The Mason County journal. [volume] (Shelton, W.T.) 1886-1927, 1896-10-09
CARL SCHURZ
The Eminent German.
American Statesman
for Sound Money
AND GOOD GOVERNMENT
Facts, Arguments, Logic,
Wit and Sarcasm in a
Mastery Manner.
WHY PRICES HAVE DECLINED
The Alleged "Crime Of Seventy
Three" Has Not Made Our
Goods Any Cheaper.
WHY PRICES HAVE DECLINED

The Consequences OF Free Silver Vic
tory in November Would Be Panic,
Bankruptcy and Universal Distress
aud Poverty Coinage at Six
teen to One Means Silver Monometal-
lism-Wages Will Be Cut Down and
Half of the Peoples Savings Lost.
Hon. Carl Schurz ex-secretary Of the in
Serior, delivered address on September
9Th, in Central Music hall, Chicago, on the is
sues of the campaign. under the auspices of the
American Honest Money league. Every seat
in the hall was filed. many persons who de-
sired admission being turned away for lack of
room. The address in part was as follows:
FELLOW CITIzENs-I have come from the
east to the west to speak to you for honest
money. l do not imagine myself to be In an
"enemy's country" There is to me no enc
my's country within the boundaries of this re-
public Wherever I among Americans /
am among fellow citizens and friends bound
together by common interests and common
patriotism. In this spirit I shall discuss the
question OF the day. shall not deal in fnan-
Ss01 pAllOSOpHy, Out III nara ana cry IacCS.
There are sporadic discontents in the coun-
try partly genuine, partly produced by arti-
nclal agitation. They may be specified thus:
There are farmers who complain of the low
prices of agricultural products; laboring men
complaining Of a lack of remuneratiye en-
ployment; men in all sorts of pursuits COM
planning of a general business stagnation and
OF scarcity OF money. In some parts Of the
country, especially the south and west, there
OeOpla ~ af
capital and too high rate of interest. The
cry for more money is the favorite cry. These
are the principal and the most definite COM
plants. Beyond them, however, an impress
sion has been spread by agitators that an or
ganized conspiracy of moneyed men, mainly
great bankers, in America and in Europe
backed by the monarchs and aristocracies of
the old world, is seeking the general establish
1nent OF the gold standard Of value to monopo-
lie or corner the worlds money to the GEN
eral detriment.
All this has found definite expression in the
following declaration Of the Chicago platform:
I'VE declare that the act Of 1873 demonetizing
silver without the knowledge or approval Of
the American people has resulted in the an
preclatlon or gold and a corresponding fall in
the prices Of commodities produced by the
people; a heavy increase in the burden of
taxation and Of all debts, public and private:
the enrichment of the money lending class at
nome and abroad, prostration of industry and
lmpover1shment Of the people," Mark well
tnat all these evil consequences are ascribed
to the characterization Of silver in the United
States alone-not to its dem onetization anv-
where else This is to justify the presenta.
tlon as sufficient remedy Of the free coinage
or silver In the United States alone, "withont
waiting for the aid or consent of any other
nation"
This platform is amplifed by free coinage
fOr Svh0 f..11 4
1.-THE crime Of 1873" has surreptitiously s.win-
cd out" one-half Of the people 3 money-name-
~, SILVER; that in consequence the remaining
nal1 OF our metallic money-namely gold-as
. basis OF the whole financial structure. has to
do the same business that formerly was done
by gold and silver together; that thereby GOLD
has risen to about double its former purchas
ing power the gold dollar being virtually 200
centdollar that the man who produces thinos
Tor sale is thus being robbed Of half the nI.;ce
while debts payable on the gold basis have be
come sw d as heavy and that this fall of
prices ana increase OF burdens is enrichinu the
money changeA and expressing the people.
What Are the Facts?
Are these complaints well founded2 Loeb
AZ facts which nobody disputes That there
has been considerable fall in the prices ~
many articles since 1873 is certainly true. Rut
WAS this fall caused by the so called demone
tlzatlon OF silver through the act of 1879? Now
oot 20 speak or other periods of our history
such as the period from 1916 to 1851, eyervbodv
knows that there was a considerahle f.11 -,
prices. not only as to agricultural products
cotton Tor instance, dropped from 81 q mound
In 1904 to IL cents in 1871-but in manv lxinds
OF industrial products before 1873 What han
pened before 1873 cannot have been cansed b,
what happened in 1873 This is clear. The
shrinkage after 1873 may, therefore. have hoo,
caused by something else.
Another thing il aCl1a11v c1oor
change in the prices Of commodities is cansed
oy change in supply or demand, or both
then 1t may affect different articles different.
~. Thus wheat may rise in price, the supplv
being proportionately short, while at the same
Time cotton may decline in price the SUNNY
oeihs proportlonately abundant. But when a
cnange OF prices takes place in consequences of
great change in the purchasing power of the
money OF the country, especially when that
cnange is sudden, then the effect must he
equai' OF at least approximately so, as to all
Artlcles that are bought or sold with that
money. II by the SO called characterization Of
silver IN 1873 the gold dollar or the dollar on
sne gold basis became 200 cent dollar at all.
shen it became 200 cent dollar at once and
Ior everything 1t could not possibly be at
tne same time 2OO cent dollar for wheat and
q I2U cent dollar for coal, and $50 cent dollar
TOT COTTON, and a lOO cent dollar for corn or
this eSoy
Prices and the Act of 1873.
Now for the facts. The act of 1878 in uues
ton became law on the 18th of February.
What was the effectf Wheat. rye. oats ard
corn rose above the price of 1872. while cotto,,
declined. In 1874 wheat dropped q little: corn
made q jump upward: cotton declined. o.ts
and rye rose. In 1870 there was a general de-
cline In ls0e there WIS rise in wheat and .