and missionaries Of
he old world, j. seeking the general establish
uent of the gold standard OF value 10 monopo
ize or corner the world money To the gen
raj detrimcnt
All this has found definite expression in the
GLOWING declaration Of the Chicago platform ::
We declare that the act OF 1873 demonetizing
liver without the knowledge or approval Of
he American people has resulted in the APP
recitation Of gold and corresponding fall in
he prices of commodities produced by the
leople; heavy increase in the burden Of
,axation and of all debts, public and private
ne enrichment Of the money lending class Mt
lome and abroad, prostration of industry and
mpovershment Of the people" Mark well
hat all these evil consequences are ascribcd
% the characterization Of silver in the United
states alone-not to its dem unetiZation any
where else. This is 10 Justify the presenta-
ion as "a sufficient remedy Of the free coinage
# silver in the United States alone, without
nation"
This platform ia amplified by free coinage
rators who tell US that the act OF 1873 called
the crime of 1873, " has surreptitously "wip
d out one-hal Of the peoples moncy-name-
V, silver; that in cons squence the remaining
.alf of our metallic money-namely, gold-as
3 basis Of the whole financial structure, has to
10 the same business that formerly was done
y gold and silver together; that thereby gold
las risen to about double its former purchas
ny power the gold dollar being virtually a 200
.ent dollar: that the man who produces things
Tor sale * thus being robbed u half the price
while debts payable on the gold basis have be
come twicn as heavy, and T. 4 this fall Of
prices and increase Of burdens Is enriching the
money changers and expressing the people.
What Are the Facts?
Are these complaints well foundedS Look
Il facts which nobody disputes That there
mas been considerable fail in the prices Of
many articles since 1873 j. certainly true. But
was this fall caused by the SO called demone-
tiZation OF silver through the act of 1882 Now
not 10 speak of other periods of our history,
such the period from 1876 t. lsJl, every body
knows that there WAS considerable fall Of
prices, not only "a 20 agricultural products
cotton, for instance, dropped from 81 a'pouud
IN 1854 60 Il cents in lS1l-but in many kinds
Ut industrial products before 1873 What hap
pened before 1873 cannot have been caused by
what happened in 1913. This is clear. The
hrinkage after 1873 may, therefore, have been
caused by something else.
Another thing Is equally clear. Whenever a
change in the prices OF commodities is caused
by change in supply or demand, or both,
then 10 may affect different articles different
y. Thus wheat may rise in price the supply
being prOportiunatcly short, while at the same
time cotton may decline in price, the supply
being proportionately abundant. But when "A
change of prices takes place ia consequence Of
great change in the purchasing power Oh the
money of the country, especially when that
change is sudden, then the effect mUJt DE
equal, or at least approximately so, as 90 ali
articles that are bought or sold with that
money. II by the 50 called demonetiza tion of
silver in 1873 the gold dollar or the dollar on
the gold basis became POO cent dollar at all,
then IL became "a 200 cent dollar at once and
for everything. II could not possibly be az
the same time a 2UO cent dollar For wheat, and
a 10 cent dollar for coal, and LOO cent dollar
for cotton, and "a 100 cent dollar Tor corn or
Tor shovels ] challenge any one 70 gain ay
this.
Prices and the Act of 1873.
Now for the facts. The act of 1873 IN ques-
tion became a law on the 18th OF February.
What was the effcctY Wheat. rye, oats and
corn rose above the price OF 1872, while cotton
declined. In 1874 wheat dropped little: corn
made Jump upward cotton dcclincd oats
and rye rose. In 1873 thore was general de
cline In 1853 there ~. rise in wheat and q