The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1896-08-29
Financial Catechism.
BY an old-Time Republican.
Concluded.


hence gold is in reality growing con-
stantly scarcer and hence dearer.
36. What caused the panic of 1878?
The too rapid contraction of the
currency after the war.
81. How long did the business
stagnation continue without improve
ment?
For about six years until 1879.
when under the Bland Allison act,
our government began to buy 81, 000,-
600 of silver each month.
80. What was prophcsied about
this issue of silver by John Sherman
and other timid finauciers?
They said that we could not float at
par more than $50, 900. 600.
80. From 1873 to 1898 how much
| silver did we issue?
Weissued about $500, 000, 900, which
was ten times as much as was thought
possible, and the money is still at par.
We could absorb billion dollars more
and then not equal the per capita cir
Iculation of the currency OF France.
10. What have been the best times
that we have had since the panic of
1873?
The best times have been between
1878 and 1898 while we were putting
the $500, 600, 600 of new silver into
circulation and thus helping to sus-
tain general prices.
Al. What has been the fall in prices
since the bankers panic of 1892
From Is TO 20 per cent on nearly all
commodities, and since 1873 nearly 50
per cent.
! AZ. What is the financial condition
of Mexico and other silver standard
countries?
They have had no panics, and bust
ness is steadily improving and Ameri-
can capital finds better employment
there than here.
49, Why have there been such good
times In Mexico?
Because they have plenty of money,
and hence the price of their commodi-
ties measured in their money does not
fall, nor do their taxes, debts, and
other fixed charges relatively rise, as
these are now doing in the United
States under the gold standard.
A. What effect does this fall in
prices have on us as a nation?
1t tends to discourage production
and commerce, and works to the con-
slant -impoyerishment of the debtor
Classes.
45. How has this fall in prices af-
fected our national and other long
time debts?
All debts are paid in the products
of the labor OF the debtor, and as
most of our debts are held in foreign
countries they are paid in farm pro-
duets, mainly wheat and cotton: and
it will now take more than twice as
large an amount Of these commodi-
ties to pay the same amount OF debts
as in 1873. Thus on account of the
fall in their prices it will now take
more wheat or more cotton to pay off
our national debt NOW reduced TO
$3.50, 900, 000) than would have paid
the debt in 1873 when it was 81, 1906
900, 900. Hence we are now paying
our whole national debt at the rate of
over 80 for 81 received. When com
parison is made with the condition of
affairs in 1866 matters are still worse,
and sour people" as the historian Rid
path says, shave paid and paid for
thirty years and at the end have paid
| just this-Nothing.
46. Why would il not be better,
before the United States declares the
reconciliation Of silver, to wait for
an international agreement?
Because, first, We ought to govern
our own affairs as we did in l776; sec
ond, the great European nations are'l
controlled by their creditor classes,
the same as we have been here, whose
interests are to have gold rise as high
as possible, and debtors be required to
pay them an ever increasing amount
of products for nominally the same
amount of debt, and so these ma
ism: third because we know that
most of the moneyed men of this
country, for the selfish reason just
given, favor gold monometallism and
are opposed to the use of silver as
standard money atany ratio. The Of
fer to promote an international con-
yention is only device to help defeat
the cause of bimetallism for another
four years.
At. Why do the large city news
papers so generally oppose free silver?
Most of the large papers are run by
capitalists whose selfish interests are
with the money lenders.
As. Why do so many Of the prom
inent business men in the cities seem
to be opposed to free silver?
Most of them receive their ideas on |
the subject from the daily newspapers,
and especially from their bankers,
ent for loans, which might be denied
them if they were known TO favor
free silver. Business men who are
not dependent ON their bankers are
generally capitalists and have the
same selfish reasons as the bankers for
opposing free silver.
49, Had there been free coinage /
since 1873 instead of the present gold
standard what would have been the |
present condition of affairs?
There would have been plenty Of |
money in circulation, and hence no
panics ard no general fall in prices,
and we should have had more rapid |
and general accumulation Of wealth
participated in by all classes-and ag-
gregating, it is believed, about eighty |
billions of dollars in the United States
instead Of sixty-five billions, as now
estimated.
so. What is the duty of every one
who desires to see general business
prosperity?
To study this money question for
himself and to learn, as every one can,
what great evils have come, not only !
upon our own nation, but also upon the
toilers and producers of Europe, by the
decentralization of silver; and to real
ize that neither we nor they can ever
have good times again until both gold
and silver are standard money. 1t
rests with the people to say at the
polls whether We shall have good
times this ia II or wait In misery an
other four years.
Hoods Sarsaparilla purifies the
blood, oyercomes that tired feeling,
creates an appetite, and gives re-