, 1896-10-05

planning of a general business stngnation and
Of u scarcity OF money. In some parts OF the
country, especially the south and west, there
are many people complaining of n want CT
capital md u too high rate of interest. The
cry for mere money Is tho favoritr cry. These
are tho principal and the most definite com
plants. Beyond them, however, an impress.
sion has been spread by agitators that an or.
ganized conspiracy of moncyed men, mainly
Rreat bankers, in America and in Europe,
backed by the moparchs sGd missionaries of
the old world, Is seeking the general establish
ment of the gold standard OF value to monopo-
lie or corner the worlds money to the gen
erul %detrimcnt.
All this has found definite expression in the
following declaration Of the Chicago platform :
1--WE declare that tho act OF 1874 dcmonetizing
silver without the knowledge or approval of
the American people has resulted in the mp
probation OF gold and u corresponding fall in
the prices of commodities produced by the
people: q heavy increase In the burden of
taxation and OF all debts, public and private;
the enrichment Of the money lending class Mt
home and abroad, prostrntion OF industry and
impoverishment of the proplc." Mark well
that NIL these evil consequences nre ascribed
to the decentralization of silver in the United
States alone-not to its dem onctization any
where else. This is to Justify tho presenta.
ton US a sufficient remedy Of the free coinage
Of silver in tho United States alone. without
waiting for the aid or consent of my other
nation"
This platform Is nmplihcd by free coinnge
orators, who tell us that the act OF 1873, called
"the crime Of 1873, has surrcptitiously '.wip
cd out one-half Of the peoples m~oncy-name
ly. silver: that in consequence the remaining
half OF our metallic ~muncy-namcly. goll-as
a basis Of the whole financial structure, has to
do tho same business that formerly was done
by gold and silver together: that thereby gold
has risen to about double its former purchas
ing power, the gold dollar being virtually u 200
cent dollar: that the man who produces things
for sale Is thus being robbed of half the price,
while debts payable on the cold basis have be.
come twice ms heavy, and that this fall of
prices and increase of burdens is enriching the
money changers and expressing the people.
What Are the Facts?
Are these complaints wen founded Look
at facts which nobody disputes. That there
has been q considerable fall in the prices Of
many articles since 1873 is certainly true. But
was this fall caused by the so called demone
tization of silver through the uct Of 1882 Now,
not to speak Of other periods OF our history,
such as the period from 1915 to 1851, every body
knows that there was "a considerable fall Of
prices, not only rs to agricultural products
cotton, for instance, dropped from 81 u pound
in 1904 to II cents in ls1l-but in many kinds
of industrial products before 1873. What hap
pened before 1873 cannot have been caused by
what happened in 1878. This Is clear. The
oo AAAAkS ~ to'c
caused by something else.
Another thing Is equally clear. Whenever Z
change in the prices Of commodities Is caused
by q change In supply or demand. or both.
then It may affect different articles different
". Thus wheat may rise in price, the supply
being proportionateiy short. while at the same
time cotton may decline In price. the supply
being proportionately abundant. But when .
change Of prices takes place In consequence OF
q great change In the purchasing power OF the
money Of the country. especially when that
change il sudden. then the effect must b.
equal, or ut least approximately 90, as TO all
articles that nrc bought or sold with that
money. II by the 10 called demonstration Of
silver In 1878 tho gold dollar or the dollar on
the rold bnsis became a III cent dollar ~ all,
then Il became q zoo cent dollar ~ once and
for everything. It could not possibly be o.
fkO anne time a 40 cent dollar for wheat, and
m cent dollar for coal, and q $50 cent dollar
6oF cotton, and a lO cent dollar for corn OF
TT shoveln. challenge any one 70 gaineay
Ptssea and tho Act 81 leJo.
Now for the facts. The act OF 1870 IN quss'
Mr. bscsyne a law on the 18th Of February.
Vhat v.s the efYectt Wheat, rye. oats and
eosn ross above tho price pf 1874, while cotton
oeolined. In 1874 wheat dropped . little; corn
80 = Jump upward: cotton declinsd: oat1
end re roso. In 1875 there was . gensssl o.
eatne. n l1ge there ~s. . rtss IN wheat aDd .