The times. (Owosso, Mich.) 1882-1897, 1896-09-25

planning of a general business stagnation and
of 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-
HE or corner the world money to the gen.
sral 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
She American people has resulted in the APP
probation OF gold and 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 at
home and abroad, prostration of industry and
fmpoverishment of the people," Mark well
that all these evil consequences are ascribed
10 the decentralization of silver in the United
states alone-not to its dem onetization any
where else This Is to justify the presenta.
sion as q 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 amplif1ed by free coinage
orators, who tell us that the act of 1878, called
Nthe crime of 1873, " has surreptitiously "wip-
I'd out" one-half of the peoples money-name-
By, silver; that in consequence the remaining
half of our metallic money-namely, gold-as
a basis of the whole financial structure, has to
do 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
for sale is thus being robbed OF half the price,
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 foundeds Look
ut 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-
sization of silver through the act of 1892 Now,
not to speak of other periods Of our history,
such as the period from 1S48 TO 1851, everybody
knows that there was a considerable fall OF
pr,ces, not only as to agricultural pr )iucts-
% ton, for instance, dropped from 2. pound
IN 1864 to II cents in 1s7l-but in many kinds
OF industrial products before 1877. What hap
pened before 1873 cannot have boon caused by
what happened in 1873. TIL Is clear. The
shrinkace after 1873 may, therefore, have been
caused W something else.
Another tling is equally clear. Whenever a
change in the prices Of commodities is caused
by a change IL. supply or demand, or both,
bhen 1t may affect Ciferent articles different
ly. Thus whea Ray rise in price, the supply
being proportionntrly Short while at the same
time cotton may q line in price, the supply
being proportiona,aly abundant But when a
change Of prices tai, . place in consequence OF
q great change in the purchasing power of the
money Of the country, especially when that
change is sudden, then the effect must be
equal, or at least approximately so, as to all
articles that are bought sold with that
money. If by the so called decentralization of
silver in 1878 the gold dollar or the dollar on
the gold basis became n 200 cent dollar at all,
then IL became q 200 cent dollar at once and
for everything. II could not possibly be at
the same time a 200 cent dollar for wheat, and
100 cent collar for coal, and a 100 cent dollar
for cotton and 100 cent dollar for corn. or
for shovels. / challenge any one to gainsay
this.
Prices and the Act of 1873.
Now for the facts. The act of 1873 In ques-
ton became law on the 18th of February.
What was the effect? Wheat. rye, oats and
corn rose above the price of 1872, while cotton
declined. In 1874 wheat dropped q little; corn
made Jump upward: cotton declined; oats
and rye rose. In 1876 there was general de-
cline. In 1870 there wsa riss In wheat and 4