The Portland daily press., 1896-09-08
United States notes,
National bank notes,
346, 1853, $50
800, 037,o0
s713, 800, $40
$4,000, QUO
$738, 800, $40
Add specie in circulation on
the Pacific coast,
$1,000, 725, 900

ground this does away with the necessity
of free coinage altogether. and also des-
troys the claim that the appreciation of
gold has been the cause Of low prices,
because, If the fall In prices was caused
by monetary conditions, or governed by
the accepted laws and theories of econo-
mists, high prices. instead of low. would
accompany both the appreciation of gold
and an increase in the volume Of cur
renoy. Does not this show that low
prices have been due TO other causes. Is
there any need Of proof except to convict
free silver men who are knowingly pro-
mitigating false doctrine, and set right
those who are foolish enough or blind
enough to be guided by its
AS said before. and 1t will bear repeat
Ing, the king of all standards is produc-
tion, and the cause of low prices and de-
pressed business conditions Is, to speak
in general terms, over production. But
what is there Objectionable In low rricese
Ia IL a real misfortune to be able to buy
the necessities of life at low market
price La 1t burden apd Rff1iotion upon
the laboring man and hs represents by
far the larger part of the community
that he can buy barrel of -four for
or an overcoat for from $500 to $1,000,
instead of paying from $500 to $40. 90?
When 1t is true, not simply as an axiom.
but an acknowledged fact, that search
ty Of money and high prices are a curse
to a community, 1t ought to be equally
true that plenty Of money and low prices
are a blessing. Free coinage men tell us
the cause of all the trouble is low prices,
when this seems to be the only thing
only way I know of to care disease
is to find out what the matter is
and then bolt the doors and keep
out the Quaok doctors, Potatoes
were selling in the town Of Fryebupg,
by the carload, flor 10 cents a bushel.
What did appreciation" have to do with
TINT, or with corn at 10 cents, at first
hands, In our western markets, or with
the fall n wheat and cotton, or with the
low prices Of food and clothing and every
thing else which the poor man as we'll as
the rich, has to buy? 1t was the fault of
overproduction; too many potatoes,
too much corn, wheat and cotton; too
much business composition; too = many
suppliers and too few customers. Would
free coinage prevent over, supply, over
production, and increase demand and
consumption, even if there was any i'm
mediate demand for initiation. which the
abo We figures show there Is notp The fact
is the money supply is larger than we
need, large enough to meet the demands
IF business when business is greatly
overdone, as it has been. This isssan evil
which must oure itself, if given time,
and the present condition Of affairs,
a depressed business condition. Is the
real cure. Free coinage would simply
aggravate the disease. There must be a
reduction in business ranks, either
through failure, or voluntary retirement,
or there must be some new development
in industrial lines to create legitim ate
demand. The manufacture of money
does not create q Edemand for money
when there is money enough. or for agri-
cultural products or merchandise when
there is too much Of either or both.
J. S. WHITE.