Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1896-09-17


Having all these ideas forced upon us,
it is not strange that one should dream
them over again in his sleep. had an
experience; | went to bed with the
old delusion in my mind more money
per capita" The same idea that induced
John Law to experiment with the
finances of France, an eNperimentwhich
wrecked the country, and caused untold
misery and poverty, and DR., Chamber.
lain to introduce his famous land bank
scheme into England. The same SEN
timent that caused the people of the
Argentine Republic to manufacture
more money for their people. Theorists
for all time, as far back as history goes.
have accepted in hard times the state
ment: 1--WE need more money per cap
ita; this will increase prices; this will
be panacea for all our ills; everybody
will be happy" And as dropped away
into tired natures sweet restorer,
balmy Sleep" the last thing thought
of was more money per capita, higher
prices, how will this give me more
money? etc, etc.
The amount of our money for every
man was fixed in my mind as $24, and
upon this basis my imagination began,
and, as my mind wandered in dream
land, / connected the amount of money
with my business, the produce eN.
change, and as so much is said about
wheat, and the low price of wheat, this
commodity demanded my first atten.
ton.
1 thought that one-half the people of
the United States had left for other
countries, becoming Disguised with the
silver craze and the theories offered,
and that foreign commerce was shut off
entirely; that other nations would not
do business with us on account of our
disregard for all economic laws. With
one-half of our people gone, the per
capita circulation was at once doubled
so that we had $4S for each individual
was happy. / felt sure that the free
"silverites' theory of more money per
capita would increase the price of
wheat and all produce, and my fortune
l.
the contrary, that one-half of my con-
sumers had disappeared and that prices
had gone down. Then I began to the
orize. l said to myself: Suppose that
our population was doubled and the
circulating medium remained the
same; this would give every indi-
vidual only $12 per capita on the
above basis; but with twice as many
people to consume wheat. How would
this affect prices?" I awoke only
to hear the same old cry: "More money
per capita, free silver sixteen to one,
down with monopolies, etc." and in the
grim distance I heard some one SAY
something about the "crime of 1873"
The amount of money we have has no
more to do with the prices of commod-
ties than the number of yard sticks we
have has to do with the length of piece
OF calico, or the number of pound
weights we have has to do with the
weight of McGuiness' pig, or the num-
Der of bushel baskets in this country
has to do with the quantity of potatoes
the farmer has to sell.
When everybody is wolk king and
everybody consuming Il normal amount,
and the spindles of industry are hum
ming, and the furnace is in blast, COM
modities are rapidly changing hands;
with confidence business is active, but
without confidence there is not enough
money in the world to conduct the
business of the United States or even
pay the daily expenses of the people
who must necessarily under such con-
ditions be idle.
France has a pereapita circulation
OIL $36i ITALY ONLY s. ~, q ~ Iaasasa -
mani nidK1ng nYgfssf prices, there ought
10 be a great difference in the values
of commodities in these countries but
the prices are about the same. England
has less money per capita than Frdnce.
Many things are cheaper in Paris than
in London. In our business here have
seen everyone more prosperous than
they are now, when we had much less
money per capita than we have to-day.
The Office of money is quite generally
misunderstood. 1t constitutes wealth
if our property happens to be in money,
but it is more often used in the sense
of the yardstick, that of a measure.
The wealth of the country consists of
lands, improvements and merchandise.
Money possesses an indefinite repeat
ing power. 1t is too often compared
with commodities. These ultimately
reach the consumer and disappear en-
tirely from the market, while money
can be used over and over &gain, one
dollar being able to pay thousand
dollars worth of debts if used thou
sand times, and after it has done this
it is capable of continuing on forever
performing the same function.
A farmer would consider his intelli-
gence insulted if the vender who sold
bushel baskets should tell him: You
need 100 bushel baskets to measure
your potatoes, because you have 100
bushels" The amount of potatoes that
could be measured would depend upon
the activity of the man using the bas-
ket, and the number of dollars actually
in circulation-the working dollars
depends upon the confidence of the
people and the activity of business.
Money frightened into safe deposit
vaults does not help business; potatoes
kept in the bin will not sustain life