The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-06-28

SEATTLE, SUNDAY, JUNE ss.
THE srry.xADE srmrssrScY.

Ia a lecture tegsysres be<ors the Frank
liz Institute AZ Philadelphia. Hv. AFrasr
xitson take. Ire position fsas tae power
Of rnankfnd 20 preface S itrsssss - tAssr
cousr % sxrkznge-fhat . By tie ezAn-
sstv Of circulating znsfiaan- We hae a.
wars supposed there wkre Other faetars n
ssse probssx We Ead been I'D 70 nslasvs
that shs oaao<lfy &re aaalssy % rAtaral
resources 70 Ia draws ggsn. TIE fegsss -
eszigi ara inteliixsnce n he producers, tie
enxsnee or presence ~ improves snssho1s
ard snachssery. and Other matters & uors
O. less nss-aai entered fato ire prosis-a-
TIE latter haif q thls century has esers
essssnx a.assd by iabovt1 Efforts 70 prove
that accumulated capital Il rot essential
70 falI prsEBet.oa. be- 80 80 rot per-
efsvs that any or az of these attempts
hare bsen a marked success There has
also been an attempt 70 prove that ussnsy
+ something 80 separats sns distinct from
ertinsry form. Of cspitzi that q RAY ee
1rea.ss ~ different laws ard considered as
an entirely distinct fsetor "a production
sns aisfrssnsion. We eznno. zoties nat
afss potns has been wen established. either
The fact which al these theorists ignore
- thai when prices ones become adjusted
- any given volume Of currency they re-
main substantially constant uaiil the vol
uns - increased OF tintrsshst. with rsser-
enee 70 the quantity OF exchanges required
20 be made.
with stable currency. 81 .s isle 70 talk
g.
n more - required for purposes Of ultimate
redemption prsces wsli fail ard II less = re-
qsirsd prices viii rise. This natural rise
or fan vii always BE- within safe limits -
FAR as concsrns money required fer lsgisl-
rraf@ business purposes. II becomes ex-
eszslve ans destructive oalT when credits
have beer reekissxsy augmented BY Wild
scsssrss Of speculation.
II IL rot. ara perhaps never VIII be. sal.
20 contract c~ expand the currency n ohs-
6sencs 70 the eessrss ans wilkins 81 men,
soF The 1sh:or cisss woaad constarfiy howl
fer expansion ane -. creditor class for
contraction. ard rhleh.vsr won w0ald de-
fraud flas other.
wass IS a sufseieas currency fer the zsaa
eut of debt - wfsoily snsesaas,s fer the
uan tn debt.
There is no Yais. there never vas or can
b.. ~ whleh 20 esterrnins the exact
amount e rnoasy required. as iorg 50 raen
are 20 wsiiins - absorb Il n speculative
ventures whea Il = psentifai ans thereby
create a. arstariai scarcity. which woais.
rot exist under legitimate methods q hss.-
ress.
WEES q rsn pets iot Q, goods shoars
ship. sna sraws O. I4v~rpooi for tise price
OF their. there % 40 question about ths
money hasaw ses3eleut 70 sTset me sx-
change. heesass fhs value of the money
pses l. setassSY snA certainly 81 sxlstence
o. ne ship Bnt = - horrows money On
Eve or zen ywars' tirae and buys lard 20 be
iat4 cat srso toSr lots. there f. iiahie 20 Be
very 6ssaxreeahle ssfinEency IN his
snensy market whea TIE years FoH aroma
ard rsymeas With iatsrrst f. ssnansed,
sach q mar u very iiksiv ie tkiuk that
there - ncs enough usneY is clrenlataan.
Neither = there. nor can there ever - FOR
sueh as hs. fer hs woala have obligated
ssmssif .or ter tinass sas amount - ia
~ M hsa possessed IN tAe sFss place
enough ready cash 20 establish. ~ a nrat
payment 80 large velans ~ crs.sf;.
II - not ne an2stisy q usoasv bat TIE
quantity es judgment sst prassacs sxes-
esss. "a fhs uss % 4 that snakes the mar
kss stable o. saesaatias.