The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1896-09-24

planning OF q general business Stagnatlon ana
of a scarcity of money. In some parts Of the
country, especially the south and west, there
are many people complaining of want of
capital and too high rate Of interest. The
cry for more money Is the favorite cry. These
are the principal and the most definite com.
plants. Beyond them, however, an impress
sion has been spread by agitators that an Or
ganized conspiracy of moneyed men, mainly
great bankers in America and in Europe,
backed by the monarchs and aristocracies 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 gem
eral detriment.
All this has found definite expression in the
following declaration Of the Chicago platform:
"We declare that the act of 1873 demonetizing
silver without the knowledge or approval of
the American people has resulted in the APP
probation of gold and corresponding fall in
the prices OF commodities produced by the
people; a heavy increase in the burden Of
taxation and of all debts, public and private;
the enrichment Of the money lending class at
home and abroad, prostration of industry and
impoverishment Of the people," Mark well
that all these evil consequences are ascribed
to the characterization of silver in the United
States alone-not to its dem onetization any
where else. This is to justify the presenta-
ton as sufficient remedy of the free coinage
of silver in the United States alone, "without
waiting for the aid or consent Of any other
nation"
This platform is amplified by free coinage
orators, who tell us that the act Of 1873 called
"the crime OF 1873, F" has surreptitiously "wip-
ed OUT one-half of the peoples money-name-
ly, silver; that in consequence the remaining
half Of our metallic money-namely, gold-as
q basis Of the whole financial structure, has to
80 the 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 200
cent dollar: that the man who produces things
while debts payable on the gold basis have be-
come twice as 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 we'll founded2 Look
at facts which nobody disputes. That there
has been a considerable fall in the prices Of
many articles since 1878 Is certainly true. But
was this fall caused by the SO called demone
tization Of silver through the act of 1872 Now,
not to speak of other periods Of our history,
such as the period from 1846 to 1851, everybody
knows that there was a considerable fall Of
prices, not only as to agricultural products
cotton, for instance, dropped from 81 pound
in 1854 to II cents in 1871-but in many kinds
of industrial products before 1878. What hap
pened before 1878 cannot ha,s been caused by
what happened in 1873 This is clear. The
shrinkage after 1873 may, tb srefore, have been
caused by something else.
Another thing Is equally dear. Whenever a
change in the prices Of commodities is caused
by change IN supply OK demand, or both,
then it may affect differs.it articles different
Iy. Thus wheat may rise in price, the supply
being proportionately short, while at the same
time cotton may decline in price, the supply
being proportionately abundant. But when a
change Of prices takes place in consequence Of
q great change in the purchasing power of the
money Of the country, especially when that
ia c11dd he <1,o
equal, or at least approximately 3d. as to all
articles that are bought or sold with that
money. II by the so called demonstration of
silver in 1878 the gold dollar or the dollar on
the gold basis became a 200 cent dollar at all,
then it became a 200 cent dollar at once and
for everything. It could not possibly be at
the same time a 200 cent dollar for wheat, and
a lO cent dollar for coal, and a 15O cent dollar
for shovels. challenge any one to gainsay
this.
Prices and the Act of 1873.
Now for the facts. The act of 1878 in quus-
ton became a law on the 18th of Februa1 y.
What was the effect? Wheat. rye, oats and
corn rose above the price of 1872, while cotton
declined. In 1874 wheat dropped a little; corn
made jump upward; cotton declined; oats
and rye rose. In 1876 there was a general de-
cline. In 1876 there ~es a rise in wheat a
decline in corn, oats, rye and cotton. In 1877
there was another rise in wheat, carrying the
price above that Of 1870 and up to that Of 1871,
years preceding the act Of 1873. Evidently 30
far the 200 cent dollar had not made its mark
at all. But will admit the possible plea thaa
as they say, the act Of 1878 having been passed
IN secret, people did not know anything about
1t, and prices remained measurably steady, In
Ignorance Of what dreadful things had hap
pened. II 30, then it would appear that, If the
knowing ones had only kept still about 1t, the
gold dollar would have modestly remained q
100 cent dollar and nobody would have beer
hurt But, seriously speaking, 1t may be sale
that when the act Of 1878 was passed we wert
still using exclusively paper money, that mel
Their gold nor silver was in circulation ant
that therefore the demonetization would moi
be felt. Very WELL But, then, in 1870 specie
payments were resumed. Metallic money cir
culated again. And more than that the cry
about "the crime Of 1873" resounded in con
gress and in the country. Then at last the 2O
cent gold dollar had it's opportunity. Prices
could no longer plead ignorance. What hap
penedP In 1880 wheat rose above the price Of
1879. likewise corn, cotton and oats. In 1881
wheat rose again; also corn, oats and cotton
In 1882 wheat and cotton declined, while corr
and oats rose. The reports here given are
those of the New York market. They may
vary somewhat from report Of farm prices
but they present the rise and decline of prices
with substantial correctness.
If, however, there be somebody believing
that, in spite Of these facts the characterization
of silver by the act Of 1878 must In some mys
FERROUS way have done something to depresl
prices, meet him with the affirmation thai
the silver dollar was practically demonetizet
long bafOra 1879 iudoa FROM the ar1eBchea