The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-03-11

1889, were valued at $310,000,0 900. The
population increased so that the number
of COWS per capita, or per family, was
less in 1889 than in 1873; but the Is 5OO,-
900 cows in 1889 were worth $37, ,OOO, 900
less than in 1872
THAT may answer on cows" in ter
rupted the banker; "but will you deny
an increase in the wheat producing area,
or in the productions
The editor answered.: Large wheat
and cotton areas have been opened up
in Asia, Egypt the Argentine Republic,
and other places; but the demand factor
in the supply Of wheat is the number of
| mouths in the world to feed; and in the
cotton it is the number of backs in the
world to cover. The Corn Trade Year
Book, England, is a reliable authority.
1t shows that in the period 187418S4, the
population of wheat producing countries
average 397 900 900; and the production
of wheat and rye in those countries aver
aged 70S bushels. In the next ten years,
1885 to 1894, the population was 434,000-
COO; and the production of wheat and rye
per head of population was 6.84 bushels.
Where's the wheat over-production?
With all the improved methods and in
creased area, the production is on
the side of the mouths to feed. Now the
ply of wheat, establishes it's sound
value, it's honest value; and if the money
in which it's vale is expressed was hon
est was stable, then the high price of
wheat should show an advance, but it
does not. In 1891, 2456 million bushels of
wheat, averaged Sill. In 1892 the crop
was 2, ,440 million bushels and the money
price as 80 cents. In 1898 the crop was
the same as in 1891; and the price had
fallen to fraction less than 80 cents. In
1894 the crop was smaller; and it's price
touched the lowest point. The falling
price is due, not to the supply of wheat
with respect to the demand, but to the
supply of money units in which the price
of wheat is expressed. Staisticians are
practically unanimous that the money
unit has appreciated. Sauerbacks index
table of values shows the appreciation to
be continuous. But 1 will not weary you
you with statistics. They are within
the reach of anyone who cares to attempt
to disprove my claim that the farmer
receives less than half what he formerly
received for wheat and cotton, because
the money unit in which he expressed
his price has appreciated in it's purchas-
ing power"
"You deny then'' said the banker,
''that there has been any depreciation in
the price of labor's products because of
lessened cost of manufacture through i'm
provements?''
Improvements in manufactures, and
lessened cost of commodities in them,
may account for a portion of the depre-
citation in price in some articles" an
swered the editor; "but a large portion is
in the appreciation of the money unit.
Up to 1873, for instance, the law estab-
lished money unit of silver, making
the unit synonymous with a certain
weight of that commodity; the law also
established a ratio at which gold was
used to carry the money decree. Under
such a system, for instance, we will sup
pose that values adjust themselves rela-
lively, so as to read
One unit of gold equals four units of
wheat.
One unit of gold equals foud units of
cotton.
"Silver and gold were entering into the
volume of money units in the world in
about equal quantities. The United
States was on paper basis, and foreign
ers 'buncoed' congress into cutting off
silver for money units by closing the
mints to the coinage of silver, and keep
ing them open for the coinage of gold
only, as England has done: Other ma
tiions then followed the example of the
United States-the United States, Feb.
IL, 1873, Germany, July 1873.
"The number of metal units annually
added to the supply was by this act cut
down one-half, and those already in the
supply commenced to increase in value,
and continued to increase in value with
each additional year; because the de-
mand for money units occasioned by the
increase in population and the develop
ment of the worlds resources was suffi-
cient to utilize all of the supply of both
metals; and as the annual supply was
cut off one-half, each year aggravated the
disease and produced the symptoms that
always characterize money famine. 1t
has now reached the stage where the
unit has doubled in value in it's command
over some commodities; and as the re-
mains 1, the evidence of it's increased
relative value is in the decreased price CT
the commodities with which it is related,
causing the ratio to read:
One unit of gold equals two units of
silver. four units of wheat, eight units of
cotton
"If I understand your meaning" said
one producer, you hold that the value of
the money unit is expressed in it's pur-
chasing power over our labor and the
pfOOuctS Oh our ldDOl, ana, unless the
supply of money units keeps pace with
the demand for money units then it's
purchasing power is changeable from
that cause alone, regardless of what
change may be in the supply of or the
demand for our labor, or the products
of our labor?"
"You have stated it concisely." replied
the editor. THE value of each unit in
the supply or volume of units is de-
pendent upon the total number of units
that make up the supply or volume"
Gentlemen" said the banker, 1.-The
talk of this crank is lunacy; the quantity
of money does not concern you in the
least; it is the quality you must look to-
not the quantity. You want any one dol
lar to be as good as any other dollar, and
to maintain the parity between the dol
lars. All the political platforms we write
contain that provision, or something to
that effect, and that settles it, Gold is
the only commodity that makes Sound
money or honest money!"
Us there gold enough to answer the
demand for money units?" asked the
minister.
"Certainly,'' answered the banker.
Il see few money units other than pa