The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1896-04-29
A PoIIrICAI ECONOMIST
Gives an Interesting and Effective Lect-
nro on the Money Question.

by Mr.. ID. s.. Oliver, one day last
week. Among other things he
said: "The value of each unit of
money depends upon the total
amount of money in circulation
or that can be brought into circu-
lation. Suppose there were in the
United States to-day certain
amount of money, we will say 81
O00,O 100000, of full legal tender
quality Each dollar would have
a certain purchasing ability. Sup
posing now, that, everything else
remaining the same, the amount
of money in the country were sud-
denly doubled. Then each dollar
would only have half it's former
purchasing ability. Prices would
be doubled. Suppose on the other
hand, however, that Everything
else remaining the same) the guam
tity of money in the country were
suddenly reduced one-half. The
price of everything would be half
and each dollar could have double
the purchasing ability, it had
before. 1t is obvious that there
must be some relation between the
quantity of business and the
quantity of money required to
prosecute that business. In order
to keep prices steady, there ought
to be a gradual increase made in
the quantity of money from year
to year as population and trade
increase. If the value of money
depends upon it's volume then any
change in the volume, one way or
the other, is of immense signifi-
cance. The repeal of the Sherman
law in 1898 closed the United
States mints absolutely against
the coinage of silver, and gold
alone became our money of ulti-
mate redemption. This increased
the value of the gold dollar and
decreased prices of everything else.
"Why has silver been demonetiz-
ed by this country and by the prin-
cipal nations of Europe? The
holders of the worlds debts have
been and are being benefited by
an increase in the value of money.
Were there no debts, there would
be no silver question. The national
debts of the world at this time
amount to not less than $30,OOO,-
100000. 1t would probably be no
exaggeration to estimate the long
time indebtedness of all kinds at
S1OO,OOO,OOO,OOO. The holders of
national bonds find themselves
in most desirable situation.
The face of their bonds represents
a constantly increasing apprecin-
ting value. England is the great
creditor nation of the world. The
ruling classes there-the capital
lists, the creditors therefore,
unalterably opposed to the free
coinage of siver. Those persons,
therefore, who are in favor of inter
national bimetalism, dependent
upon the accession of England to
the international agreement are
committing the Worst Worst R4fTJii' sifhTJi' OF
folly. If we must wait to remon-
etize ,iIyer until England con-
sents we shall wal, iGntil the crack
of doom. With an adequate vol
ume of money manufacturers, far
mers and all the great producing
classes would be benefited.
"There is one further solution of
the question, and far sighted men
in England have been shrewd
enough to discern it. The remedy
to which 1 refer, of course, is re-
pudiation, and it is no new remedy
in the history of mankind.
This is a remedy not to be ap-
proved and yet self preservation
is the first law of nature. Egypt
to-day is bankrupt; Turkey is bank
rupt; Italy and Spain are bank
rupt. Austria, Germany and
France are fast travelling the same
road. If this country continues to
issue bonds in time of peace,
she will find herself in the same
condition. When national bank
ruptcy takes place, national re-
pudiation of debts is not far off. !"
On account of the death of Judge
Boreman, of Parkersburg, the first
Governor of West Virginia, the
flag on the Capitol at Charleston,
was hung at half-mast, and all the
departments were closed out of re-