The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-08-04
What Gov. ST. John
Has to Say About
The Telephone Company
other Items OF Interest fieke" ~
About the Metropolis OF the
Copper Country.

4
rant the desirability of the end in view
Ii is among the first principles in fnane
that the value of each dollar, ex
pressed in prices depends upon the mum
Der of dollars in circulation. The PLAN
OF prices il high when the number oil dol
lars 10 circulation is great in proportion
| 10 the number OF things to be exchanged
by means OF dollars, and low when dol
lars are proportionately few. The plane
| of prices at present aud for some time
past is and has been ruinously low. The
Increase of our population at about two
millions a year, scattered over our im
mense territory, calls for increasing ex
changes and thereby demands an increas
ing number of dollars in circulation. The
increase in the number OF dollars when
dollars are confined to gold is not suffie'
iently rapid TO meet the growth OF our ex'
changes The consequence is a growing
value of dollars or a diminishing value Oi
everything else expressed in dollars
which is TO say, a tendency toward con-
stantly declining prices.
The fountain-head OF our prosperity
has run dry. Our farmers all over the
country have endured the depression in
prices until they get about IS or 80 per
acre for an expenditure OF $40 per acre
and the like. Their credit is exhausted at
the country stores. The country store
ceases TO order from the city merchant,
the city merchant reduces his demand
upon the manufacturers. Manufactures
are curtailed. The consequence Is that
employees and all elements OF labor are
being discharged, and wages are lowered
to those who continue ia employment.
The suffering OF the farmers, who consti-
tute nearly one-half OF our population, is
thus enforced upon the city merchant, the
manufacturer, and all forms OF labor.
These combined elements constitute the
overwhelming majority OF voters. Their
intelligent conclusion will be felt when ex-
pressed at the polls. The banker also is
without prosperity unless prosperity is
general throughout the United States.
He must learn TO distinguish between
cheap money and money commanding a
low rate of interest, The dollar worth
two bushels OF wheat is a dear dollar,
aud yet il commands interest in Wall
street at present OF but 2 per cent per an
mum on call. II the dollar can be cheap
ened by increasing the number OF dollars,
so that each dollar will buy less wheat,
the increasing price OF wheat will increase
the demand for dollars TO invest in it's
production. Then the borrower OF dol.
lars to invest in the production of wheat,
being reasonably sure OF a profit from
that employment OF the money. can af-
ford TO pay interest for its use az part
Of his profit. In other words, interest is
a share OF the profit on the employment
OF money. So that abundant money,
money readily obtanable, which is to
say, really cheap money, is the money
which commands high rate OF interest
az part OF the profit OF the borrower in
using it.
As we appeal TO the country, in justice
TO our cause, one or two points OF com
mon inquiry must be satisfied az follows
The experience OF Mexico is held up ior
our alarm. We answer, first, that Mexi
co isiconspicuously prosperous at home
Her increase in manufactures, railway
earnings, and the like in recent years il
| phenomenal. Second, Mexico il no cri
terion for the United States, for the rea
son that she has foreign trade indebt
edness of about s20,000,OOO annually in
excess of the value OF her exports of cot
ton, sugar, coffee, hides, and the like
which must be paid form the surplus pro
duet Of her mines. Her silver, therefore
| goes abroad as merchandise at valua
ton fixed by the outside world. Th,
| United States, on the other hand, il ma
ton of 100000 of people, scattered
over territory seventeen times the ares
Il
systems, the Erie, exceeds the aggregat,
railway mileage Of all Mexico. We ofie
an employment for money to an aggre
gate greater than the worlds spare sil
yer will furnish us. Hence, our silver
money at home and abroad, will be val
ued as the money OF the United States.
The opposition threatens us with q
food OF Europe's silver upon our re
opened mints. We answer, Europe has
no silver but her silver money. Her sill
yer money values silver at from 3 cents
to Z cents on the dollar higher than ours
Hence the European merchant or banker
must sacrifice from 3 to Z per cent OF bis
full legaltender money in order to recon
It at our mints. Europes silverware,
like Americas silyerware, carries in il the
additional value OF labor and the manu-.
lecturers profit. They threaten US with
a Hood OF silver from the far east. We
answer that the course of silver il invari
ably eastward and never toward the
west. British India il n perpetual sink
OF silver absorbing it never to return, by
from $50, 000, 900 to 100000, 900 worth
every year. And midas absorption o
silver will be enlarged by the steadines,
OF price for silver fixed by our reopenet
mints. They threaten us with "sudder
retirement Of 100000, 900 gold, will
the accompanying panic. causing con
traction and commercial disaster unpar
alleled." We answer that our tota
stock OF gold other than about 81 O, 900.
900 or $15, 100000 circulating on tn