Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1896-01-15
Slrqlnia frre 2rrss.
DELUDED FARMERS.
THEY DON'T UNDERSTAND WHAT IN
TEReST IS PAID FOR.

Ey ACitatipg For &c to They Are Sink
ing Deeper Into the Nire-Increasing
Their Risk-No Benefit Can Come From
n Change In the Medium of Exchange.
Tie Silver league Of Nebraska is one
of The latest schemes Of Bryan and his
friends Its object is 10 spread free sill
yer literature and TO support no candi.
cate for the presidency in 1896 who is
not a free silver man. The league Is
uonpartisan. its control being III the
hands Of four trustees, one from each OF
the four great parties.
1t is n pity that the honest farmers
end labo1ers who will he drawn into this
Ieague-and the bulk of them are sim
cele-could not devote their energies TO
something likely TO improve rather than
to a cause that will surely make worse
thu present condition. They are howl
ing against high rates Of interest, but
are unnecessarily increasing those rates
BY threatening to repudiate half OF their
debts, thereby Increasing the risk OF
leaning moneyin their state. They have
but to look across into Mexico or TO
glance at any Of the other free silver
countries Of the world TO make certain
that free coinage is not panacea ard
that farmers and laborers are usually
worse off i'll these countries than in gold
standard countries.
Our farmers and workingmen are
barking up TIE wrong tree when they
are looking for their oppressors in the
branches of The money tree. The inJus-
tice, if any, due TO q slight depreciation
or appreciation Of gold is infinitesimal
as compared with the injustice from
other causes. That this is true is evident
from the very nature Of things. Money
il but medium or tool Of exchange.
Exchange implies production. transpor-
tation, distribution. 1t is in tho proc
esses Of production. transportation and
distribution that farmers and laborers
should look for Improvement and not IN
the medium CT exchange, which is al
ready so nearly perfect that in most
civilized countries it does its work with
ont friction and practically without
cost. As we'll hope for great reductions
in the cost of transportation through
better lubricants as for an appreciable
benefit through any change in the medi-
UNI # exchange. The money Of today IS
as good as the grease Of today.
Any one who has something 10 OK
change has no trouble in making tho cx-
change at market prices or ratios. II he
wishes to employ more capital. no can
always hire it at market rates Of inter
est, prov ding he has anything TO use as
collateral or security. Without collateral
he could not. under any system Of cur
rency, obtain the required capital Inc
whole question hinges on tho collateral,
not on the money, which is but mere
incident TO the exchange a farmer who
mort cages bis farm 90 obtain capital
does 4ot really pay interest ON the
money (which is but enc form Ct capt.
tall which he obtains, and which no
probably possesses but few days or
weeks, but on the capital, implements,
buildings, fences, etc, which he hires
in this way. No possible monetary
change can materially lower the hire of
capital-that is the percentage Ct value
which one man is willing to pay for the
use Of another mans product II Is the
relative demand for and supply Of CAPT
tai, net Of money, that largely deter
mines rates of interest under a stable
monetary system. If the monetary sys-
tenn be unstable, then the borrower must
not only pay a rate Of interest CORE
spending to the normal hire Of capital,
but he must pay for the risk incurred
by tie lender because Of a possible
charge CT standard BY agitating for
free coinage at iG to tho farmers are
Increasing tins risk. They Pay the iid-
dler, but somebody else imine owner
PEI hapS) doe. The dancing.
1t is Il pitiful sight 10 sec honest
farmers thus wasting their time and
ammunition, but it is solace to telieye,
as did Abraham Lincoln, that you
can { fool all of the people all of the
time "