The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-09-06
HAS THE CIRCULATION pl
CsEA ED


CREA-
Tfs ToDrlist argument. which attempts
20 account for .ow prices on The theory
that rhere has been = contraction Of tho
currency since 1879, might Dc o. SONS
value were tt not for the fact that the
premises on witch that argument Is based
are Absolutely saise In this respect II
sanas WIKI mos, Of ths ao-cAIlsG arra-
;rsuta advanced ~ the Popu.ists. They
start with falss premises and rear their
saperstracturai argument upon ihss nct:-
tsous base.
Since the act OF 1874 was passed. Damon
stiz.nx by Jaw as had already been done
by the operation OF natural causes. the
silver dollar. the amount os money n cir
eglation Ia the country has no. only not
decreased but IL las enormously n
creased In lsso the money Ia circulation
In this country was 81, lo9,4 Al. In ls72 IL
was s7sg. 81. 54s, and by the treasury 5uile-
tin a., the opening Of jay. Nss. Il was
s.. 800. ~. go An attempt 10 explain thu
fan in prices By the theory OF contrao-
Ion Of the currency is as misleading as
most Popullsi theories
TIE money supply Of the country has tn
creased far faster than the population
Il has increased 80 per cent. as compared
With 1860. and IL has increased l0s per cent
as compared with is72 The amount OF
silver dollars in circulation in fact. or as
represented BY silver certlacates. Is alone
greater today than The whole volume o..
money In circulation in the United States
in 1850
The Populists must look elsewhere than
10 The decrease IN the circulating medium
10 explain the fall II prices, Those causes
are not far % seek r any lnteIssn; IL
vestgaior wtU take The trouble 10 look for
them. They are In the enormous Increase
IN the productive capacity OF each indi-
vldual, brought sboat by improved ma
ch.nery FOR one Item. and that the most
important Prices Of articles which re-
qulre as much labor FOR their production
toeay ga was required forty or ntty years
ago have not declined in value On the
contrary their cost 10 generally higher
row than then.
There Is ore other thing which shows
that the decline In prices OF commodities
has not been caused by the decrease In
the amount OF the circulating medium. IL
any argument il necessary 10 support a
position which Is proven by the actual ig-
urea themselves.
II Il could be shown that since the de-
monstlgation act OF 1873 there had been .
gradual decline IN wages throughout ihs
country. Il might logically be argued thas
there was something in the currency sys-
tenn. which. by spprecia,ing The value of
money. had created u general decline IN
the prize O. everything which money
could be used 10 buy. But there has been
no such genera 6ecllns IN wages On the
contrary. wages 0, 81 kinds. taking the
country as Who'll. and not isolated com
nunites. where local conditions might
areot the labor market. have uniformly
advanced s!nce 1873. snd ars now very
n.ush higher than they were whea the
"crlme OF ls-s ~ss committed
The wage e. .srs OF ms United stetes
have benefited az both ends by Tits con-
eition Of affairs They not only receive.
when at work. higher wages now than
they ala IN 1874 or during any year prior
thereto. but The purchasing value OF each
dollar OF their wages - from Is TO 70 pc;
cent, higher than Il vas when silver wa,
demons,!zed. That tails condition OF thing,
can be looked upon as an eva by any
man Who depends upon his Gays wages
e rt.s
which this campaign aas presented
X 10 true taat since the depression
witch commenced eolncitently sth n,
threats OF 4 changs IN our tariff avs
and which has remained and deep ned
wlth the further threat OF 2e5ASement
e. our currency. there has not bean as
r1uca work offered 20 The wage sarners
as there was when the Republican part,
vas In fuM control OF the country and
when ghsrs were no threats OF ar sbAn-
Comment OF either ths souna money O.
tie protection policy 70 which thst party
WIS com rnisted. The party witch Is row
ctamor!nS for q tensfemeni az he cur
r~nay. under she le-8ership OF just such
r.ea as the Pc9alsg candidate fer mt
vrss.tency was responsible Tor IRE com
| ulerceaert q thst depression BY eutuns
sown the BARRIERS x protection. aud 3; ;,
| responsible FOR IS eonuauancs ey u,
| Greats Of daaRs.ng the coinage Naer
| that party meets VITA tAs crushing de
| fat which awaits Sc IN Novero-r. her
| :h,rs VIZ ee restoration - confidence
| factories. workshops 49, mines ~ -