Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1897-09-09

der the law Of supply and demand, The
truth of this prOposit on is admitted by
all who admit the truth Of the multi
pication table, But. where the repub-
licans Loose their heads is 10 not know
ing that MONEY, likeeverythiDg else, is
under the law Of supply and demand.
Tie dollar becomes dear, that is, It's pur-
chasing power becomes greater when
its supply is lessened aud its demand
increased, and its purchasing power be-
comes less when its supply is increased
and its demand lessenvd. Bnt whrn
the purchasing power OF the dollar be-
comes less it does not come down in
price like other commodities from one
hundred cents to ninty five cents or sew
enty-fve cents. The dollar is alway 8
one hundred cents no matter what its
purchasing power may b.. When the
price of the dollar comes down the price
of the cents comes down also. Will our
republican friends denv. that the pur-
chasing power Of money is under the
law of supply and demqn! as much as
that of batter or potatoesp If the price
Of money is not under the law Ofsupply
and demand, then the law is not uni
versal. and it will be in order to inquire
who took it out from under that law,
Was il Mckinley or Mark Hauhiq
But our republican friends say the
price Of wheat has gone up with no
change in the supply of money. Yes,
the price Of wheat has gone up under
the law of supply and demand for
wheat. Tie wheat crop in India mas
been failure for three years. 1t has
also been d failure in Australia and in
nearly all countries of the world except
che United States Mckinley and pro-
lection have nothing to do with the
price of wheat unless it can be shown
that they caused the blighting of the
wheat crop in nearly all foreign cOun-
tries
How Can weknow when the purchas-
ing power 10 lesseIed? Can the pur-
chasing power or the dollar be lessened
and at the same time wheat be falling
in price, or can the purchasing power
Of the dollar increase and at the same
time wheat be increasing in pricep Yes.
The falling or rising of the price Of
wheat or any other one or two commod
tiles does not prove that the purchasing
power of the dollar has changed, for the
change in the prices of those things may
be- due wholly to the action of the law
Of supply and demand on those things.
but when the general purchasing power
of the dollar rises or falls it's due to
the action CT the law of supply and de-.
mand upon money.
Ii we shout take a list of all staple
commodities and put down their pres
emit prices after them; then, If we should
take the prices of those things again
next year, we might find some of the
things higher priced and some lower;
if on adding up the two columns of fig
ures we should dad their sums the same
we should conclude that the general
purchasing power of the dollar bad not
changed; but, if we should find the sum
OF the latter column greater or less than
the sum OF the first column, we should
conclude that the general purchasing
power Of the dollar had changed. So at
present, the price of wheat has gone up
and the price Of horses has gone down.
These facts do not prove that the gem
eral purchasing power Of the dollar has
changed. But if we should find that
the sum Of the prices of all staple com.
mOdities was greater this year than last
year, we should conclude that the gen
eral purchasing power of the dollar had
lessened, and vice versa. And when
the general purchasing power of the
dollar does change, the change is due
to the action Of the law of supply and
demand on money. We cannot increase
the supply of money and lessen the de-
mand for 1t without lessening its gem
eral purchasing power. Under these